A year-end checklist for your business records

The end of the year is a natural point to look back at the books. Some work now makes the business return easier to prepare, and the new year starts from a clean set of records.

Bring the books up to date

Make sure every transaction for the year is recorded and categorized, including cash, checks, and anything paid personally for the business.

Reconcile every account

Check each bank, credit card and loan account against its statement through the end of the year. Note anything that does not match.

Review who owes you, and whom you owe

List the customer invoices that are still unpaid and note which you still expect to collect. List the bills you have not paid yet.

Count what is on hand

If you keep inventory or supplies, count them at the end of the year and keep the count sheet.

Gather details on contractors

If you paid independent contractors during the year, make sure you have each one's name, address and taxpayer details on file, and a record of what you paid them. Send those details to us only through the portal.

Collect the year's paperwork

Loan statements, vehicle mileage logs, records of equipment bought or sold, and the year's payroll reports all belong in one place.

Note the changes

Did the business add an owner, change its structure, open a new location, or start selling in another state? Write it down for us.

Send it securely

When the records are ready, send them through the client portal, never by email. If you would like us to keep your books through the year, see our bookkeeping service.