An accounting procedure undertaken at the end of the year to close out business from the previous year, carry forward balances from the previous year, and open posting accounts for the upcoming year. Year-end closing is part of a company's closing operations, and is used to create a company's financial statements. See also month-end closing, day-end closing.
The year end accounts provide invaluable information about your business and are particularly useful if, for example, you wish to make a mortgage application or raise finance.
We can advise you on how to strengthen your record keeping procedures which in turn will help you run your business more effectively. Having accurate, timely management information can assist you in managing your stock levels, your customer balances owed, your supplier balances due and your cash flow.
Your accounts will be prepared in accordance with accounting standards and we will check that you are claiming everything you are entitled to.
In AccountView, year-end accounting means 'creating a new financial year automatically'. This support note contains important tips on year-end accounting. It is therefore advisable to read this support note from beginning to end – including the tips, related support notes and procedures – before carrying out the steps to create your new financial year.
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