5 End-of-Financial-Year Facts Every New Accountant Needs to Know

It is prudent in today’s fast competing world that we make ourselves ready and fully prepared for the coming financial year well before its beginning. This can be done if the required and useful things can be taken care of in a timely fashion.

To enjoy smart startup of the next financial year, every accountant should take various effective measures to carry out the most important activities of business finances within the available time-frame.

Every new accountant should be aware of some tips which can be beneficial for avoiding the End-of-Year hassles. The timely bill payment not only protects from paying late surcharge fee but also from facing the absurd situation of the maintenance of the things to be done due to non-payment of bills on time. This was just one scenario to start with!

Here is the list of 5 most successful and result-oriented facts which every accountant should try to follow before starting the new financial year.

• Buy now if it allows your cash flow
  Don’t buy the things on credit in business if ample source of money is available with you. It will reduce the interest charges which are imposed due to late payment. One of the signs of good accounting is to keep the assets on credit as less as possible.
• Keep your accounting up to date
  The first and foremost activity which every accounting individual should do is to keep the records updated. What payments have been made and what payments are left should be there on the books record. Using QuickBooks cloud hosting can make this easy as data can be updated in real-time to maintain the database in a steady state for anytime reference.
• Make write-off of damaged or obsolete things
  Keep the things which are in working status. Make a pile of unused things neither in your office nor in your book records. Do write-off of all the things which are obsolete or which are going to be obsolete with the advancement of New Year.
• Take benefits of fringe profits too
  Don’t overlook the minor seeming profits of your business. The small and fringed profits accumulate to a bigger profit. These fringe profits will help you to make payments of various small expenditures.
• Make a checklist of your resolutions, goods and final year plans for the coming financial year
  Doing things without putting time barriers in your task list may not fulfill the objectives of making checklist or goals and resolutions. Prepare the checklist in a time-bound manner to assess your efficiency and success of various tasks.

Managing the lump-sum income is easy as compared to deferring income updates. The monitoring of deferred payments or income is important because there is no schedule of deferring things. Every entry of the payments should be on records.

Just check all loopholes and hindrances which may affect the implementation of objectives which if occur will eat up your important time and efforts. Doing so, you will save yourself from putting your important time and effort in resolving issues rather than focusing on the core work.