Your Small Business Year-End Financial Checklist

The end of the year always sneaks up faster than we expect, doesn’t it?

Before you dive headfirst into holiday mode, it’s worth taking a little time to get your financial house in order.
Doing a simple year-end review now can save you serious stress (and money) when tax season hits — and it sets you up for a stronger, smoother new year.

Here’s a practical checklist you can use to make sure you wrap up the year like a pro:

1. Reconcile Your Bank and Credit Card Accounts

Make sure all your business accounts match up with your bookkeeping records.
Catch any errors, missing transactions, or strange charges now — before they turn into bigger headaches.

Tip:
If you use QuickBooks Online (or another accounting software), use the reconcile feature to double-check everything against your bank statements.

2. Categorize All Expenses and Income

Go through your transactions and make sure everything is properly categorized.
Good records mean you won’t miss out on deductions — and you’ll have a much easier time filing your taxes.

Bonus:
Categorized data also gives you a clear view of how (and where) your money is flowing.

3. Review Your Accounts Receivable (and Collect What's Owed)

Do you have outstanding invoices from clients?
Now’s the time to send friendly reminders and collect any past-due payments.

Remember:
Getting paid before December 31 can affect your current-year income — and help with cash flow into the new year.

4. Double-Check Payroll and Contractor Payments

If you have employees or contractors, review what you’ve paid them this year.

Make sure:

• All W-2 employee information is correct

• Contractor payments over $600 are ready to report on 1099 forms

(And if you’re not sure what forms you need — that’s what we’re here for!)

5. Look for Last-Minute Tax Deductions

If you had a profitable year, you might be able to lower your tax bill by:

• Purchasing equipment or supplies

• Prepaying for next year's services (like software subscriptions)

• Contributing to a retirement plan

Important:
Always check with your tax professional before making big moves — you want to be strategic, not reactive.

6. Review (and Update) Your Financial Goals

Pull up your goals from earlier this year:

• What did you hit?

• Where did you fall short?

• What lessons did you learn?

Use what you find to set smarter, more aligned goals for next year.

Success isn’t just about numbers — it’s about clarity, consistency, and growth.

7. Backup and Secure Your Records

Make sure your important financial documents — receipts, invoices, tax forms, contracts — are backed up and safely stored (digitally and/or physically).

This protects you if you ever face an audit — and helps you sleep better at night.

Final Thoughts: Finish Strong (So You Can Start Even Stronger)

Taking time now to wrap up your year financially puts you ahead of the game.
It gives you a clean slate, clear numbers, and a powerful foundation to build on in the new year.

And if this checklist feels overwhelming, don’t worry — you don’t have to do it all alone.