What should I prepare for my Accountant at year-end?

Whether you’re a bookkeeper or a business that deals with their accountant directly, it’s important you understand what they need from you. Some accountants will do the bookkeeping all the way up to year-end accounts, but the majority concentrate on year-end, leaving the preparation of accounts to the bookkeeper. 

It’s important to keep your accountant up to date and ensure they have all the information they need. If you are using a bookkeeper it is important that you introduce them to your accountant.

When your accountant receives your accounts, ideally everything should be reconciled. If they aren’t doing your bookkeeping, it is up to you and/or your bookkeeper to ensure that your accounts are accurate and that your bank statements match your incomings and outgoings. Your accountant will need copies of your bank statements.

You will need to provide your accountant and bookkeeper with proof of every transaction in the form of a document; either a receipt or an invoice (some exceptions may apply). Make sure that you keep all paperwork relating to fixed assets in a dedicated place to produce evidence of these purchases. This will show that you are keeping accurate accounts if HMRC were to investigate.

If applicable your accountant will need to see your salary information and evidence to show that these amounts have left your account and that your HMRC liabilities have been paid. 

Remember if you’re ever not sure of what you need to provide to your accountant, just ask! They would much rather you ask the question than leave it until the last minute and put more pressure on them.

We have a 12- Steps Year-End course, which shows you how to complete the following steps to wow your accountant. One client, who is a freelance bookkeeper, has impressed her local accountant so much by following our guidance in these trainings, that she’s got lots of referrals from them.

Here’s a rundown of what topics the training includes:

  1. All cash and bank transactions posted
  2. All sales and purchase transactions posted
  3. Closing cash and bank balances reconciled
  4. Sales and purchase ledger reconciled
  5. Records filed in a sensible, easy to find way
  6. VAT control accounts reconciled
  7. Wages, PAYE and NIC control accounts reconciled
  8. Loans and HP agreements correctly accounted for
  9. Fixed assets properly recorded
  10. Inter-company accounts reconciled
  11. Provisions made e.g., bad debts, depreciation
  12. Accruals and payments posted

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14.03.2023

“Any advice relating to accounts or tax should be sought from your tax accountant. Sage Accounts Solutions Limited will not be held responsible for any loss or damage caused as a result of the information contained herein.”

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