Yearend Checklist

 





4 Things You Should Get Done Before 31 December

The end of the year is approaching – and it’s the perfect time to get your bookkeeping in order. Taking care of important tasks early helps you avoid the December rush and puts your business in a strong position for the year ahead.

To help you finish the year on a positive note, here are four key things you should aim to get done before 31 December.

1. Follow Up on Outstanding Invoices

Unpaid invoices can have a significant impact on your business’s cash flow. Before the year ends, take some time to review outstanding payments and send reminders to customers who haven’t paid yet.

Our tip: Review your outstanding invoices and follow up on overdue payments as early as possible. This helps you maintain a healthy cash flow and gives you a clearer picture of your finances as you head into the new year.

2. Make Sure All Your Receipts and Records Are in Order

From supplier invoices and receipts to expense claims, keeping your financial records complete is essential for accurate bookkeeping. Chasing missing paperwork at the last minute can be time-consuming and stressful.

Our tip: Collect your receipts and invoices regularly, check for missing documents and keep everything organised. With digital bookkeeping software, you can store your documents in one place and link them to the relevant transactions more easily.

3. Make Your Investment Decisions

Planning to invest in new equipment, software or other business essentials? The end of the year is a good opportunity to review your plans and decide which investments make sense for your business.

Our tip: Consider your actual business needs, available budget and cash flow before making any major purchases. Don’t invest simply for tax reasons. If you’re unsure about the tax implications or timing of a purchase, speak to your accountant.

4. Review Your Financial Reserves

The end of the year is also a great time to take stock of your business finances. Do you have enough money set aside to cover upcoming tax payments, regular expenses and unexpected costs?

Our tip: Review your income, expenses and available reserves to get a clear picture of your financial position. This will help you identify any gaps and make informed decisions about your budget for the year ahead.

Get Ready for the New Year

The year-end rush is much easier to manage when you plan ahead rather than leaving everything until December. By following up on outstanding invoices, organising your records, reviewing investment plans and checking your financial reserves, you can end the year feeling more in control and start the next one with confidence.

Need a helping hand getting your bookkeeping in order before year-end?

With Reviso, managing your bookkeeping is simple and straightforward. And if you need any assistance along the way, our customer support team is always happy to help.

Get started with your year-end checklist today and head into the new year feeling prepared!


Reviso UK Support 

help@reviso.com 08456 800 471



 

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