Financial year end is inevitable and we are less than four weeks away. For some this will be no stress as you are well in control and prepared for the year end deadlines that March 31 brings.  For those who leave this until the last minute, as it Is not only a dreaded task but one in which you have little or no interest, it is not too late to get yourself on track!

A concerted effort to get these things under control now will reduce the stress levels at the time when tax returns are due. Better yet, why not put in place a plan to stay on top of your accounts and delegate this as a regular task to a bookkeeper or staff member.

If you have not given it much thought until now, take a little time and sit down to plan what you need to do. Here are a few tips:

• Inventory – if your business keeps stock, set a date for the year end stock take as this will be required by your accountant.
• Fixed Assets – Review your Assets and make note of any items which may need to be written off or those that have been sold. Where new Assets have been purchased, make copies of the invoices and any associated loan agreements.
• Expenses – Make a list of any expenses you believe should be claimed against the business i.e. home office costs, and make copies of any related invoices where possible.
• Receivables – Review the overdue receivables and write off any old outstanding customer accounts which you don’t expect to be settled.
• Employee Reports – Review all employee reports and in particular ensure the accuracy of the PAYE reports recorded and submitted to the IRD.
• Accounts – Update and review your accounts for the financial year to date.

If this seems to be a mammoth task and you feel your time is best spent working in the core of your business, you may want to retain the help of a bookkeeper.

Having updated accounts are useful in that it provides a means to analyse the performance of your business to date and provides insightful information to reassess and plan your business path for the next financial year.