Year-End Checklist: Top Tasks

Closing the books at year-end doesn’t have to be overwhelming. A detailed checklist ensures nothing gets missed and makes tax season much smoother.

Your Year-End Checklist:

1. Reconcile all bank and credit card accounts
   Make sure every transaction has been recorded correctly. Small discrepancies can snowball into big problems if left unchecked. Reconciliation also gives you confidence that your financial statements are accurate.

2. Review and categorize outstanding expenses
   Ensure all bills, invoices, and reimbursements are accounted for. Misclassified expenses can distort profitability and lead to reporting errors.

3. Verify accounts receivable and follow up on unpaid invoices
   Identify overdue invoices and communicate promptly with clients. Recovering unpaid revenue now can significantly boost your year-end cash flow.

4. Record all fixed asset purchases and depreciation
   Capture any equipment, vehicles, or software purchases to properly calculate depreciation. Accurate recording affects both your balance sheet and tax deductions.

5. Double-check payroll reports and contractor 1099s
   Ensure employee wages, bonuses, and contractor payments are accurately reported. Mistakes here can lead to payroll compliance issues or tax penalties.

6. Collect W-9 forms from all vendors and contractors
   Missing W-9s can create major headaches when preparing 1099s. Having these forms on file early ensures smooth year-end compliance.

   How we can help

We start your comprehensive year end checklist in November. The closer you get to year-end, the harder it becomes to fix errors or chase missing documents. A well-prepared business starts the new year with confidence and clarity.