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The year-end accounts process should take care of itself

Annual accounts

She’s right!

The MD who said this is absolutely right – if you keep your bookkeeping up to date as you go then your year-end accounts process should take care of itself.

The MD in question does most of her own bookkeeping but then she would ask the accountants to complete the year-end.

They would take their time to do a bunch of opaque stuff and then present her with numbers she didn’t entirely understand.

And a bill!

It doesn’t have to be this way

Cloud accounting makes it easier but (whisper it) this has always been the case and it’s as true for the one-person business as it is for a multi-national group.

By keeping your bookkeeping up to date you will know:

  • how much money your business has
  • how much profit you’re making
  • how much you can pay yourself
  • who owes you money and who you need to pay

You can be on top of how much tax you need to pay and quarterly VAT returns will be a simple task rather than a last-minute nightmare.

Year-end accounts adjustments become in-year adjustments

In fact, they disappear, with the possible exception of a final tweak the amount of tax you need to pay.

So don’t let your year-end accounts become chore. Keep your bookkeeping up to date and the year-end should take care of itself.

Michael
@bluedotmichael

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MICHAEL AUSTIN

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