As we approach the end of the year, it’s the perfect opportunity to tie up any loose ends in your bookkeeping and get a jumpstart on tax season. Don’t worry—I’ve got you covered! Here’s a simple checklist to help you stay organized and set yourself up for a smooth transition into the new year. Let’s tackle this together:
1. Reconcile All Your Accounts
Grab your bank and credit card statements, and compare them to your bookkeeping software. This step ensures all transactions are accurate and accounted for. If something doesn’t match up, now’s the time to sort it out. Trust me, catching these things early saves so much stress later on.
2. Organize All Your Receipts
Gather those receipts—physical and digital—for all your business expenses. If you’ve got a stack of paper receipts, a scanner or a handy app can quickly digitize them. Store everything in a cloud-based folder so you can easily find what you need when it’s time to file taxes.
3. Review Invoices
Take a moment to review your invoices. Are there any that haven’t been paid? Sending gentle reminders to clients now not only improves your cash flow but also ensures you’re not leaving money on the table. It’s a win-win!
4. Run Financial Reports
Generate your key financial reports: Profit & Loss, Balance Sheet, and Cash Flow statements. These give you a big-picture view of your business’s financial health and are absolutely essential for preparing your taxes. Plus, they’re great for identifying trends and areas for improvement.
5. Gather Tax Documents
Start collecting the necessary documents for tax season. This includes W-2s for employees, 1099s for contractors, and any records of deductible expenses like mileage, utilities, or office supplies. Having these ready to go will make things so much easier when it’s time to file.
6. Prepare for Next Year
Look back at this year’s financial data and use it to set your goals for 2025. Think about creating a budget, planning for growth, or tackling that big project you’ve been dreaming about. It’s a great way to start the new year feeling focused and ready to go.
Taking care of these tasks now means tax season will be a breeze, and you’ll head into the new year feeling organized and stress-free.
If you’d like some extra support, I’m here to help! Here’s to wrapping up the year with confidence and starting the next one on the right foot!