By Lyssa Kemper, CPA – Senior Manager
As the year wraps up, now is the perfect time to organize your financial information and ensure your business is on track for a strong start to 2025. To support your year-end review, we’ve created a checklist of key tasks and reminders.
Year-End Financial Checklist
- Review Financial Statements – Take a close look at your balance sheet and income statement. Reviewing now provides valuable insights into your business’s overall performance and areas for potential adjustments. Review our article from earlier in the year, “The Top 5 Reasons Why Having your Accounting in Order is Crucial” here: https://michaelsilver.com/the-top-5-reasons-why-having-your-accounting-in-order-is-crucial-for-business-success/
- Adjust and Reconcile Accounts:
a). Bank Reconciliations: Make sure all accounts are reconciled so you start the new year with a clean slate.
b). Expense Tracking: Double-check that all business expenses are accurately recorded and well-documented.
c). Asset Verification: Review your asset list, record the disposal of any outdated assets, and document new acquisitions.
This can help with planning for equipment maintenance and budgeting.
d). 1099 Vendor Maintenance: Review your 1099 vendor details and follow up on any missing W9s or vendor information to prepare for 1099 season. See our article on 1099s here: https://michaelsilver.com/get-on-track-now-for-the-2024-1099-season/ - Update Payroll Records – Accurate payroll data ensures that you are ready for W-2 and 1099 reporting in January and helps prevent delays.
- Consider Upgrading Payroll or Accounting Software – Year-end is an ideal time to assess your accounting and payroll software to determine if it meets your business’s needs. Transitioning to a new system at this time can simplify your processes for the coming year, making reporting and record-keeping more efficient. Our team can help you select and implement a solution that aligns with your business goals.
- Explore Expanded Services with Our CAS Department – Looking to take your business insights to the next level? Now is a great time to explore how our Client Accounting/Advisory Services (CAS) department can support your long-term growth. We offer strategic financial and advisory services to help you focus on core business goals while gaining deeper insights into your business’s financial health. Visit our website at https://michaelsilver.com/client-accounting-advisory-services/ for our latest service offerings and let us know how we can support your vision.
- Assess Cash Flow and Budgeting Needs – Now is an ideal time to assess cash flow needs and project budgets for the new year. Reviewing cash flow trends will allow you to allocate resources effectively and help maintain healthy financial reserves.
Let Us Help!
Our team at MichaelSilver is here to support you in making year-end as smooth as possible. Whether you have questions about financial reporting, 1099 compliance, year-end planning, software upgrades, or would like a partner to help you better understand your financial information, please reach out. We’re here to help! Contact your MichaelSilver trusted advisor today at 847-982-0333 and let’s work together to finish this year strong and make next year even stronger.