{"id":5599,"date":"2021-03-10T14:53:50","date_gmt":"2021-03-10T09:23:50","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=5599"},"modified":"2025-05-05T14:35:17","modified_gmt":"2025-05-05T09:05:17","slug":"e-book-the-complete-guide-to-closing-the-financial-year-for-startups","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/e-book-the-complete-guide-to-closing-the-financial-year-for-startups\/","title":{"rendered":"E-book: The Complete Guide to Closing the Financial Year for Startups"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Financial year-end is dreaded by business owners &amp; finance professionals alike. The last-minute accounting tasks and overwhelming paperwork that goes into closing the finance books are understandably burdensome for most businesses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In our latest ebook, we have compiled everything you need to do to close the financial year, without many hassles.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What\u2019s inside the Ebook<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The ultimate year-end accounting checklist w<\/span><span style=\"font-weight: 400;\">ith<\/span> a <span style=\"font-weight: 400;\">step-by-step process of,\u00a0<\/span><\/p>\n<h3>Reconciling all ledgers<\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/razorpay.com\/learn\/what-is-reconciliation\/\">Reconciliation<\/a> of bank accounts is one of the most important things in closing the financial year. We\u2019ve talked about all the steps involved in detail.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reconcile Accounts payable ledgers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reconcile Accounts receivable ledgers\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reconcile Loan balances<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reconcile GST <a href=\"https:\/\/razorpay.com\/learn\/what-is-liability-in-accounting\/\">liability<\/a> and input credit ledger<\/span><\/li>\n<\/ul>\n<h3>Closing the accounting books<\/h3>\n<p><span style=\"font-weight: 400;\">Closing the books generates a summary of all the financial statements that help you understand your business\u2019s financial health. We discuss everything you need to do to close your accounting books.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Calculate the yearly revenue &amp; expenses<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Raise all sales invoices for FY 2021-22 before 31st March 2022<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Update the fixed asset register\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make a provision for depreciation\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make a provision for expenses for which vendor bills are not received<\/span><\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/?r=blog_cta_business_banking_guide_closing_fin_year&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Explore RazorpayX<\/a><\/div>\n<p>&nbsp;<\/p>\n<h3>Filing &amp; paying business taxes on time<\/h3>\n<p><span style=\"font-weight: 400;\">Learn all the important due dates &amp; processes to file &amp; <a href=\"https:\/\/razorpay.com\/docs\/x\/tax-payments\/advance\/\">pay advance tax<\/a> &amp; TDS returns.\u00a0<\/span><\/p>\n<h3>Prepping for year-end payroll<span style=\"font-weight: 400;\">\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Payroll is one of the most significant expenses incurred by businesses to run their operations. Reconciling salaries, <a href=\"https:\/\/razorpay.com\/learn\/payment-compliance-secure-payments\/\">compliance payments<\/a>, and reporting the correct amount will help analyze your business health accurately.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You get a year-end checklist exclusively for payroll management so that you can ensure a seamless closure of the current financial year.\u00a0<\/span><\/p>\n<h3>Planning budget<\/h3>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/?r=blog_cta_business_banking_guide_closing_fin_year&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Explore RazorpayX<\/a><\/div>\n<p>&nbsp;<\/p>\n<h3>Pro tips to plan better for the next financial year<\/h3>\n<p><span style=\"font-weight: 400;\">Learn from the experts on how to manage your finances better &amp; what you need to do to get ready for the next financial year.\u00a0<\/span><\/p>\n<p><!-- [if lte IE 8]>\n<script charset=\"utf-8\" type=\"text\/javascript\" src=\"\/\/js.hsforms.net\/forms\/v2-legacy.js\"><\/script>\n<![endif]--><script charset=\"utf-8\" type=\"text\/javascript\" src=\"\/\/js.hsforms.net\/forms\/v2.js\"><\/script><br \/>\n<script>\n  hbspt.forms.create({\n\tportalId: \"5558946\",\n\tformId: \"28a9782e-c9a4-4712-8414-17cc67774c1d\"\n});\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you run a business, chances are you dread 31st March. Download this ebook to know how to wrap up this financial year &#038; get ready for the next.<\/p>\n","protected":false},"author":59,"featured_media":5625,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[71,27],"tags":[],"class_list":{"0":"post-5599","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"category-business-banking"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/5599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=5599"}],"version-history":[{"count":3,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/5599\/revisions"}],"predecessor-version":[{"id":22397,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/5599\/revisions\/22397"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/5625"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=5599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=5599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=5599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}