In my limited company McCarthy Browne Ltd, I know how to be completely on top of the company’s books at the end of the year. As a part of my business, I had thick skin for the beginning of the year when I embarked on an accuracy and promptness route of year-end accounts. I promise to give the most important information that you need to know in order to get your year-end accounts done right and on time. Thus, we are heading into the topic with the following questions.
1. Gather All Necessary Financial Records
To get your year-end accounts in place, the first thing that should be done is to gather all the necessary documents that are related to the transaction. I am using these documents to track sales and bank transactions as I receive them from the bank and I save them in the right location:

- Bank statements
- Sales invoices and receipts
- Purchase invoices and receipts
- Payroll records
- Asset register
- Loan agreements
Setting these records could make it simpler and quicker for me to finish the following processes without concern.
2. Reconcile Bank Statements
So, the first part of the process is the regularly scheduled task of harmonising my company’s bank statements with our company records, which I always use as the first important step in the preparative steps. This means we compare each bank statement transaction to what we have in our accounting system. In addition to the above, it has the potential to reveal breakages and non-inclusions, thus guaranteeing the correctness of the financial statement(s) information.
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3. Review and Update the Chart of Accounts
The chart of accounts represents all the business’s money accounts in a company’s general ledger. I am thus committed to consistently reviewing and updating this list year-to-year. Every income, expense, asset, and liability is correctly grouped, leading to correct financial reporting.

4. Verify Accounts Receivable and Payable
My next move is the following. First, I closely examine the money we are owed (also called accounts receivable) and the money we owe (accounts payable). This includes:
- Checking the remaining receipts
- identification and deletion of bad receivables.
- Checking bad debtor reports and noticing none had been written off.
5. Calculate Depreciation
Asset depreciation is the process by which assets are devalued over time. I record the depreciation of our fixed assets according to the company’s policy on depreciation and in harmony with accounting principles. From the point of sale, the last step is necessary to accurately depict us as sellers of the asset as reported in the cash flow.
6. Review and Adjust Prepayments and Accruals
Prepayments are the expenses paid in advance, while accruals are the expenses incurred but still need to be paid. I am very cautious about checking the recording of these items in the books to make any needed changes. Consider this an instrumental route to matching up revenues and operating accounts, which is the most legitimate position of a company.

7. Preparation of Financial Statements
Then I start preparing three main financial statements, which are manifestos to reflect how much progress we have made:
- Balance Sheet: Represents the company’s assets, liabilities, and equity for the year
- Profit and Loss Statement: This is a summary of the company’s revenues, costs, and expenses during the time period
- Cash Flow Statement: This is an illustration of how changes in balance sheet accounts and income affect cash and cash equivalents
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8. Conduct a Final Review
Finally, before submitting the accounts, I usually recheck my whole plan to make sure that everything is correctly written. Consequently, the procedures for correct figures verification for all the documents and billing information are also included in this step. Most importantly, it is reminded that all the information recognised is in compliance with accounting principles and all necessary disclosures are prepared along with the accompanying documents.
9. File Accounts with Companies House and HMRC
The last part includes putting the accounts in the Companies House and HMRC. The tax year makes it easier to say that I declare to be greatly early to escape any punishment for late filing on the part of the business or any other penalties on my part. For most private limited companies, accounts need to be filed at least 9 months after the company’s financial year ends.

Conclusion
The end of the year is getting hard with the peak in the economy, and we still have to follow through with this technique, but by doing what I just did, we succeeded in the process. One thing I want to stress is that being orderly throughout the entire year really helped me with the process at the end of the year. Thus, the creation and filing of long-term and annual documents on time and the utilisation of the established financial information (information about the position of cash-generating assets and liabilities) to make informed decisions in a way where the non-technical public could understand the truth.