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Your accounting checklist for Q4 2021: What should you and your accountant be doing?

We must be having too much fun, because time is flying by at a record pace. We’re already entering the final three months of 2021. Which means it’s time to get your finances sorted for the end of the year, and start planning for 2022. It may feel like December is a long way off, but trust us, it’ll be here before you know it.

Here’s a list of key things you and your accountant should review in Q4. But do check with your accountant for a full list – after all, every business is different.

Income and expense records

However you normally record your income and outgoings, do make sure your records are complete and up to date – including any small transactions that may have been missed. This is especially important at this time of year, coming off the back of summer, when normal admin procedures may have taken a back seat.

Financial statements

Formal financial statements provide a vital glimpse of your business’s finances. Now is the time to review these statements – with your accountant’s help, of course – so that you can understand how your business has performed this year and make plans for next year. Key statements to review are the balance sheet, profit and loss account, and cash flow statement.

Bank reconciliation

Basically, this means comparing your bank statements to your accounting records to check that the closing balance matches up. It’s something you or your accountant should be doing monthly and at year end.


If your business holds physical inventory and supplies, do a thorough check to ensure your actual inventory matches your inventory records. This will also help you and your accountant assess how much you spent on inventory this year, and perhaps make adjustments for next year.

Accounts receivable and payable

Ideally, you’ll close out 2021 without customers owing you money, so start chasing those overdue invoices now. And if you find that customers routinely pay late, now’s a great time to look at your existing payment terms and procedures. We also recommend reviewing your accounts payable process to ensure you pay your creditors at the optimum time.

Is your business ready for the final three months of the year? And have you started looking ahead to 2022? If not, Jupp Castle can help. Learn more about our affordable, proactive accounting services. 

At Jupp Castle, we offer accountancy, taxation and financial advisory services to a wide range of businesses and individuals. Our services cover everything from payroll to pension investments, personal tax returns to Charity Commission filing.

We pride ourselves in offering a personalised, friendly service that takes the jargon out of accountancy.
Whatever financial or accountancy service you are looking for, Jupp Castle has the right expertise for you.

All our accountants are professionally accredited with many years experience across a wide range of businesses and individuals.If you’d like to discuss any of your accountancy or financial needs, please give us a call on 01252 84868 or contact us through the online form.

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