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Preparing for Year-End Financial Reviews

A Comprehensive Checklist



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As the calendar inches towards the end of the year, businesses find themselves at a crucial juncture — the time for year-end financial reviews. This annual ritual is not merely a formality; it's a strategic initiative that can shape the financial trajectory of a business in the upcoming year. To make this process more manageable and effective, we've crafted a comprehensive checklist for businesses to follow when preparing for year-end financial reviews. Let's dive into the essential steps that ensure a thorough and accurate assessment of your financial landscape.


1. Gather Financial Statements

Start the year-end financial review by collecting all relevant financial statements. This includes the balance sheet, income statement, and cash flow statement. Ensure that these documents are up-to-date and accurately reflect the financial transactions of your business throughout the year.

2. Reconcile Bank Statements

Reconciliation is key to identifying any discrepancies in your financial records. Compare your bank statements with your internal records to ensure that all transactions are accounted for. This step is crucial for uncovering errors, detecting fraudulent activities, and maintaining the accuracy of your financial data.

3. Accounts Receivable & Payable

Scrutinize your accounts receivable to identify any outstanding payments. Follow up on overdue invoices.

4. Assess Inventory Levels

For businesses dealing with physical products, a thorough evaluation of inventory levels is vital. Identify slow-moving or obsolete stock and consider adjusting your inventory management strategies

Prepare a Management Report

Compile all the findings into a comprehensive management report. This report should provide a clear overview of your financial performance, highlight key insights, and offer recommendations for improvement. It serves as a valuable tool for decision-making at the leadership level.

By diligently following this checklist, businesses can ensure a systematic and thorough year-end financial review. Beyond fulfilling regulatory requirements, this process empowers organizations to make informed decisions, identify growth opportunities, and lay the groundwork for financial success in the coming year. Remember, a meticulous year-end review is not just a reflection on the past; it's a strategic investment in the future of your business.

TAKE ADVANTAGE

NO NEED TO WORRY ABOUT FINANCIAL ISSUES

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We are focused on developing a close proactive partnership with our clients where we encourage open communication. We encourage our clients to call or email us regularly.
We strive for continual improvement and with our many years of experience we have developed processes to ensure we work as efficiently as possible.
Our approach is one where there are no “nasty surprises”, both from a fee and tax perspective. We encourage our clients to call or email us regularly.

HOW WE CAN HELP

WHAT SERVICES WE HAVE TO OFFER

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FINANCIAL ASSISTANCE

We can assist with short term assignments or specific projects to meet clients needs. These may include the initial setup of company records onto Pastel and the catch up of records to a current financial position. We can assist with the initial setup of a company.

ACCOUNT MANAGMENT

Some of the services we offer are Monthly Fixed Fee Accounting Services , Cash Flow Forecasts, Income Tax Returns Submission and Compliance, Annual Financial Statements, Monthly Payroll Services, Company Registrations and CIPC Annual Returns.

BOOKKEEPING

Strategic planning is critical to business success. Financial statements aids decision makers, especially financial institutions, business owners and key stakeholders. Financial records provide the necessary tools to managing and growing your business.

MONTHLY PROCESSING

Every transaction will have tax consequences, either deductible or taxable. Therefore on going tax planning is vital, especially for SMEs due to cash flow. It encompasses different aspects, including the timing of both income and purchases and other expenditure.

TAXATION

Every transaction will have tax consequences, either deductible or taxable. Therefore on going tax planning is vital, especially for SMEs due to cash flow. It encompasses different aspects, including the timing of both income and purchases and other expenditure.

PAYROLL ASSISTANCE

We will use a risk-based approach to understand your business, industry and environment. Our starting point will be to identify the areas where the risk of material misstatement in your financial statements is greatest.

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