How happy are you with your business’ annual accounts closure? The following factors play a decisive role in shaping your response as a business owner to this question.
Statutory compliance: This is of course the most basic requirement and you need the comfort of having made the PAYG and GST filings accurately and in time. However, depending on how you have been sailing through the year, your CFO and his team will either have a torrid time, going flat out to rope this in or have a systematic process that has been streamlined by now.
Lead-up to cycle closure:
If you had all the previous quarterly closures settled, then it is a much smoother affair. And if you have been closing your accounting cycles on a monthly basis, you are very well prepared for a healthy annual closure.
Organization and Alignment of your Chart of Accounts: Most of the time, it makes a big difference when the COA is cleaned up. If you have a well organized COA that is in tune with the organizations annual activities, then you can face the annual closures with a smile.
How quickly and confidently can you move to your annual planning exercise: You need reliable and accurate information to take to your board as annual plans are being laid. Delays caused by closure issues are definitely unwelcome
At ThomasandAlex, we make sure that our clients and their CFOs are fully in control of their annual closures
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