Was your 2024 year-end close a struggle? Adopt these good resolutions to succeed in 2025!

Between tight deadlines, errors to correct and mounting stress, you may have found it hard to wrap up 2024 calmly. But don't panic! With a few good resolutions and better organisation, 2025 can be the year when the year-end accounting close finally goes without a hitch!

What is the year-end close and what are your obligations?

The year-end accounting close involves preparing the company's financial statements for the past year. It includes checking the accounting entries, managing provisions and depreciation, and preparing tax returns. In France and Luxembourg, businesses have strict legal obligations to meet at the end of the year. These include producing the balance sheet and profit and loss account, and filing tax returns (such as VAT, corporation tax, etc.). Meeting these deadlines not only ensures tax compliance, but also sound financial management for the following year.

Tips to prepare for 2025

Compile your customer and supplier invoices

One of the key steps to a successful year-end close is invoice management. Start compiling all your customer and supplier invoices now to avoid any delays or omissions. Keep them in a secure, well-organised place, preferably in an electronic management tool, so they are easy to consult and process. Make sure you keep track of the payment due dates and the amounts owed for each invoice. Good organisation will help you anticipate your cash flow management and avoid any confusion at the end of the year.

Keep an eye on your expense claims

Expense claims are often a sore point during the year-end close, especially if they are not entered and filed properly as you go. To avoid chasing receipts at the last minute, make sure they are submitted and approved regularly. Also, beware of receipt ink that may fade over time. Scan or photograph your receipts to make sure they remain legible and keep a digital copy in a secure location.

Keep your accounts up to date now

Bookkeeping is essential to avoid unnecessary stress at the end of the year. Update your accounts regularly, check your accounting entries and make sure all expenses and income are recorded correctly. Well-maintained accounts not only let you track how your finances are developing, but also save you precious time at the annual close.

Carry out regular stocktakes

Make sure your inventory of stock, equipment and assets is up to date. Carry out a physical stocktake to ensure it matches the accounting records.

Settle receivables and payables

Review your customer receivables and supplier payables. Chase customers who are late paying and make sure all supplier debts are properly recorded.

And why not a CRM?

A good customer relationship management (CRM) tool can make a big difference to how you manage your invoices and contacts. Use tools like eKo to centralise all your customer information, track the progress of orders and automate certain administrative tasks. With eKo, you can also easily generate invoices, which saves you time and ensures that all the necessary information (amount, date, payment terms) is correctly filled in.

Conclusion

Preparing for the year-end accounting close does not have to be stressful. By following the key steps and using tools (such as eKo) to automate and simplify accounting tasks, you can ensure a calm close that complies with your tax obligations. This careful preparation will get you off to a good start for the coming year, with clear and optimised tax management.