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How to prepare for year end accounts

22nd Mar 2021
Brought to you by
bokio
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With many limited companies choosing to end their financial year soon, and sole traders requesting year and accounts the next few weeks can get busy. Here are some tips to help you prepare.

Get the right information

Making sure you have all the right documentation and information from your clients before starting is important. Give clear communication to your clients about what you need and when you need it by. Sending a checklist is one way to help your clients gather their information. Don’t be afraid to keep reminding clients if they haven’t sent it over. Sometimes once isn’t enough!  

If you’re using an accounting software that lets you collaborate with your clients on their accounting then the process can be smoother. Software like Bokio that uses features like bank feeds, receipt capture apps and integrated invoicing and expenses means that your clients should be constantly providing all the information you need.

When you work with your clients in the same software, you shouldn’t have to chase up too many extra details.

Fix any errors

If the books aren’t balancing and you’re missing some documentation, try to fix this as soon as possible. It could take your clients some time to search for the right documents if they weren’t previously included, or you aren’t sharing accounting software with them.

Identifying any blockers ahead of time means there will be less rush at the end to complete the accounts.

Plan your time

Planning your time can help make a busy period easier to manage. Create a list of clients and what information you need from them. If you can plan the work ahead of time, try to estimate how long preparing each set of accounts will take. Work with your schedule to make sure you have time for other tasks too.

Prepare for the year ahead

Now is the time to plan for the year ahead. Offer budgeting and projection services to your clients, so you can make sure they’re in a strong position going into the next tax year. 

Are you using the right solution?

Year end is a good time to assess whether you’re using the right solution for your clients. Switching software could save you time, and save your clients money. By choosing a collaborative software with automated solutions, you can make day to day tasks easier. So, you’ll be able to spend your time focussing on offering advisory services and building trust with your clients.

The might be some features that micro clients like small businesses and sole traders don’t need, but are still paying for. A free accounting software like Bokio can be a great solution, with all the features smaller clients need to do their accounting and run their business.

About Bokio

Bokio is a free cloud accounting software offering bookkeeping, invoicing and expenses management. It’s a great solution for collaborating with smaller clients, like small businesses, sole traders and freelancers. Bokio helps you save time and money by using automation, so you can focus on offering high value advisory services.