Corporate Year End – Get Your Financial Books in Order

The word fiscal year could be different for non-financial background people, nobody cares about it, but if you are a businessperson, accountant or somehow involved in any type of money business, it matters. Every business has a fiscal year.

A company’s fiscal year is its financial year; it is any 12-month period that the company uses for accounting purposes. A fiscal year-end is usually the end of any quarter, such as March 31, June 30, September 30, or December 31. Business chooses a date of the year end, based on the date that works best for their kind of business. It is not just a date when you file the taxes it is the path for next year’s success.

Year End is always crucial for the business, this process identities the errors, missing transactions during the year and ratifies the mistakes. In accounting mistakes are investable, no one can guarantee that there are no mistakes, it is a normal process to identify the mistakes and correct them. Missing transaction, error in entry, wrong allocation are common mistakes, if the year end process is done properly these mistakes can be ratified.

Areas to be checked at year end.

Confirmation of Revenue

Checking the revenue account and invoices
Confirmation of Accounts receivable numbers
Confirming uncollectible receivable and transfer to provision account
Confirming the sales returns and discounts.

Reconciliation of accounts

Reconciling bank, credit card accounts
Reconciling vendors and customer accounts

Government source deduction

Confirming the source deduction numbers with CRA
Confirmation of advance tax payment
Confirming GST/HST account

Accruals Account

Confirming the accrual accounts
Create accruals for the year
Create entry for unearned revenue

Loan and other liability account

Confirming the loan numbers with banks or other financial institutions.
Confirming the other loan account.

Amortization

Calculate amortization number for the year and make entry.

Current assets and liabilities account

Check all current assets and liability accounts to see any discrepancy.

Inventory Account

Check all inventory account
Check the year end number with physical verification numbers
check and verify any inventory adjustment done during the year.

Expenses

Check the expenses trend for the year
Confirm any unnatural or biggest change in any expenses heading than previous year
Correct/transfer entry if necessary, to correct general ledger.

Opening balance numbers

Check opening balance number with previous years financial statements

We follow the following steps to complete the job

1. We collect documents or drop off your documents to drop box
We review all the documents i. e. financial statements, tax returns and do the necessary recommendations. We know time is money, we prioritize the time to turnaround fast so we can provide you the fastest service.

2. We also provide corporate tax advisory services to individuals who we do business year-end work for.
We believe year end is the perfect time to do your business planning for the following year. If you are dealing with books so why not do some analysis and make some decisions to ensure that your business prospers over the coming year? The choice is yours!!

We are helping small businesses to get their business goal by providing the bookkeeping and accounting services, year end services, and controllership services. If you are looking corporate year end services, and bookkeeping and accounting services for your small business, please contact us info@apexaccounting.ca