For all our Hong Kong clients, the end of the financial year is approaching and your accountant will soon be asking for all your account transactions and paper records. If you haven’t already done so, ask your assistant to help you prepare for the end of the financial year by pulling together all the relevant financial records. We recommend that you:
- Print all your sales invoices and filed them into a folder, in invoice date and separated by tabs for each month.
- Print all your accounts payable invoices and filed them into a folder, in invoice date and separated by tabs for each month.
- Small receipts can be saved in envelopes with the month on the front and filed in the same folder as the accounts payable invoices.
- Make sure you have printed copies of all your business bank statements. If you’re missing any, contact your bank to receive a copy of the missing statement.
- Make sure you have all business credit card statements printed.
- Pay any outstanding accounts payables (money you owe).
- Chase outstanding sales invoices (those that owe you money) and ask for immediate payment.
- If you wish to donate to a charity, do so before the 31st March so it can be included in your accounts.
- If you’ve donated throughout the year, make sure all receipts are including in your accounts payable folder.
If you’re running your own accounting system such as Xero Accounting, you will need to print a number of reports for your audit. The reports are:
- Trial Balance
- Aged Payables
- Aged Receivables
- Balance Sheet
- Bank Reconciliation
- Profit and Loss
- Balance Sheet
- General Ledger
With a little bit of planning, the end of the financial year needn’t be a stressful experience.
If you’re overwhelmed, struggling to get things done, or recognise you need some assistance, organise a call with me to discuss your business support needs.