What do I need to give my accountant to do my year end accounts?

Is it time to do your annual accounts? You might be wondering: what do I need to give my accountant to do my year end accounts? If you’re using old methods of bookkeeping, and a traditional accountant, read further down below…

Or if you use CloudBook Online Accountants…

…and use online accounting you might not need to do anything! We are accountants who specialise (since 2013) in online accounting, working with free online accounting software such as Pandle as well as better software that charges a monthly fee, like Xero. We can just log in to view your accounts, take what we need, and request any further information required such as year end bank reports. It’s so much easier, and quicker, and it saves you accountancy fees! See our low monthly fixed fees or read about all the other benefits of using online bookkeeping including doing your bookkeeping on the beach!

You don’t have to wait to save on accountancy fees or benefit from online accounting software. If you use spreadsheets or accounting software, we will still be able to do your accounts this year, probably for the same low online accountancy fees. Then we’ll help you move to online accounting software.


What do I need to give my accountant to do my year end accounts?


This helpsheet provides you with an overview of the information to provide to your accountant (a traditional one) to enable completion of your end of year accounts. Of course, the more you do, the less amount of time they have to spend on the routine compliance aspects of your affairs, so the lower your accountancy fees or more time is available to assist you with developing your business. Or use online accounting which does much of this for you and, as online accounting specialists, we can help you onto it for free.

However, every business is different and you should discuss your own requirements with us.

Between us we can decide what you can prepare for us and what we will prepare ourselves. Talking helps to eliminate any misunderstandings.

It’s also helpful to agree a time schedule for when you will provide the records and for when we will have your accounts ready for discussion.


Basic ways in which you may find you can help…

  • Adding up and balancing your books such as cross casting of column totals. Online accounting does this for you.
  • analysing your payments and receipts. Online accounting has automatic rules to do this for you.
  • filing your invoices in sensible system so that relevant invoices can be easily found. You can attach them to a transaction with online accounting.


If you’re feeling more adventurous, you can also assist by

  • preparing a bank reconciliation that reconciles the balance on your bank statement to that derived from your records after adjusting for unpresented receipts and payments. Online accounting does this for you.
  • using control accounts for key nominal accounts such as debtors and creditors that reconcile to your year end list of debtors and creditors. Online accounting does this for you.

By using reconciliations and control accounts on a regular basis during the year, you help to ensure there are no errors in the records.


Records to provide to traditional accountants

Not every business will have all of the following records but if you do, you should provide them to us covering the year (plus one month after)…

  • A back up copy of your accounts software disc for the year if your records are computerised. Let us know the exact software and version and make sure you have a spare copy. With online accounting we just log into your account from anywhere.
  • Your cash book.
  • Petty cash records.
  • Sales and purchase day books.
  • Any ledgers that you keep.
  • Bank statements.
  • Purchase invoices.
  • Sales invoices.
  • Cheque books and paying in stubs.
  • Copies of VAT returns covering the year together with any workings.
  • Your payroll records for the year together with details of PAYE calculations for payments to the Inland Revenue.
  • Copies of any new loan or HP agreements taken out during the year.
  • Details of any business income or expenditure that didn’t go through your business bank account.
  • Anything else you feel may be relevant – if in doubt, include it.


Schedules to provide to traditional accountants

In addition the following schedules will assist your accountant in completing your end of year accounts:

  • A list of fixed asset additions with copy purchase invoices provided.
  • A year end stock list. This should be at the lower of cost and net realisable value.
  • Details of work in progress at the year end.
  • A list of debtors at the year end, their age and an indication of any that unlikely to pay. Online accounting does this for you.
  • Sales ledger control account reconciliation. Online accounting does this for you.
  • Reconciliations for all bank and cash accounts. Online accounting does this for you.
  • A list of trade creditors at the year end and their age. Online accounting does this for you.
  • Purchase ledger control account reconciliation. Online accounting does this for you.
  • Details of PAYE owed at the year end.
  • Details of VAT owed at the year end.
  • Schedules of key and tax sensitive profit and loss accounts such as repairs, sundry expenses, entertainment, etc. Online accounting does this for you.


How We Can Help You

We can help you avoid all of the above by moving you to online accounting for free. There are many benefits to online accounting, and some of the online bookkeeping software is completely free. It also means we can work with you throughout the year, giving advice and providing reports when you need it most, not after the year end when it could be too late. Your year end accounts and tax become easier and quicker to do, so you pay less fixed accountancy fees.