Preparing for your year-end: a simple checklist
Xero basics and things to consider
A well-prepared year-end is faster and less expensive than one requiring significant catch-up work. This checklist covers the basics.
Xero basics to complete before year-end
- Bank accounts fully reconciled with no unmatched transactions
- All sales invoices raised, approved, and sent
- All supplier bills entered with documents attached
- All expenses and mileage claims entered
- Any personal costs or Director Loan Account transactions documented
Things to consider before 31 March (or your year-end)
- Has your director's salary been set at the correct level all year?
- Have all dividends been formally declared with documentation?
- Is there equipment you plan to purchase that would qualify for capital allowances this year?
- Is a pension contribution appropriate to reduce Corporation Tax?
💡 Good to know: We’ll contact you six to eight weeks before your year-end to start the preparation process. Responding promptly to our requests at that stage makes a significant difference to how quickly the accounts can be finalised.
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