In order to help your accountant help you and to make sure you get the most value from their time it is important that you are able provide them with key documents and pieces of information each year. Knowing what you need to keep track of and having this information available means the end-of-year process will run more smoothly and efficiently for you.

Whilst every business will have slightly different requirements (depending on things such as their size, turnover and number of staff), there are several things that you need to keep a record of. First of all, it is important to make sure you keep any sales and purchase invoices and order them in a logical way so that specific ones can easily be located if necessary. Keeping a record of all your incomings and outgoings is also vital, as is any agreements for equipment on lease such as photocopiers or printers.

If you have staff on payroll then it is additionally necessary to keep those records for the year along with the PAYE figures to help calculate the amount due to HMRC. Other items such as petty cash records, bank statements and cheque book stubs are helpful too. If in doubt, it is better to keep any receipts you have for company-related business and seek advice from your accountant about whether they are required or not.

Lima Accountancy are a first-class business accountancy practice based in Leeds. We offer our clients a range of services, including start-up business advice, accounts preparation, bookkeeping, business taxation and payroll support.

For more information or to arrange a free initial consultation, please get in touch with us on 0113 844 0402.