Financial year-end: Everything you need to know
Ensuring a smooth and relatively stress-free close is the goal of every Finance lead when approaching year-end.
Solid preparation is key. As is having the right team, access to the right tools and data, plus a robust plan of attack.
Financial year-end resources
For some businesses, preparation for the fiscal year-end happens at the same time as the business year-end. For others, there are two ‘year-ends’ to deal with if the accounting year-end is at another point such as the end of the calendar year. Either way, closing off the year from a taxation and accounting basis (or both) requires plenty of effort.
Use the resources below to discover what you can do to prepare yourself and your Finance team for a seamless year-end.
Financial year-end quick tips video
It’s always good to get new ideas on how best to approach important tasks such as closing accounts.
In this quick 5-minute video, Phil Walters, previous Customer Success Manager at The Access Group, offers some useful tips when preparing for financial month-end and year-end.
Your action plan for year-end
With so much to do to get through year-end, it makes sense to prepare your Finance team in advance and have a clear plan in place on how to tackle all the various tasks needed.
All Finance teams need to be cognisant of the pace of change. Businesses are increasingly looking to respond to ever changing market conditions and how they can compete and be successful in the markets that they play in. Our role in finance is to help support that.
The Access Group Chief Financial Officer, Rob Binns
Your 10-step year-end accounts checklist
For practical tips on how to avoid penalties and enjoy a seamless end to the financial year, we have put together a quick and simple to use 10-point checklist which you can download.
As we prepare and manage year-end close, we also need to find the balance of getting a budget in place for the new fiscal year. Budgeting with uncertainty is challenging, so finance leaders will need to assess current economic instability and ensure the budget is set up to be flexible to adjustments as the year progresses.
The Access Group Chief Financial Officer, Rob Binns
Looking forwards: Your month end checklist
You can make life at year-end so much easier by putting best practice in place every month. Download our month-end checklist and give your team a head start for next year-end.
Finance leaders should be thinking about how we support the business growth we know we want to strive for in the upcoming year. How do I make what we do as efficient and as effective as possible? If you ask the average CEO, that’s what they want from their Finance team.
The Access Group Chief Financial Officer, Rob Binns
