Important notes for Accountant as we Approach the New year 2026.

Financial Statement Preparation

- Balance Sheet Review: Verify assets, liabilities, and equity accounts are correctly classified and valued.

- Income Statement: Summarize revenues and expenses to determine profitability.

- Cash Flow Statement: Track cash inflows and outflows .

Tax Compliance

- Company Income Tax (CIT): File and pay CIT returns to FIRS.

- Value Added Tax (VAT): Reconcile and remit VAT returns.

- Withholding Tax (WHT): Ensure WHT compliance.

- Pay-As-You-Earn (PAYE): Verify PAYE deductions and remittances

Account Reconciliations

- Bank Reconciliations: Match bank statements with ledger entries.

- Accounts Receivable/Payable: Review outstanding invoices and bills.

- Inventory Valuation: Conduct physical inventory counts and update records.

- Review Financial Ratios: Analyze profitability, liquidity, and efficiency ratios.

- Identify Areas for Improvement: Optimize financial performance and reduce costs.

- Plan for Next Year: Develop a budget and forecast for 2026.