The financial year end: how to prepare

Financial Year End

As we approach the financial year end many of you will be asking how to prepare for it. In the following article, we provide solutions to help make the transition easier. Here are our top five tips to get you off to a flying start:

Tip 1: Seek professional advice from your accountant

Our first tip is to seek the right advice from an accounting professional (such as us). Together, we can help you prepare for the end of the tax year.

We will help you by answering important questions, such as:

  • “How can I see how much tax is due this year?”
  • “How can I be more up to date?”
  • “What documents am I expected to provide?”

It’s interesting to note that spreadsheet-based accounts are on average sixty days old at any one time. This is why we encourage all of our clients to use cloud accounting, because it is easier to keep up to date. Also, photographing your receipts as you go, ensures that you always have a copy of your expenses, regardless of whether you have disposed of the original receipt or not.

The most commonly asked question, and the one that everyone wants to know is: “How can I pay less?”. We can answer all of these questions and more, as your trusted business advisers.

Tip 2: Familiarise yourself with your financial situation

Our next tip is a nudge to review your business’s finances. In reality, you should be doing this regularly anyway. However, lots of business owners struggle to keep on top of everything because they are incredibly busy.

It is essential to keep on top of the figures though, because without them, you literally have no idea how your business is performing. We recommend that all of our clients upgrade to using a cloud accounting solution, because it means that you can review your data far more easily. Moreover, cloud accounting enables you to securely import key documents and receipts on the go, anytime. It’s super easy and convenient. Plus, you can create fully customisable Profit and Loss spreadsheets on the go.

Tip 3: Plan your financial year end ahead of time

We suggest that all business owners do this, because it is important to plan ahead and to prepare for the inevitable peaks and troughs. Also, once you are clear on what you want to achieve, we can help you.

We strongly recommend that all of our clients keep their business and personal expenses separate. Furthermore, it’s also worth setting up dedicated bank accounts and credit cards, in order to keep a track of your income and expenditure. At the end of the day, we all want to claim for as much as we can, but our job is to ensure that you claim for the right things, in the correct way.

Tip 4: Start the new year with a clean slate

Tying up your loose ends now can make the transition from the current tax year to the new one far easier. We suggest that you review all of your invoices to check for any outstanding payments. It’s also worth checking to see if you have any bills to pay.

Do you have any cheques or cash to process at the bank? Have you invoiced all of your clients correctly? Have you uploaded all of your invoices and receipts to your cloud accounting package? Resolving these issues now, will ensure that you are ready for the year ahead.

Tip 5: Using a cloud accounting package could save you time

Using cloud accounting software can help you and your accountant process your figures more easily. This is because all of your data is stored in one convenient place. Moreover, having all of your information in the cloud means that you access it any time and any where. Plus, you can reduce the chance of a backlog. Backlogs were typically associated with paper-based records, but now they can be a thing of the past! Keeping on top of the bank reconciliations is far easier nowadays with a cloud package too.

We hope that you enjoyed reading our top five tips to help you prepare for the financial year end. If you’d like to know more about this, then feel free to get in touch with us at: enquiries@farnborough-accountants.co.uk.

Fernhill Accountants New Tax App

Fernhill Accountants New Tax App

Free Tax App from Fernhill Accountants

Fernhill Accountants is one of the very first accountancy firms in the UK to launch a free mobile Tax App.  The great news is that this App can be downloaded free onto your iPhone, iPad or Android devices.  It’s packed full of some really useful Tax Tables, Calculators and important financial dates, all of which you will be able to access for free, anywhere you have an internet connection on your device.

Get your free App from Fernhill Accountants here:

You can download the App completely free of charge using the links or QR code below:

Google Play AppApple App Download

Fernhill Accountants QR CodeWhat will the Fernhill Accountants Tax App do for you?

The App has been carefully designed in response to the growing use of smart phones and mobile devices used by our clients across the UK. We wanted to develop a way to keep you up to date with the very latest news, views and tips from Fernhill Accountants as well as providing you with key accounting data, in real time, at your fingertips.

  • Never lose a receipt again – using the receipt management tool.

Using the latest App, you can track receipts and expenses literally at the touch of a button. With minimal effort, you can take a picture of any receipt and save it to your App. Any additional information can be added later and receipts can be stored by amount, category, and date. It can help you track all your expenses with ease and enable us to interact digitally with you.

  • Keep track of journeys using the GPS mileage tracker logbook

When it comes to mileage tracking, half the battle is keeping an accurate tab on your journeys. Using the built-in GPS on your device, it will automatically help you to track mileage, helping you to record every single trip at the touch of a button. It also manages trips as well, storing them and allowing you to view, edit or email them with complete ease.

  • Keeping in touch via ‘Push Notifications’:

As a firm we are committed to finding ways to communicate and interact with clients in the most efficient possible way.  The new App enables us to send push notifications to all App users. We will be using this feature to share important news, deadline reminders and financial updates with you.

This App was designed to provide every service you could ask from us. We’ve put your favourite business systems, invaluable tools and features such as calculators, mileage logbooks, receipt and income management together in one handy place.

As an App user, you’ll also have instant access to the latest financial news and information and valuable company info, directly from us. With all of these useful features in one App, our App will likely be your go-to tool in the future.

Why did Fernhill Accountants develop its own App?

Fernhill Accountants likes to think that we are a proactive firm of accountants, helping companies and individuals across the UK to become more successful, more profitable and ultimately more enjoyable to run. The Fernhill Accountants App gives you fantastic content and it makes it really easy to keep in touch. It has a simple ‘arrange to meet’ page, along with all our contact information as well as links to our social media pages.

We hope you enjoy the all-new Fernhill Accountants App!