It seems that no sooner has Christmas passed than a new financial year is upon us. For us, that means the start of another busy compliance season – and fortunately we are very well organised and prepared for this. For most of our clients, this means finalising the year – and organising your records to bring to us. Here is the year-end process.
Traditionally, accountants send annual questionnaires around this time as a guide to help their clients compile complete financial records. Last year, we were no different. But this year, we are trialling on-line questionnaires which will tailor themselves to your specific business by only asking you questions that are relevant based on your answers to earlier questions. For example if yours is a service business, you won’t be asked about closing stock.
We hope these on-line questionnaires will make your life easier – but we’d sure appreciate your feedback so we can decide whether to make these a permanent part of our year end process.
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 is our modus operandi:
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 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 2010 financial statements – and of course on all the other projects that continue regardless of the annual compliance season.
Fraser Hurrell is one of three directors of Elevate CA Limited, Chartered Accountants & Business Advisors in Whangarei, New Zealand.
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