{"id":2232,"date":"2019-03-20T06:00:41","date_gmt":"2019-03-20T06:00:41","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/top-tips-for-financial-year-end-success\/"},"modified":"2026-01-29T10:25:41","modified_gmt":"2026-01-29T10:25:41","slug":"top-tips-for-financial-year-end-success","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/top-tips-for-financial-year-end-success\/","title":{"rendered":"Top tips for financial year end success"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-gb\/blog\/category\/money-matters\/\" class=\"entry-header__link\">Money Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tTop tips for financial year end success\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2019-03-20T06:00:41+00:00\">20 March, 2019<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"Top tips for financial year end success\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-gb\/blog\/top-tips-for-financial-year-end-success\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-gb\/blog\/author\/andyrickeard\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"30\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2017\/09\/andy-rickeard.jpg\" class=\"entry-author__image\" alt=\"\" \/>\t\t\t\t<span class=\"entry-author__name\">Andy Rickeard<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"dark-grey h3\" id=\"news-article-subtitle\">As the financial year end approaches, many businesses begin to think about how to get ready. Taking a few preparatory steps ahead of time, and checking your accounts are in order could save you a lot of time in the long run.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-does-year-end-mean\">What does &#8216;year end&#8217; mean?<\/h2>\n\n\n\n<p>It is a definitive report on how your company has performed over the past 12 months and is a statutory requirement. It needs to be accurate, as it will give an indicator to potential investors, banks or other lenders the financial circumstances of your company.<\/p>\n\n\n\n<p>It&#8217;s also a good time to review the performance of your business and plan for the future.<\/p>\n\n\n\n<p>Things to do now:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-create-a-countdown\">Create a countdown<\/h2>\n\n\n\n<p>Preparing for the financial year end can be a lot of extra work on top of the day job, so create a year end countdown.<\/p>\n\n\n\n<p>Brief your employees on the fact that it&#8217;s year end and encourage them to do everything they can to tighten expenditure, collect purchase orders and invoices, file expenses, and clinch every last order.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-make-sure-your-accounts-are-up-to-date\">Make sure your accounts are up to date<\/h2>\n\n\n\n<p>Every column of figures in your financial accounts should add up correctly and tally with all your invoices, bills, paying-in books and bank statements.<\/p>\n\n\n\n<p>List sales made before the year end, but not yet paid for, as outstanding debtors. Include the amount, invoice number and invoice date.<\/p>\n\n\n\n<p>If there are any invoices that you suspect may not be paid, write a note of them with a brief explanation.<\/p>\n\n\n\n<p>You don&#8217;t have to run the year end specifically on the last day of the year. Most businesses wait until they have processed all of the payments and receipts for the year they are closing.<\/p>\n\n\n\n<p>In the meantime, you are free to post transactions for the new financial year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-check-your-chart-of-accounts\">Check your chart of accounts<\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.sage.com\/en-gb\/blog\/glossary\/what-is-a-chart-of-accounts\/\">chart of accounts<\/a>, or COA, defines which accounts relate to your profit and loss report and which relate to the balance sheet.<\/p>\n\n\n\n<p>Ultimately at year end, the COA controls which accounts are cleared down for the new year so it&#8217;s important to make sure it&#8217;s right.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ensure-your-employee-data-is-up-to-date\">Ensure your employee data is up to date<\/h2>\n\n\n\n<p>HMRC takes a keen interest in payroll and expenses so ensure your calculations are correct. Your business will be liable for incorrect tax and National Insurance deductions, not the employee.<\/p>\n\n\n\n<p>Keep track of all expense claims and ensure employees attach the correct receipts to their expenses forms.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-do-your-housekeeping\">Do your housekeeping<\/h2>\n\n\n\n<p>Make sure your files are all in order and your invoices, receipts and statements are filed and stored neatly where you can find them &#8211; either as hard copies or online. If you&#8217;re queried on your accounts by HMRC you&#8217;ll need to have the evidence to back it up &#8211; so be prepared.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-check-your-data-and-create-a-backup\">Check your data and create a backup<\/h2>\n\n\n\n<p>If you&#8217;re using <a href=\"https:\/\/www.sage.com\/en-gb\/sage-business-cloud\/accounting\/\">accounting software<\/a> it has a data checking routine that will tell you if there are any problems. Run it now and make sure you tackle any errors early. If you have no errors, take a backup so you can always get back to where you started.<\/p>\n\n\n\n<p><em>Editor&#8217;s note: This article was updated in February 2018 and has been updated again for relevance.<\/em><\/p>\n\n\n\n<div class=\"single-cta gated-content\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">The guide to people and payroll<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Want to motivate your employees, manage the run-up to payday and improve your payroll processes? Get you free guide and use it to get your people and payroll processes working effectively.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-1a42faf1-e1b3-4a53-acdf-02fb0ab82a39\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Get your free guide<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"999\" height=\"666\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2018\/03\/SAGE_COLLEAGUE_SHARD_261017_0957_All-Uses.jpg\" class=\"single-cta__image\" alt=\"The new tax year will have a number of changes and initiatives to be aware of\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2018\/03\/SAGE_COLLEAGUE_SHARD_261017_0957_All-Uses.jpg 999w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Join more than 500,000 UK readers and get the best business admin strategies and tactics, as well as actionable advice to help your company thrive, in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-b1a63862-3fa0-4a5e-bb67-c76b88bbc6b8\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1073797282-1-1440x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1073797282-1-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As the financial year end approaches, many businesses begin to think about how to get ready. Taking a few preparatory steps ahead of time, and checking your accounts are in order could save you a lot of time in the long run. What does &#8216;year end&#8217; mean? It is a definitive report on how your [&hellip;]<\/p>\n","protected":false},"author":301,"featured_media":3318,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[6,9],"tags":[23,27],"business_type":[4,3],"lilypad":[],"context":[],"industry":[],"persona":[73,74],"imagine_tag":[91,109],"coauthors":[449],"class_list":["post-2232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-matters","category-strategy-legal-operations","tag-bookkeeping","tag-tax","business_type-small-business","business_type-medium-sized-business"],"sage_meta":{"region":"en-gb","author_name":"Andy Rickeard","featured_image":"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2017\/12\/GettyImages-736491675_super-1.jpg","imagine_tags":{"91":"Growing business","109":"Small business"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice UK","distributor_original_site_url":"https:\/\/www.sage.com\/en-gb\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts\/2232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/users\/301"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/comments?post=2232"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/posts\/2232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media\/3318"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media?parent=2232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/categories?post=2232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/tags?post=2232"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/business_type?post=2232"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/lilypad?post=2232"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/context?post=2232"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/industry?post=2232"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/persona?post=2232"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/imagine_tag?post=2232"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/coauthors?post=2232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}