Goodbye 2016/17 – hello 2017/18
Dig out your party poppers and paper hats and prepare to celebrate the end of the year as we usher in a new 12 months.
We may only be three months into 2017 but for those in the financial industry we are already looking ahead to 2018, as the current fiscal year comes to a close.
March is an important time for businesses too and below we have put together our checklist of what firms should be doing now, and what they should be preparing for over the next 12 months.
AMR's financial year checklist
- Make sure everything is up to date – you may well have already filed your tax return but that doesn't mean you should forget about your accounts. Keeping them on track and ensuring they tally with bills, money in, money out and invoices is important year-round.
- Ensure you have fabulous files – HMRC can request hard copies of documents, including invoices and receipts, while they process your tax return so it's important these are kept correctly. Having a neat, well-organised and up to date filing system means you can easily find a document if and when called upon.
- Make a backup – there's plenty of software out there to help you keep your books in check but computers can fall foul of viruses or be vulnerable to hackers. Make sure you have a back-up stored separately that is updated regularly – especially at year end – so you can always access your figures.
- Clear your slate – if you have outstanding bills or payments to make do them now so you can start the next financial year afresh. Doing this will also help you plan your finances for the next 12 months as you'll know exactly what you have in the bank come April 6.
- Check your sums – end of year is a good time to ensure all your numbers are stacking up. If your bank balance is out of odds with your books, spend time now to track down any transactions that are missing, duplicated or incorrect so you can start the new year perfectly balanced.
- Think big – having a clear picture of your finances at this time of year will help you plan for the next 12 months, and the goals you want to achieve. Take some time to think about where you want to take your business over the next financial year and draw up a list of points to help get you there.
At AMR, we know how busy end of year can be and are on hand to help you through this hectic period. Our experienced and friendly team of professionals can assist with all aspects of bookkeeping and are proud to offer additional services, such as budget management, training and payroll.
If you need a helping hand through end of year, or want some advice to start planning for 2017/18, call us on 01892 559480 or complete our contact form.