Christmas time is here but it is another week forward towards the end of the financial year, and although you just want to enjoy the festivities – there is that financial cloud hanging over your head.
December is a critical month after all, and nowhere more than in your bookkeeping areas. Many small business owners don’t find adequate time for their financial records over the Christmas period and tend to put things back to the new year when things settle down. This makes things much harder and short of time.
There is a lot to be done before the year-end books are signed off on and you need to be focused. Small business owners have a December focus on hitting goals, assessing the budget and getting everything for the festive season – both professionally and personally.
December is a time when bookkeeping services can come aboard and comb through your bookkeeping and make sure everything is in order. This includes pouring through your assets and liabilities.
December is the best time to have a bookkeeper do these end-of-year procedures and checks shortly before the end of the calendar year – especially if you have done little to no bookkeeping over the business year.
Information You Will Need Compiling
The last thing you want to be faced with as soon as you enter the new year is beginning to compile all required information for your accountant for January 31st. It is also the last position you want to find yourself in because your accountant will be extremely busy with all clients and won’t have as much time to help as you may need.
This is where bookkeeping services in Manchester come to your aid. Whether you operate as a sole trader or a limited company, many of the records required will be fairly similar. You will need all of your business income and expenses so that the business profit can be calculated.
The areas a bookkeeper can help you collate and get prepared are your petty cash records, bank statements for business accounts, chequebooks, stock value, purchase invoices and receipts, sales income records and payroll records.
A bookkeeper will also help with credit card statements, finance agreements, loan statements and any other expenditure that wasn’t paid directly through the business. As well as these, your bookkeeper will help keep on top of assets and equipment purchases over the year – or assets that were scrapped, sold or disposed of – copies of VAT returns submitted, mileage records and dividends paid to shareholders or drawings paid.
It may come down to not requiring all of the above documents, but a bookkeeper will help you to understand and collate all the information required so that your accountant is not chasing back and forth to get the information for you.
If you need help with your bookkeeping, contact the team at Pebbles Bookkeeping today to make sure everything is in line for your financial year’s end.