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Year end planning

12th Dec 2015
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The year end is approaching - both in calendar and company financial terms. November accounts have now been signed off, so it is full speed towards December. We have quite a tight audit schedule - the auditors are starting on 18th January - so we are aiming to do as much as possible before we break for Christmas.

The key areas for us are generally stock and purchase ledger.

Sales generally take care of themselves.

The stock take is planned for 23rd Dec - but the factory will be continuing to work around us - so I need to put processes in place to record goods issued on the day.

Cycle counting has been in place this year - I reckon we have counted about 5x the stock by value, and about 2.5x the stock by number of product lines. We pick a random sample each week that totals around 10% of the total stock value - which tends to be about 50 stock lines. We hold about 1200 stock lines altogether.

We have made some good progress on purchase ledger accruals, and have no orders received but not invoiced older than October.

This is a big improvement on earlier years, where we tended to have a long tail of open orders going back many months.

Debtors are looking OK - a couple of older balances, but they were under query, rather than potentially bad.

A big change to my earlier big corporate life, where we were still getting the audit agreed on 29th September, followed in some cases by my driving to Cardiff on 30th to file the things.

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