Small Business End-of-Year Checklist

  • Organize Year-End Accounting and Expenses

    • Catch up on bookkeeping! If you need to catch up on your accounting tasks, do it now.

    • Wrap up all outstanding bills and payments before Dec 31.

    • Collect any past-due invoices.

    • Review year-end financial statements to plan for tax savings.

    • Based on your review, are there things you can prepay for 2023 to reduce your taxable income this year? (ad spend, equipment, subscriptions, etc).

    • Any vendors you paid more than $600 to? Be sure to get their W-9 so you can do their 1099 filing.

    • Meet with your accountant or tax professional to prepare.

    • List any major purchases or fixed assets for the year to prepare for depreciation calculation.

  • Complete end-of-year inventory if applicable.

  • Hold an “Annual Meeting” if you are a Corporation or LLC, and record the date and time.

  • Fund your retirement accounts.

  • Review insurance and benefits and make any changes necessary.