{"id":5888,"date":"2015-01-05T12:20:58","date_gmt":"2015-01-05T12:20:58","guid":{"rendered":"https:\/\/bigredcloud.com\/?p=5888"},"modified":"2022-03-24T15:50:19","modified_gmt":"2022-03-24T15:50:19","slug":"accounting-year-end-mean-business","status":"publish","type":"post","link":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/","title":{"rendered":"What does your accounting year end mean for your business?"},"content":{"rendered":"
\n

 <\/p>\n

With the start of a new calendar year, your business\u2019 accounting year may have come to an end as well. The date you choose for an accounting year end is completely up to you as a business owner. However, your accountant may well have influenced your decision as this choice can have ripple effects throughout your business. So what does it all mean?<\/p>\n

Tax Payments<\/strong><\/p>\n

If your company is incorporated, a financial year end date will determine when payment of tax falls due.<\/p>\n

For an unincorporated business, profits for the year are decided according to the financial year end.<\/p>\n

Finalising Year End Accounts<\/strong><\/p>\n

The work involved with finalising your business\u2019 financial year end can be time consuming. Depending on how you choose to run your accounts throughout the year, you, or your accountant, may have many transactions to catch up on and enter.<\/p>\n

Whether this is the case or not, your accounts will definitely take up more of your time than usual around your financial year end. Are your year end accounts coinciding with a busy period for you and your business? Are they potentially having a negative impact on your day to day business by taking you away from serving customers or other tasks?<\/p>\n

These are important questions to consider when deciding upon your financial year end. What\u2019s more, when your accounts are produced, you should take the time to go through the final figures and see how your business performed.<\/p>\n

What\u2019s your cash flow position<\/a>? Why were your expenses higher over a certain period this year? The answers to these questions will give you an in depth look at how your business is performing and help you to make better business decisions going forward.<\/p>\n

Seasonal Business<\/strong><\/p>\n

Businesses who do most of their trade at certain times of the year should consider their accounting year end date carefully. Specifically, payment date for their tax liability should fall when the cash flow is present within the business to pay it.<\/p>\n

A simple way to do this, if feasible, is to open a bank account solely for tax. When the time of year comes when you are doing most of your trade, money can be set aside into this account. When your tax liability falls due, you can be confident that you have the money within your business to pay your obligation.<\/p>\n

Changing Your Accounting Year<\/strong><\/p>\n

If circumstances in your business change, the factors above may influence you to change your accounting year. It may be disruptive during the financial year that you make the change and your accountant will probably be busier because of it. However, the benefits long term can make changing a sensible option.<\/p>\n

–<\/p>\n

Big Red Cloud<\/strong><\/p>\n

Here at Big Red Cloud we provide simple online accounting software for small businesses and their accountants and bookkeepers. Our cloud accounting software makes preparing your accounts easy with unlimited transactions and invoicing as well as being backed up by full telephone, email and live chat support.<\/p>\n

