Start preparing for your year-end accounts

A year-end account gives a summary of your business’s overall performance for the accounting year. The accounting year in Cameroon begins from January 1 and ends on December 31.

Year-end is usually a stressful period for many business owners and managers. It may be more stressful if your business is fairly new. This is because all companies are obliged to prepare annual accounts not only as a tax requirement, but for its shareholders.

During this period, accountants are required to come up with a list of things to do as well as documents they need to put together. The aim of this is for them to be able to accurately calculate the company’s income tax obligations.

The deadline granted by the tax administration in Cameroon for submitting statistical and tax returns is March 15 every year.

As a small business, closing out the fiscal year may help you prepare better for the next one by going through relevant company data to understand the financial state of your business.

Businesses in Cameroon that are liable to Corporate Income Tax are required to come up with financial statements, records of transactions, and others as required by the tax administration, including OHADA.

Almost all businesses use the services of accountants and accounting software to prepare their year-end accounts. If your business is organized, it will be relatively easy to provide the necessary information that your accountant needs.

OpenHub Digital has a qualified team that will provide you with every assistance needed in preparing your annual accounts. We understand the high administrative and clerical work required in preparing these accounts.

Outsourcing your year-end accounts with OpenHub Digital will save you money and give you more time to manage core business activities.

We will help relieve you from the labor-intensive task of making year-end accounts. This will help management to focus more on revenue generating services.

Some year-end accounting checklist

• Prepare business expenses
• Separate business expenses from personal
• Follow-up unpaid invoices
• Put together all your paper work
• Take note of all important deadlines
• Prepare your statutory accounts (cash flow statement, balance sheet, Income statement)
• Prepare your Statistical and Tax Returns

The year-end accounts filing is complex in nature, especially for small businesses who rarely have trained accountants. Even those with in-house accountants will have to handle many responsibilities including their routine activities. This may make it difficult for them to complete the formalities in an accurate manner and on time.

Read Also: Required Components and Information for a Proper Invoice in Cameroon

Having an experience with Excel Spreadsheet is one of the most important skills and accountant needs. It helps you to not only manipulate figures accurately, but helps you to efficiently manage and assess your business’ data.