{"id":6157,"date":"2021-12-13T15:30:20","date_gmt":"2021-12-13T15:30:20","guid":{"rendered":"https:\/\/sageglobaldev.wpengine.com\/en-ie\/blog\/?p=6030"},"modified":"2026-01-07T12:33:54","modified_gmt":"2026-01-07T12:33:54","slug":"financial-year-end","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-ie\/blog\/financial-year-end\/","title":{"rendered":"How to prepare for financial year end"},"content":{"rendered":"
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\n\t\t\t\t\t\tHow to prepare for financial year end\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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Want to get your business ready for your financial year end but not sure how to go about it?<\/p>\n\n\n\n

This article explains what your \u2018year end\u2019 is and highlights the accounts you need to prepare.<\/p>\n\n\n\n

Here’s what we cover:<\/p>\n\n\n\n

What is your year end?<\/a><\/p>\n\n\n\n

Selecting your financial year end<\/a><\/p>\n\n\n\n

Year end accounts<\/a><\/p>\n\n\n\n

Some year end tasks<\/a><\/p>\n\n\n\n

How to make managing your financial year end easier<\/a><\/p>\n\n\n\n

Where to get further help<\/a><\/p>\n\n\n\n

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Download your free guide, 7 ways to take control of your business, and take steps now to master your business admin <\/a><\/div>\n<\/div>\n\n\n\n

What is your year end?<\/h2>\n\n\n\n

Your financial year end is a critical date on your business calendar. It\u2019s when the fiscal year finishes for your business. Businesses have different financial year ends.<\/p>\n\n\n\n

At your year end, you\u2019ll need to prepare annual accounts, detailing your sales, costs and profit\/losses for the financial year. The figures in your yearly reports will help you to complete your corporation tax return.<\/p>\n\n\n\n

If you own or run a limited company, by law, you or your accountant must prepare annual accounts and send them to Companies Registration Office and any shareholders.<\/p>\n\n\n\n

You can also send a copy to affected parties such as your bank.<\/p>\n\n\n\n

Selecting your financial year end<\/h2>\n\n\n\n

If you\u2019re self-employed, you decide your business year end date. If you set up a company, Companies Registration Office will give you an accounting reference date to use for your business that will be at the end of the month, one year later.<\/p>\n\n\n\n

After your first year end, the next one will automatically be a year later (unless you choose to change your year end).<\/p>\n\n\n\n

Lots of companies choose 31 December for their financial year end to match the calendar year.<\/p>\n\n\n\n

The date you pick can affect how soon you must pay tax on your profits, so you may want to take advice from a financial adviser on a date that suits your business best.<\/p>\n\n\n\n

Year end accounts<\/h2>\n\n\n\n

The year end accounts you produce will depend on your requirements and those of the Companies Registration Office, Revenue and your shareholders or any lenders.<\/p>\n\n\n\n

As standard your accounts include:<\/p>\n\n\n\n