Organizing your books for tax season and strategizing for the year ahead.
As a small business owner, staying on top of your compliance requirements at the end of each year is essential. This checklist will serve as a baseline to ensure you have addressed your minimum compliance requirements. If you need more help, don’t hesitate to contact a Finalytics advisor for a personalized business checklist.
Bookkeeping Tasks
- Record outstanding transactions through December 31st.
- Perform a physical inventory count to accurately report on-hand quantities and cost of goods sold (COGS).
- Review open invoices to write-off bad debt (uncollectible accounts receivable).
- Reclassify personal expenses to the owner/shareholder distribution account.
- Review uncleared activity that have been outstanding for 90+ days to determine if an adjusting entry is needed to void prior period transactions.
- Prepare financial statements (Profit & Loss, Balance Sheet, and Statement of Cash Flows).
Payroll & HR Tasks
- Verify there is a Form W-4 and Form I-9 on file for each employee.
- Update employee personnel profiles for name, employment status, phone number, email, and mailing address changes.
- Verify there is a Form W-9 on file for each independent contractor.
- Process and journalize the final payroll run, including PTO payouts and year-end bonuses.
- Update the employee handbook and labor law posters.
- Notify employees of the upcoming benefits open enrollment period.
- Evaluate regulation changes to minimum wage and overtime rates.
- Create your 2025 company calendar with holiday closures and training courses.
Tax Preparation Tasks
- Share your financial statements, fixed asset listing, depreciation & amortization schedules, and prior year tax return with your tax preparer.
- File Forms W-3, W-2s, and 1099-NECs (contractors paid $600 or more)
- File Forms 1094-C and 1095-C if employees are provided company-sponsored healthcare coverage.
Other Tasks
- Review business contract and lease terms to negotiate renewal terms prior to their expiry date.
- Perform a data security audit to ensure GDPR and CCPA requirements are being met.
- Compare the prior year's performance against your business goals and strategize how align your efforts to reach your current objectives. Consider financial, marketing, operating, and external economic factors.
- Revise your marketing plan, sales forecast, and annual overhead budget.
Help is on the way!
Start the year off right. Speak with a Finalytics advisor to receive assistance with your year-end tasks and ensure a well-organized year ahead.
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Accounting & Business Advisors