Countdown to 2025: Year-End Financial Checklist

Year-End Financial Checklist for Small Business Owners

As the year ends, it’s time to wrap up your finances and prepare for the year ahead. Here’s a quick checklist to help you stay on top of things:

1. Review Expenses

• Double-check all expenses to ensure they’re correctly recorded.

• Look for any missing receipts or unrecorded payments.

2. Reconcile Accounts

• Reconcile your bank and credit card statements.

• Review accounts receivable (unpaid invoices) and accounts payable (vendor bills).

3. Review Inventory

• Do a physical count of inventory and update your records.

• Ensure your inventory valuation is accurate.

4. Plan Next Year’s Budget

• Set your financial goals for the next year.

• Estimate upcoming expenses and forecast revenue based on last year’s sales.

5. Prepare Financial Statements

• Review your Profit & Loss (P&L) and Balance Sheet for accuracy.

6. Backup Your Data

• Ensure all financial documents are backed up digitally and securely.

Ready for the New Year?

Following this checklist helps ensure your finances are in order for tax season and set up for success in the year ahead. Need help? Contact us at Modern Day Accounting & Consulting for bookkeeping support!

Keep your business finances organized and start the new year with confidence!