Year-End Made Easy: Your Financial Prep Guide

As we approach the end of the financial year on 31 March, it’s time to get your ducks in a row. Here at Sidekick, we know that this period can be a bit overwhelming, but with a little preparation, you can sail through it smoothly. Here are a few tips to help you get ready:

Reconcile Your Accounts: Make sure your bank accounts, credit cards, and loans are all reconciled. This means checking that the transactions in your accounting software match your bank statements. Reconciling your accounts helps you spot any discrepancies, such as missing or duplicate transactions, and correct them before the year ends.
Check Your Invoices and Receivables: Follow up on any outstanding invoices and ensure you’ve received all payments due. It’s also a good time to write off any bad debts that are unlikely to be paid. Keeping your receivables in check ensures a healthy cash flow and reduces the risk of financial surprises.
Review Your Financial Statements: Take a close look at your profit & loss report and balance sheet. Ensure everything is accurate and up-to-date. This will give you a clear picture of your financial health and help you identify any areas that need attention before the year ends.
Organise Your Expenses: Gather all your receipts and expense records. Categorise them properly to make your tax filing easier. This includes separating business expenses from personal ones and ensuring you have documentation for all deductible expenses. Properly organised expenses can save you time and stress when it comes to filing your taxes.
Plan for Taxes: Estimate your tax liability and set aside funds to cover it. Consider any tax-saving opportunities that might be available to you, such as deductions, credits, or deferrals (we can help with this!). Planning ahead for taxes can help you avoid last-minute scrambles and ensure you have the funds available to meet your obligations.
Seek Professional Advice: If you’re unsure about anything, don’t hesitate to reach out to us. We’re here to help you navigate the complexities of the financial year end. Whether you need assistance with tax planning, financial statements, or any other aspect of your finances, we’re just a phone call or email away.