Year end is easier when nothing is outstanding. Telore shows you exactly what is left, but here is what it is looking for.
Every transaction categorised
Anything still sitting in your review queue is money that is not yet in your accounts. Clearing the queue is usually the biggest single job, and it is normally a few minutes.
Receipts for the larger costs
You do not need a receipt for every coffee, but the significant purchases should have one attached. Telore lists the ones it thinks are worth chasing.
Invoices in the right state
Invoices that were actually paid should be marked paid; ones that will never be paid should be written off rather than left hanging. Both affect your profit.
Balances that agree
Each account balance in Telore should match the real balance at your year-end date. Where it does not, something is missing, and Telore will point at the gap.
This is guidance, not advice. Telore is software, not an accountancy practice. Tax figures in Telore are estimates based on what you have recorded, and anything filed goes through the official HMRC and Companies House services, subject to their acceptance. For a decision that turns on your own circumstances, speak to an accountant.
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