As business owners focus on the next trading period, we propose that September presents an ideal opportunity for you (or us) to conduct a thorough bookkeeping review. For some, the financial year-end is approaching, whilst others see the calendar year-end as a natural break. Either way, now is the time to ensure your financial records are in pristine condition.

Get ahead in September

The final quarter of any financial year, be it December or April, can be overwhelming, particularly when it comes to preparing accounts and meeting HMRC deadlines. By dedicating time in September to reviewing your bookkeeping, you’ll have a good four (or seven months) to help avoid the last-minute scramble that catches so many businesses off guard. This proactive approach allows you to identify discrepancies, chase outstanding invoices, and address any compliance issues before they become urgent problems.

September also marks the return to routine after the summer holiday period, making it an excellent time to implement new systems or refine existing processes. Your team is likely refreshed and ready to tackle administrative tasks that may have been put on hold during the busier summer months.

What’s covered in a bookkeeping review?

A bookkeeping review is a thorough examination of your company’s current bookkeeping practices and financial records. It can help you identify areas where your bookkeeping is strong, and areas where you may need to make improvements. If you have the time and expertise, you can undertake your own bookkeeping review, or you may wish to employ an independent third-party for a more objective review. <Do you offer this service? I’ve had a quick look but can’t see it on your website.>

Six essential bookkeeping tasks that form part of a bookkeeping review

These are tasks that every good business owner should do at this time of year as they deliver tangible business benefits. If you need help with any of these, please ask the Hour Hands team.

1. Reconcile all bank accounts and credit cards for the year to date. This often reveals discrepancies that require investigation and resolution.
2. Thoroughly review your aged debtors report. Chase overdue payments before clients become distracted by their own year-end preparations.
3. Review your expense categorisations and ensure everything aligns with HMRC requirements. This is also an opportune moment to gather supporting documentation for larger expenses and capital purchases, as these records are often easier to locate now than in the rushed final weeks of the year.
4. Review your internal controls. These are the policies and procedures that help prevent fraud and ensure that financial information is accurate.

5. Develop an improvement plan. How can you improve your bookkeeping practices? You may wish to implement  new policies and procedures, train staff or seek outside assistance from a bookkeeping expert. 
6. Check out your competitors.What are they announcing? Has their pricing structure changed? Are they seeing opportunities that you’ve not noticed? 

How can we help?

September really is the perfect month to invest in your bookkeeping infrastructure. Whether you choose to overhaul internal processes or engage external support, the steps you take now will pay dividends when December arrives or year-end deadlines loom.

Many of the tasks that we’ve listed above are prime candidates for outsourcing to qualified professionals. External bookkeepers can efficiently handle bank reconciliations, invoice processing, and preparing your VAT return, freeing up your internal team to focus on strategic activities that drive growth.

Outsourcing also provides access to specialist expertise, particularly valuable for complex transactions or regulatory compliance. As professional bookkeepers, we stay up-to-date with legislative changes and best practices, ensuring your records meet all requirements as we potentially identify tax-saving opportunities.

Add us to your contacts list if you need help with any aspect of your business from bookkeeping to acting as a virtual PA or if you need help with one off tasks such as developing a business plan, organising a team recognition event. 

Simply fill in the contact form or give us a call. We’re always on hand and happy to help!