As we approach year-end, it’s a busy time for Irish businesses, especially when it comes to preparing company accounts and filing your B1 Annual Return with the Companies Registration Office (CRO).
At Outsourced, we know that year-end can feel overwhelming, so here’s a clear breakdown of what needs to be done, what documents to prepare, and how to stay compliant without the stress.
What Are Company Accounts and a B1 Annual Return?
Your annual return filing includes a set of year-end financial statements, typically made up of:
- Profit & Loss Account
- Balance Sheet
- Notes to the Financial Statements
- Directors’ Report (for companies)
These must be submitted alongside your B1 form, which confirms your company’s directors, shareholders, and key statutory details. Missing deadlines can lead to penalties, late fees, and in some cases, a loss of audit exemption.
How to Prepare for Your Company’s Year-End
Here’s a simple step-by-step guide to make your year-end less stressful and more organised.
1️⃣ Organise Your Financial Records
Before you start, ensure all your paperwork is in order:
- Gather income records, bank and credit card statements
- Collect all invoices, receipts, purchase orders, and payment confirmations
- Update staff payroll, expenses, and benefits
- Digitise important documents for ease of access and backup
- Store everything in a clear, structured format (Google Drive, OneDrive, or your accounting software)
This step alone can prevent hours of unnecessary stress later.
2️⃣ Reconcile All Accounts
Accuracy matters when preparing year-end accounts. Make sure:
- All transactions match your bank and credit card statements
- Any unmatched or unclear transactions are reviewed and corrected
- Assets and liabilities are accurately recorded
- Inventory (if applicable) is counted and reconciled with your system
- Outstanding invoices are chased and overdue payments followed up
- All bills are paid or properly recorded as accounts payable
This ensures your year-end figures reflect the true financial position of your business.
3️⃣ Prepare for Taxes & Compliance
- Review expenses and ensure all allowable deductions are captured
- Identify tax credits or reliefs your business may qualify for
- Plan ahead for deadlines (Corporation Tax, VAT, B1 filing dates, etc.)
- Double-check your compliance with CRO requirements
- Make sure your financial statements meet current accounting standards
Missing a deadline can be costly, so a clear timeline is essential.
4️⃣ Plan for the Year Ahead
Use your financial data to:
- Analyse performance during the year
- Review revenue streams, cost trends, and cash flow
- Build a realistic budget for the coming year
- Identify areas where processes can be improved
- Consider whether outsourcing bookkeeping, payroll, or monthly accounts could free up time and reduce errors next year
Final Thought
Your company’s year-end shouldn’t feel like a scramble. With the right preparation, the process becomes far smoother, more predictable, and much easier to manage. And if you don’t have the time, or simply want peace of mind, we’re here to help.
Need Support With Your B1 or Year-End Accounts?
At Outsourced.ie, we offer a friendly, reliable, and stress-free year-end service with flexible appointments and online consultations.
We help you stay compliant, organised, and confident heading into the new year.
