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How to Organize Your Business Finances Before Year-End

  • Writer: Brian R. Schobel, CPA
    Brian R. Schobel, CPA
  • Sep 24
  • 2 min read

The end of the year often sneaks up on small business owners. Between running daily operations and juggling customer needs, financial organization can slip to the bottom of the list. But taking a little time now to get your finances in order can save you stress during tax season and give you a clear picture of where your business stands.


Reconcile Your Accounts

Go through your bank statements, credit cards, and loan accounts to ensure they match your records. Reconciling helps you catch errors, missed expenses, or duplicate charges before they snowball.


Stay on Top of Invoices and Bills

Check your accounts receivable—who still owes you money? Send friendly reminders to clients with overdue invoices. At the same time, review accounts payable to pay off any outstanding bills. This helps you start the new year with cleaner books and healthier cash flow.


Organize and Categorize Expenses

Review your expenses to confirm they’re in the right categories (like office supplies, utilities, or travel). Keeping things tidy not only makes tax filing easier but also ensures you maximize eligible deductions.


Prepare for Tax Time

Meet with your accountant or tax professional to discuss possible deductions and year-end strategies. For example, some equipment or supply purchases made before December 31 could lower your tax bill.


Review Key Financial Reports

Run a profit and loss statement, balance sheet, and cash flow report. These reports show how your business performed this year and can highlight areas to improve in the next.


The bottom line: Organizing your finances before year-end isn’t just about paperwork—it’s about giving yourself peace of mind. With clean, accurate records, you’ll head into tax season prepared and into the new year with confidence to grow your business.


 
 
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