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“If you can’t fly then run, if you can’t
run then walk, if you can’t walk then
crawl, but whatever you do you have
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March 7, 2018 | Latest News

Helpful tips on how to prepare end of year accounts

to do list words written by hand on a transparent board



At this time of the year we are often asked “What information should I be gathering up/what should I be doing to prepare for my end of year accounts?


Every business is different, however some common considerations any taxpayer in business should keep in mind are:

  1. If you use accounting software (or spreadsheet to reconcile your bank accounts), make sure the bank balance as at balance date matches the bank/credit card/Paypal account records (we need to see a copy of your bank statement showing this);
  2. If you carry cash, make sure you count this and record the balance on balance date;
  3. Same with Stock, complete a stock take on balance date (or as close to balance date as practically possible);
  4. Record your work in progress as at balance date;
  5. Make sure you have entered your accounts receivables and payables for the month if you use accounting software, or list the names and amounts if no software used and provide them to us;
  6. Complete and file your Payroll returns for the last month of your financial year (usually March);
  7. Complete your final GST return and file with IRD;
  8. Gather up all loan statements (vehicle and hire purchase loans as well) for the entire financial year (often the bank will issue a document showing the total principal and interest repayments, please pass a copy to us, they may save you some time in accounting fees);
  9. Your bank will also make available resident withholding tax certificates in April for the 31 March year (these show bank interest earned and withholding tax deducted), we need copies of these;
  10. Have you brought and/or sold assets? Please provide copies of any documents surrounding this activity;
  11. Have you bought or sold a property? We need to see a copy of the solicitor settlement statement and sale and purchase agreement, along with any finance documents;
  12. Do you work from home? If so you maybe able to claim home office expenses, please ask us about this;
  13. Did you pay ACC during the year? A copy of the invoice/s is very helpful.

Lastly please don’t leave all of the above to the last minute. We can complete your annual accounts throughout the year. So start getting your 2017/18 records together!