Financial year end – 2011

For most of our clients, 31 March is the end of the financial year – and time to start organising your records for the year.  Here is the process for getting your financial statements compiled this year: 

Traditionally, accountants send annual questionnaires around this time as a guide to help their clients compile complete financial records.  Last year we trialled on-line electronic questionnaires which tailored themselves to your specific business by only asking you questions that were relevant based on your answers to earlier questions.  For example if yours is a service business, you’re not going to be asked about closing stock. 

This trial was largely successful and most clients reported that it made the process simpler.  And we have made some changes to the system in response to some of the issues that arose during the trial.  So the on-line questionnaires are part of the new normal this year.  But if you’re using a dial-up internet connection, this process might be frustrating – so let us know and we’ll send you a paper based document instead. 

Once you have completed your on-line questionnaire – and we have received any supporting files and information, we’ll be in a position to start working on your end of year financial statements.  Here’s how it works at our end:

Our aim is to meet your particular deadline.  If you’d like your annual work completed within a certain timeframe or in a certain month, just let us know.  We can meet your deadline within reason whether you are thinking of selling, admitting a shareholder, if the bank needs your accounts, if you need an immediate accurate picture of your tax going forward – or if you just can’t sleep until your year end is sorted.

We don’t start work unless we have all the information and records needed to finish the job.  Picking up and putting down work is inefficient – and it opens up the possibility for errors.   

Once we have started a job, we aim to have it finished quickly and efficiently – almost certainly within the month it was started.

Once we have prepared draft financial statements and a draft tax position, we will typically email you a copy of the drafts and make a time to meet with you to run through the results before they are finalised.  This meeting is often where the real value is added. 

We’re looking forward to working with you in preparation of your 2011 financial statements – and of course on all the other projects that continue regardless of the annual compliance season.

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