Tight Deadlines, Limited Resources: How This Firm Nailed Year-End Close

🔹 Highlights

✅ Reduced year-end stress and last-minute reconciliations
✅ Ensured full compliance with UK GAAP, FRS, and statutory standards
✅ Delivered timely and accurate financial statements
✅ Enabled strategic focus for the client’s accounting team

Introduction

For many mid-sized accounting firms, year-end can feel like a perfect storm—tight deadlines, complex compliance, and mounting stress. One such UK-based firm found itself drowning in reconciliations, overlapping responsibilities, and looming compliance requirements. That is until it partnered with Corient’s accounting outsourcing services and transformed chaos into control.

The Initial Problem: What Went Wrong?

The client was struggling with:

• Last-minute reconciliations and urgent adjustments.
• Limited resources to produce compliant year-end reports on time.
• Overlapping responsibilities with month-end and year-end duties.
• Mounting pressure to meet UK GAAP and FRS standards while complying with statutory requirements.

The situation had become a recipe for burnout and potential errors.

Corient’s First Solution: The Fix

Corient stepped in with a game plan. Their first strategy focused on early preparation and structured planning:

1. Data Collection: Gathered financial data in advance to avoid last-minute surprises.
2. Customised Checklists: Created tailored lists for tasks like reconciliations, accruals, and provisions.
3. Timeline Milestones: Built a clear roadmap to keep the client’s team on track.

This strategy helped eliminate reactive chaos and replaced it with proactive precision.

The New Problem: A Surprise Roadblock

Midway through the process, new issues emerged. Despite the structured plan, the client’s financial data revealed the following:

• Overdue balances and mismanaged payables
• Inconsistencies in prepayments and accruals
• Errors in the bookkeeping system threatening the accuracy of year-end reports

The risk of non-compliance loomed again.

Corient’s Second Solution: Fixing the New Problem

Here’s how Corient addressed it step by step:

Step 1: Bookkeeping Audit

• Reviewed aged receivables and payables
• Flagged overdue items and coordinated with stakeholders for resolutions

Step 2: Prepayments & Accruals Review

• Cross-checked for missing or incorrect entries
• Adjusted journal entries for accuracy

Step 3: Clean-Up Errors

• Detected and corrected anomalies in financial records
• Ensured that the books were error-free before year-end processes

Step 4: Financial Statement Finalisation

• Delivered accurate monthly, quarterly, and annual reports
• Ensured reports met all UK GAAP, FRS, and statutory requirements

Step 5: Compliance & VAT Review

• Conducted in-depth quarterly VAT checks
• Prepared documentation to support HMRC compliance

Step 6: Transparent Communication

• Maintained regular updates

Offered prompt support for issues and advised on process improvements

The Final Outcome: Success Story

The client’s year-end process became significantly more efficient and stress-free. With precise planning, accurate reporting, and expert oversight, the accounting team completed financial statements ahead of schedule and fully complied with UK GAAP and FRS standards. This allowed them to shift focus from routine tasks to strategic decision-making, supported by reliable financial insights.

“Corient didn’t just support our year-end—they transformed it. Their structured process and constant communication made everything run smoothly. We looked forward to year-end this time!”

Key Takeaways: Why This Matters for Businesses

✅Proactive planning prevents last-minute stress
✅Clean bookkeeping is essential for compliant financials
✅Clear communication ensures accountability and success

If your firm feels the pressure of year-end chaos, Corient offers structured, expert support that lets you focus on strategy while we handle the numbers.