Checklist for financial year end

March 31st is only a few weeks away and for many this is the end of your 2017 financial year. It is really important to us here at BFA to provide the support and information that you need to continue to operate successfully. In order to provide our best service to you, we use the year-end process to collate and filter through your information, then turning this into something of value to you and your business. During the preparation of Annual Accounts, we may even uncover opportunities that arose during the year, save you some tax or just simply make your job more streamlined so that you can concentrate on building success.

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Some ways to ensure that the information-gathering process for the end of financial year is stress-free, is to ensure you have everything done as soon after 31 March as you can; some things even beforehand. Timeliness ensures that any refunds due are paid out as soon as possible, putting the money back into your pocket. It will highlight any accruals that are owing, for example any holiday pay or bonus payments.  If these are paid before the 2nd June, they are a deductible expense during the 2017 financial year.

Prior to the end of the financial year, consider your future requirements for the coming year. Do you need any more assets?  If so, purchase them before the 31st March and you will receive a months’ worth of depreciation expense.  If you have withdrawn money from the company and think you should declare a dividend, please chat to your Client Manager prior to the 31st March. If you wish to, this needs to be declared before balance date.

Have a look through your Fixed Assets, some of these may be redundant at the end of the financial year and a write-off is allowed.  If you have bought and sold any throughout the year, please put together these invoices/receipts and bring them in with your other records.  The same applies to stock on hand, and a full account of this value is really important.  Have a look at any debts owing to you that are no longer reasonably recoverable, these may be eligible to write-off too.  During this year-end process, it is easy to forget usual monthly compliance requirements such as filing your PAYE and GST returns on time.  Please do so to prevent any penalties and interest.
Including and in addition to the above here is a quick checklist for end of financial year information:

  • Stock take
  • Assets – purchases, sales, redundancies, future needs
  • Consumables on hand (i.e.: cleaning products, fuel, animal feed etc)
  • Bad debts – write off any that are no longer reasonably recoverable.
  • Holiday or bonus payments due to be paid
  • All IRD returns filed on time (PAYE and GST)
  • Loan statements
  • Bank statements
  • Investment statements
  • Resident Withholding Tax Certificates
  • Lists of accounts receivable and accounts payable
  • BFA client checklist and signed authority