{"id":51,"date":"2021-09-29T09:33:00","date_gmt":"2021-09-29T09:33:00","guid":{"rendered":"https:\/\/finconcile.com\/blogs\/?p=51"},"modified":"2022-01-04T10:39:40","modified_gmt":"2022-01-04T10:39:40","slug":"make-your-clients-yearly-accounting-preparations-a-breeze-for-you","status":"publish","type":"post","link":"https:\/\/finconcile.com\/blogs\/make-your-clients-yearly-accounting-preparations-a-breeze-for-you\/","title":{"rendered":"Make Your Client&#8217;s Yearly Accounting Preparations A Breeze For You!"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"51\" class=\"elementor elementor-51\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-39d4522 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"39d4522\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cad7daa\" data-id=\"cad7daa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-57311b4 elementor-widget elementor-widget-heading\" data-id=\"57311b4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-large\">Make your Clients Yearly accounting preparations a breeze for you<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7eb0b4ed elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7eb0b4ed\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1d745b91\" data-id=\"1d745b91\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5228d26b elementor-widget elementor-widget-text-editor\" data-id=\"5228d26b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<!-- wp:paragraph -->\n<p>For entrepreneurs and employers, the end of the year is a busy period. If you&#8217;re like most business owners, you&#8217;re probably juggling year-end accounting procedures while also dealing with increased visitors and sales.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Rather than scrambling (or forgetting) to complete your year-end accounting operations, try\u00a0<strong><a href=\"https:\/\/www.finconcile.com\/year-end-accounts.php\">outsourcing accounts department<\/a><\/strong>\u00a0and employ a year-end closing checklist to structure the way you close the year.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h4>Checklist for year-end closing<\/h4>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>You must complete various accounting duties before the clock strikes midnight on December 31. Your accounting books should be in order, up to date, and ready for the start of a new year. For this purpose,\u00a0<strong><a href=\"https:\/\/www.finconcile.com\/management-accounts.php\">UK based outsourcer<\/a><\/strong>\u00a0like FinConcile can help you. Check these seven tasks off your year-end accounting closing checklist before the end of the year. Remember that your year-end index may differ from another company&#8217;s, depending on your size and practises.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h4>Compile financial statements<\/h4>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Your financial statements are your small business&#8217;s lifeline. They provide you with a snapshot of your company&#8217;s financial situation. Statements also allow you to see previous and current financials, allowing you to forecast your company&#8217;s financial future. Financial statements will eventually assist you to comprehend your company&#8217;s financial situation and (hopefully) make tax season less of a hassle for you.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h4>A statement of cash flows<\/h4>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Your cash flow statement shows the entering and exiting funds for your business. It&#8217;s important to remember that credit isn&#8217;t included in cash flow statements, only the actual cash you have included.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>It is possible for your cash flow to be positive, which means that incoming money exceeds outgoing expenses. When you spend more money than you come in, you have a negative cash flow situation.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Using a cash flow statement, you can see when money is coming into and leaving your company.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h4>Inventory must be taken into consideration.<\/h4>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If your company keeps inventory, you&#8217;ll want to make sure you have an accurate count. Complete an inventory check before the end of the year if your company maintains physical inventory. Comparing the balance sheet&#8217;s inventory totals will help you identify any discrepancies. Make corrections if you discover differences between your count and balance sheet.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h4>Organise your business receipts<\/h4>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Keep business receipts in a shoebox, please. If this is the case, you may want to reconsider how you store company receipts.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If your receipts are disorganised, you run the danger of having sloppy and inaccurate books in your small business. Aside from that, confusing records increase the likelihood of making mistakes on your small business tax return, which can lead to even more problems down the road.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h4>The process of balancing your bank accounts should be included in your accounting closing processes checklist.<\/h4>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Reconciling your bank accounts might assist you in verifying that all of your accounting records line up with your bank accounts.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Compare your bank statements with your accounting records to reconcile your accounts. The balance indicated in your documents should match the number on your bank statements. Investigate any discrepancies if they exist. To ensure that your proportions are equal, you may have to adjust one of your documents (e.g., interest amounts).<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h4>FinConcile&#8217;s Job Description<\/h4>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Our\u00a0<strong><a href=\"https:\/\/www.finconcile.com\/\">outsourcing services group<\/a><\/strong>\u00a0helps UK accounting firms grow by boosting operational efficiency and managing scaling issues with the help of an experienced team. Our products allow them to grow swiftly while still generating healthy profit margins and productivity. Due to heavy workloads, our professional team takes over accounting firms\u2019 financial and accounting activities and finds it difficult to shift their focus from administrative tasks.<\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Make your Clients Yearly accounting preparations a breeze for you For entrepreneurs and employers, the end of the year is a busy period. If you&#8217;re like<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":52,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10],"tags":[4,12,8],"class_list":["post-51","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-year-end-account","tag-outsourcing-accounts-department","tag-outsourcing-services-group","tag-uk-based-outsourcer"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts\/51","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/comments?post=51"}],"version-history":[{"count":4,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts\/51\/revisions"}],"predecessor-version":[{"id":521,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts\/51\/revisions\/521"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/media\/52"}],"wp:attachment":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/media?parent=51"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/categories?post=51"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/tags?post=51"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}