Scaling Businesses, Tax Advice
Accounting, Scaling Businesses
Essentials for completing accounts in a timely manner
May 20, 2026
May 20, 2026
For smooth year end accounting, it’s key to ensure you have up-to-date information on your assets, liabilities, and expenses. Thanks to online cloud-based accounting software, like Xero or Quickbooks, this process can be a lot easier with live bank feeds!
When working with your chartered accountant, we’ve included our list of essentials to ensure submission in a timely manner well in advance of the reporting deadline!
This is vital! Any information relating to the day to day running of your business will be included as part of your financial report. So this needs to be backed up with supporting documents.
Be sure to keep all your receipts, loan agreements and bank statements safe and easily accessible. Doing this regularly throughout the year will make your year end accounting much easier.
You can use apps like Dext or Hubdoc to easily upload your paperwork which can be done on the go. If your accountant completes your bookkeeping this links seamlessly to Xero and Quickbooks and will ensure you are up to date regularly.
Make sure all transactions are reconciled on your accounting software up to and including your year end date. If you are providing paperwork to your accountant regularly or completing this on a weekly basis yourself, this will mean you wont have a large backlog at year end.
Are there any outstanding invoices you are waiting for payment on? Follow up with customers who are late paying your invoices. Think about implementing direct debits for all customers to ensure payment is received swiftly.
Are there any payments still to be made relating to the accounting year? Check what the payment terms are and if there are any prepayments or accruals to be recorded
This task should be completed at least once a month, therefore you’ll need to complete your final stocktake as at your year end date. An accurate count of the materials and supplies you have on hand is important to know what you have spent during the year and what you might need next year.
If you use an accountant in some form, you will need to provide your business financial information to them so they can prepare your annual accounts.
Your accountant will most likely send a request for information around your year end date. Make sure you set some time aside shortly after your year end to get this together promptly. After all , the sooner your accounts are prepared, the sooner your accountant can provide financial insight into business performance and advise of any liabilities payable.
Here is some of the information they might request:
If you are using accounting software, most of this information will be easily accessible on there.
If you would like tailored advice on whether a company car is the right option for you or your business, our team would be happy to help.
Staying organised throughout the year can make the year end process quicker, smoother and far less stressful. If you would like support with bookkeeping, cloud accounting software or preparing your year end accounts, our team is here to help.
Get in touch with Aspreys today to discuss how we can support your business
Call us on 01932 485325
Email [email protected]
Scaling Businesses, Tax Advice
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