Financial year-end is dreaded by business owners & finance professionals alike. The last-minute accounting tasks and overwhelming paperwork that goes into closing the finance books are understandably burdensome for most businesses.
In our latest ebook, we have compiled everything you need to do to close the financial year, without many hassles.
What’s inside the Ebook
The ultimate year-end accounting checklist with a step-by-step process of,
Reconciling all ledgers
Reconciliation of bank accounts is one of the most important things in closing the financial year. We’ve talked about all the steps involved in detail.
- Reconcile Accounts payable ledgers
- Reconcile Accounts receivable ledgers
- Reconcile Loan balances
- Reconcile GST liability and input credit ledger
Closing the accounting books
Closing the books generates a summary of all the financial statements that help you understand your business’s financial health. We discuss everything you need to do to close your accounting books.
- Calculate the yearly revenue & expenses
- Raise all sales invoices for FY 2020-21 before 31st March 2021
- Update the fixed asset register
- Make a provision for depreciation
- Make a provision for expenses for which vendor bills are not received
Filing & paying business taxes on time
Learn all the important due dates & processes to file & pay advance tax & TDS returns.
Prepping for year-end payroll
Payroll is one of the most significant expenses incurred by businesses to run their operations. Reconciling salaries, compliance payments, and reporting the correct amount will help analyze your business health accurately.
You get a year-end checklist exclusively for payroll management so that you can ensure a seamless closure of the current financial year.
Setting up a budget for your business is one of the best ways to prepare and avoid unforeseen financial challenges. Learn how you can set up a budget for the upcoming year and avoid unforeseen financial challenges.
Pro tips to plan better for the next financial year
Learn from the experts on how to manage your finances better & what you need to do to get ready for the next financial year.