As tempting as it may be to delay getting started on your year-end accounting, it would be a mistake to leave it to the last moment.
It’s not a strong strategy. You’re more likely to make mistakes and forget key documentation. Not to mention that you’re also likely to spend far more time on it than is needed.
The key to a seamless, successful year-end close is preparation and anticipation of what’s to come.
It’s crucial to be well-organized and to handle your accounting as things come along so the work doesn’t become overwhelming.
Have you hired an accountant to handle your accounting? (If this doesn’t apply to you, we strongly encourage you to do so). Get in the habit of sending them receipts and documentation once a month, namely:
- receipts for purchases;
- sales receipts;
- bank statements.
Noticed you might be missing some documents and/or receipts? Don’t wait for your paperwork to get backed up - track them down as soon as you can. Better to take a moment once a month to get your paperwork in order and save yourself the brain power for when you actually close out the books.
To help you navigate closing out the fiscal year with ease, Qonto offers two features that can simplify the process:
- Accountant access: this way your accountant has access to your Qonto account dashboard and can directly export all your business’ transactions and receipts for processing.
- Digitizing receipts: simply take a picture of your receipt, or forward it to a dedicated Qonto email address and have a certified “paper trail” online. And you can assign receipts to transactions in a click.