The year-end checklist.

Use this checklist to wrap up your books and get ready for your tax professional without the usual January scramble.

By December 31

• All bank and credit card accounts reconciled through December 31
• All loan balances verified against year-end statements
• Inventory counted and recorded, if you carry it
• Large or unusual transactions reviewed, with receipts on hand

By January 15

• W-9s collected from every contractor you paid this year (required at $2,000 or more, but collecting one from everyone is the safe habit)
• 1099-NEC forms prepared (due to contractors and the IRS by January 31)
• Payroll year-end reports finalized (W-2s due to employees by January 31)

Before sending to your CPA

• Fixed asset list updated: additions, disposals, and the depreciation schedule
• Owner draws and capital contributions recorded accurately
• Accounts receivable reviewed, with uncollectible balances written off
• Prior-year adjusting entries from your CPA applied, if any
• Final P&L and Balance Sheet exported and reviewed

This is exactly the work we do for clients every December and January, including coordinating directly with your CPA so you are not the messenger.

When should I start year-end work?

December, not January. Almost everything on this list is easier before the year actually closes, and the items that involve other people, like collecting W-9s, are the ones that take longest.

What does my CPA actually need from me?

A reconciled set of books, a final P&L and balance sheet, an updated fixed asset list, and accurate owner draws. The cleaner that handoff is, the fewer questions come back and the less your return costs.

Can you do this for me?

Yes. This is exactly the work we do for clients every December and January, including coordinating directly with your CPA so you are not the messenger.

• Do I need to send a 1099?
• Quarterly estimated taxes
• All free guides & calculators