Approaching the end of the financial year: 7 key steps to a worry-free close

The approach of the end of the financial year can be a source of stress for many companies. Between closing the books, preparing tax returns and making financial assessments, it's easy to feel overwhelmed. However, by following these seven key steps, you can close your financial year with peace of mind and focus on preparing for a prosperous new year.

1. Make an exhaustive inventory:

Start by carrying out a complete inventory of your assets, stock and property to make sure everything is properly recorded. Also check expenses and income to make sure they are correctly categorized.

2. Reconcile accounts:

Take the time to reconcile all bank accounts, accounts payable and accounts receivable. Make sure that transactions are correctly recorded and that balances agree with bank statements and invoices.

3. Analyze financial performance:

Use this time to analyze your financial statements in detail. Identify your company's trends, strengths and weaknesses. This will enable you to make informed decisions for the year ahead.

4. Take stock of tax obligations:

Make sure you're up to date with all your tax obligations, including tax returns and payments. Identify any tax deductions to which you may be entitled, and make sure they are taken into account in your returns.

5. Prepare financial reports:

Generate clear and accurate financial reports for the past year. These reports will help you communicate effectively with internal and external stakeholders, such as shareholders, business partners and regulators.

6. Plan for the future:

Take advantage of the end of the financial year to draw up a solid financial plan for the coming year. Set realistic goals, identify areas for improvement and draw up a detailed budget. This planning will get you off to a good start in the new year.

7. Consult an accounting expert:

If you're feeling overwhelmed by the closing of the financial year, don't hesitate to call in an accounting expert. They can guide you through the various stages, ensure regulatory compliance and provide invaluable advice on how to optimize your finances.

By following these seven key steps, you can close your financial year-end with peace of mind. Good account management, careful planning and the help of an accounting expert will all contribute to a smooth transition to the new year. Take the time you need to complete these steps, and get ready for a prosperous financial year.

So don't hesitate to contact us if you'd like to find an accountant adapted to your entrepreneurial reality to support you in this process and reduce your anxiety when the end of the financial year arrives. https://www.bankeo.ca/