In the ledger of life, every entry represents a choice, and accountants ensure those choices are accounted for
Warren Buffet

What Does Year-End Close Mean?

Year-end close, also called “closing the books,” examines, resolves, and confirms that all financial transactions and elements of the business ledgers from the previous fiscal year tally up. This includes figuring out the company’s costs, earnings, revenue, assets, investments, equity, etc. The objective is to create a final financial statement that will be included in the business’s official financial records and be ready for any prospective external audit by an outsourced year end accounts finalization.

One of the most crucial tasks for the finance and accounting teams is creating an accurate balance sheet, profit and loss statement, and cash flow statement because significant legal liabilities may be involved. You need this process to go as smoothly as possible because you must always file an annual report on time and without error

Whether you have followed the scrupulous approach of managing accounts and financial
books on a regular basis throughout the year or if you are dealing with all the mess altogether, our certified and experienced accounting team can rescue you anytime. We can help you deal with the overpowering pressure of matching records, identifying glitches, and reconciling records for cleanup and accounting closing for each fiscal year with utmost accuracy. Our cleanup and catchup services include checking accuracy of transactions, reconciling the control accounts, careful matching of financial statements, scrutinizing the general ledger, computation of accruals and advanced payments, calculation of amortization and depreciation, AR/AP reconciliation, tax computation, financial statement preparation, and other aspects of closing the year.

We cover your business completely with our expert services to make the squeezing year-end process easy for you.

  • Accurate closing of accounting to submit for compliance to the government body or third-party auditors.
  • Our team will work with your accounting software and tools to provide you with assistance and services within your environment.
  • Assist you in collecting documents from your clients, vendors, and other entities to simplify the process of closing accounting books.
  • Help you identify the financial health of your business to define a more realistic budget allocation for the next fiscal year.
  • Empower you with expert recommendations to improve the bookkeeping and accounting process to reduce year-end load based on the finalization of accounts.

Finalization of Accounts

Finalization of accounts outsourcing is a service that can help businesses with the process of checking and reconciling their books of accounts to ensure they are correct and complete. This service can include tasks such as:
  • Reviewing the general ledger
  • Calculating depreciation and amortization
  • Calculating deferred tax
  • Preparing financial statements
  • Providing advice on improving bookkeeping

At T Squad we prepare complete accounts including cross-referenced working papers for your clients ranging from limited companies to sole traders etc. We will prepare statements and financial reports, manage capital projects, and meet with you as often as you need. Clutter free, cost efficient, and hassle-free submission of year end accounts.