As we approach the Finance year-end, we wanted to let you know the key dates when information must be with the Finance team.
Summary of key dates:
- Friday 14th March: All invoices must be issued to the Finance team along with query resolutions for rejected invoices.
- Friday 21th March:
- Invoices approved for last payment run by midday.
- Petty cash reconciliations/top up requests submitted.
- Expense claims fully approved by midday.
- Monday 24th March:
- Last payment run for this financial year; this will hit supplier accounts Friday 28 March.
- Monday 24th March by 11am: Final ad-hoc payments.
- Friday 4th April: Accrual information received.
To ensure a smooth financial year-end and to allow us to close the books efficiently, we need you to do the following:
Purchase Orders (PO)
- All POs relating to goods/services ordered/received up to Monday 31st March must be raised and approved by 5:30pm on Thursday 27th March.
- Anything raised after this date will be allocated against next year’s budget. If you have incurred expenditure prior to Tuesday 1st April, but are not able to process the PO/invoice for the goods/services, then you must submit accrual information (more information below) to your Management Accountant.
Purchase invoices / BACs payment run
- The final payment run of the current financial year will be sent on Monday 24th March with payments being received by suppliers on Friday 28th March, which pays all approved invoices with a due date up to and including Thursday 10th April.
- For invoices to be included in this payment run they need to be issued with valid POs to the GC Finance mailbox for processing no later than 5:00pm on Friday 14th March. All invoices need to be approved on Unit4 by midday Friday 21st March.
- All invoices for goods/services received prior to Tuesday 1st April must be fully approved within Unit 4 by the relevant budget holder by 5:00pm on Monday 31st March to ensure it is included in this year’s budget.
- Provided there is a valid purchase order/accrual for the relevant expenditure, the cost will be allocated against the current year’s budget even if the invoice cannot be processed until a later date. If the invoice is not approved by the required deadline and there is not a valid PO or accrual for this spend, it will be allocated against next year’s budget once it is received and processed (unless accrual information is provided).
Ad-Hoc Payments
- The final day for ad hoc payments to be submitted and fully approved is by 11:00am on Monday 24th March, any ad hoc requests submitted after this deadline will not be actioned before year-end.
Sales orders
- All sales orders within Unit 4 for sales up to Monday 31st March (for income to be allocated in this current finance year) must be approved within Unit4 by 5:00pm on Monday 31st March.
Credit Cards
- All outstanding credit card receipts for virtual credit card spend must be submitted on HSBC Conferma by Thursday 27th March.
Petty Cash
- All Petty Cash top-up requests and outstanding complete reconciliations must be issued to pettycash@growthco.uk by Friday 21st March, this will be ordered for Wednesday 26th March, anything after this time will be ordered Wednesday 2nd April. Please remember all petty cash requests have at least a 5-day processing window.
- Petty cash reconciliations for period of March 2025 must be issued to pettycash@growthco.uk by Tuesday 8th April.
Pay It Send Money
- All Pay It Send Money payouts must be claimed by Friday 28th March for expenditure to be allocated to this financial year.
- Pay It Send Money reconciliations for period of March 2025 must be issued to pettycash@growthco.uk by Tuesday 8th April.
Accrual information
- All requests for income/expenditure accruals to be included in the current year’s accounts must be submitted via the relevant channels to the Management Accountant for your area of the business by Friday 4th April.
IMPORTANT: Please ensure you review any purchase orders that are assigned to you but not utilised to make sure any that are old/obsolete are closed. This can be done by contacting your Management Accountant.
Please be advised there will be no exceptions to the deadlines detailed above without approval from Sally Little, Group Finance Director.
If you have any questions or would like more information, please get in touch with the Finance Team or call 0161 245 4923.
