If you’re anything like me, then I am sure you’ll agree that time goes by far too quickly. One major example of this is your company year-end. It seems to come around more often than once a year (it doesn’t, I assure you, but it can still feel that way). However, why not make your next company year end a smooth transition and be ahead of your accountants. Here is what they are likely to need:

Associate services company:

For an associate service company, there isn’t a lot of information that we need as long as you or your bookkeeper has kept your bookkeeping nice and up to date. The only additional information we may need is as follows:

• A bank statement confirming the balance at the year end – this enables us to verify all the data that is in your bookkeeping
• Associate statements for the year – this enables us to verify the total income for the year and to include any amount that was earned in the year but paid after. (For example your March fee is usually paid in April)
• Details of any expenses paid for privately – mistakes happen and sometimes you may use the wrong card when out and about so just let us know if you have paid for any company expenses privately so we can ensure to include them in your accounts.
• Mileage for the year – If you have done any courses or driven to any conferences you can include the mileage in your accounts, so just let us know how many miles you have done in the year for business travel (not to and from work).

Full practice company:

Practice companies are more involved than associate services companies so we’ll need more information, so be prepared for this and try to do it as close to your year end as possible while the information is fresh and easy to gather:

• Bank/ credit card statements for all business accounts at the end of the year in order to validate the data in your bookkeeping software.
• Stocktake as at your year end – this should be any materials/ lab suppliers or shop stock that is unused/unsold at the year end.
• Petty cash spreadsheet – for any day to day sundry purchases that have been paid for using the cash in the till.
• Reports from your front desk software – amount patients owed to you at the year end, amounts patients had paid in advance of treatment at the year end (including deposits). It’s easiest to access this information as soon as your year ends.
• Payroll reports for the year – if we don’t do your payroll.
• Invoices – we will need to see the invoice for any large purchases in the year, most importantly anything to do with refurbishment or building work in order to ensure we claim the maximum tax relief possible.
• Loan/ finance agreements – we will need to see the agreement for any new loans Hire purchases and Leases in the year.
• As with associate services companies, we will need details of any business mileage or expenses paid for privately by the directors if applicable.
• If it is an NHS practice, we will need NHS statements for the year.

This is a rough guide of what we will need for your year end accounts. Of course, every company/ practice is different so we may well follow up with some more bespoke information requirements, but if you have all this information gathered it will make a great start and help your accounts be processed as quickly as possible.

If you’re unsure of any of the above information please get in touch with your accountant and they can assist you.