A new financial year is the perfect time to start using Big Red Cloud and make your life easier. Why not take a Free Trial<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  With the start of a new calendar year, your business\u2019 accounting year may have come to an end as…<\/p>\n","protected":false},"author":6,"featured_media":5892,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[69,65],"tags":[],"class_list":{"0":"post-5888","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-accounting","8":"category-small-business"},"yoast_head":"\nWhat does your accounting year end mean?<\/title>\n<meta name=\"description\" content=\"Your accounting year end can be a busy time for businesses. What are the best dates to decide upon for your financial year and what effect does it have on your business?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What does your accounting year end mean for your business?\" \/>\n<meta property=\"og:description\" content=\"Your accounting year end can be a busy time for businesses. What are the best dates to decide upon for your financial year and what effect does it have on your business?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Big Red Cloud\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SimpleOnlineAccounts\" \/>\n<meta property=\"article:published_time\" content=\"2015-01-05T12:20:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-24T15:50:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/01\/year-end-accounting.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Big Red Cloud\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@BigRedCloud\" \/>\n<meta name=\"twitter:site\" content=\"@BigRedCloud\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Big Red Cloud\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What does your accounting year end mean?","description":"Your accounting year end can be a busy time for businesses. What are the best dates to decide upon for your financial year and what effect does it have on your business?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/","og_locale":"en_US","og_type":"article","og_title":"What does your accounting year end mean for your business?","og_description":"Your accounting year end can be a busy time for businesses. What are the best dates to decide upon for your financial year and what effect does it have on your business?","og_url":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/","og_site_name":"Big Red Cloud","article_publisher":"https:\/\/www.facebook.com\/SimpleOnlineAccounts","article_published_time":"2015-01-05T12:20:58+00:00","article_modified_time":"2022-03-24T15:50:19+00:00","og_image":[{"width":1000,"height":350,"url":"https:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/01\/year-end-accounting.jpg","type":"image\/jpeg"}],"author":"Big Red Cloud","twitter_card":"summary_large_image","twitter_creator":"@BigRedCloud","twitter_site":"@BigRedCloud","twitter_misc":{"Written by":"Big Red Cloud","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/#article","isPartOf":{"@id":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/"},"author":{"name":"Big Red Cloud","@id":"https:\/\/bigredcloud.com\/#\/schema\/person\/e3536c09abccbf92223dc2d6a280fcd0"},"headline":"What does your accounting year end mean for your business?","datePublished":"2015-01-05T12:20:58+00:00","dateModified":"2022-03-24T15:50:19+00:00","mainEntityOfPage":{"@id":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/"},"wordCount":535,"publisher":{"@id":"https:\/\/bigredcloud.com\/#organization"},"image":{"@id":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/#primaryimage"},"thumbnailUrl":"https:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/01\/year-end-accounting.jpg","articleSection":["Accounting","Small Business"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/","url":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/","name":"What does your accounting year end mean?","isPartOf":{"@id":"https:\/\/bigredcloud.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/#primaryimage"},"image":{"@id":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/#primaryimage"},"thumbnailUrl":"https:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/01\/year-end-accounting.jpg","datePublished":"2015-01-05T12:20:58+00:00","dateModified":"2022-03-24T15:50:19+00:00","description":"Your accounting year end can be a busy time for businesses. What are the best dates to decide upon for your financial year and what effect does it have on your business?","breadcrumb":{"@id":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/#primaryimage","url":"https:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/01\/year-end-accounting.jpg","contentUrl":"https:\/\/bigredcloud.com\/wp-content\/uploads\/2015\/01\/year-end-accounting.jpg","width":1000,"height":350,"caption":"someone using a calculator with a pen in hand"},{"@type":"BreadcrumbList","@id":"https:\/\/bigredcloud.com\/en\/accounting-year-end-mean-business\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bigredcloud.com\/en\/"},{"@type":"ListItem","position":2,"name":"What does your accounting year end mean for your business?"}]},{"@type":"WebSite","@id":"https:\/\/bigredcloud.com\/#website","url":"https:\/\/bigredcloud.com\/","name":"Big Red Cloud","description":"Online Accounting Software","publisher":{"@id":"https:\/\/bigredcloud.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bigredcloud.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/bigredcloud.com\/#organization","name":"Big Red Cloud","url":"https:\/\/bigredcloud.com\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/bigredcloud.com\/#\/schema\/logo\/image\/","url":"https:\/\/bigredcloud.com\/wp-content\/uploads\/2025\/07\/unnamed-1.png","contentUrl":"https:\/\/bigredcloud.com\/wp-content\/uploads\/2025\/07\/unnamed-1.png","width":512,"height":512,"caption":"Big Red Cloud"},"image":{"@id":"https:\/\/bigredcloud.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/SimpleOnlineAccounts","https:\/\/x.com\/BigRedCloud","https:\/\/www.linkedin.com\/company\/big-red-cloud\/?originalSubdomain=ie"]},{"@type":"Person","@id":"https:\/\/bigredcloud.com\/#\/schema\/person\/e3536c09abccbf92223dc2d6a280fcd0","name":"Big Red Cloud","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/secure.gravatar.com\/avatar\/c52157b2bff7bef0092b93f71df0a4a49dc69f6105d0c7dbbd3b4efc266bae49?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c52157b2bff7bef0092b93f71df0a4a49dc69f6105d0c7dbbd3b4efc266bae49?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c52157b2bff7bef0092b93f71df0a4a49dc69f6105d0c7dbbd3b4efc266bae49?s=96&d=mm&r=g","caption":"Big Red Cloud"},"description":"Big Red Cloud provides simple, reliable accounting and payroll solutions designed to support small businesses and accountants across Ireland.","url":"https:\/\/bigredcloud.com\/en\/author\/marc_o_dwyer\/"}]}},"_links":{"self":[{"href":"https:\/\/bigredcloud.com\/en\/wp-json\/wp\/v2\/posts\/5888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bigredcloud.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bigredcloud.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bigredcloud.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/bigredcloud.com\/en\/wp-json\/wp\/v2\/comments?post=5888"}],"version-history":[{"count":0,"href":"https:\/\/bigredcloud.com\/en\/wp-json\/wp\/v2\/posts\/5888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bigredcloud.com\/en\/wp-json\/wp\/v2\/media\/5892"}],"wp:attachment":[{"href":"https:\/\/bigredcloud.com\/en\/wp-json\/wp\/v2\/media?parent=5888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bigredcloud.com\/en\/wp-json\/wp\/v2\/categories?post=5888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bigredcloud.com\/en\/wp-json\/wp\/v2\/tags?post=5888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}