Year-end close shapes how you start the new year.
When books are rushed or incomplete, problems follow you into January.
When books are clean, decisions get easier.
Ask yourself:
Do your records clearly show what happened this year?
Here are seven steps to finish the year right.
1. Reconcile every account
- Bank accounts
- Credit cards
- Payment platforms
- Loan balances
Your balances should match statements.
If they don’t, fix them now.
If reconciliation feels unclear, revisit this guide on
https://cherylwoyak.com/why-reconciling-your-accounts-is-like-locking-your-front-door/
2. Review unpaid invoices and bills
- Follow up on overdue customer invoices
- Record bills you still owe
- Decide what is collectible and what is not
This step shows your real cash position.
For a deeper look at receivables, see
https://cherylwoyak.com/the-truth-about-late-payments-how-ar-can-sink-or-save-your-cash-flow/
3. Clean up income and expense categories
- Reclassify miscoded transactions
- Remove personal charges
- Confirm consistency across the year
Clean categories lead to reliable reports.
4. Check payroll and contractor totals
- Confirm wages paid
- Review payroll tax payments
- Verify contractor totals for 1099s
Catching issues now avoids last-minute fixes later.
5. Review key financial reports
Focus on two reports:
- Profit and loss
- Balance sheet
Ask yourself:
- Do these numbers match how the year felt?
- Do any balances look off?
If not, investigate before closing the year.
You may find this helpful for context:
https://cherylwoyak.com/the-3-financial-reports-every-business-owner-should-know/
6. Prepare for taxes before deadlines hit
- Gather receipts and documents
- Estimate potential tax payments
- Write down questions while there is time
Waiting creates stress.
Preparation gives you control.
7. Back up and organize records
- Save final reports
- Store receipts securely
- Label folders by year
Good records protect you well beyond tax season.
A clean year-end close gives you clarity.
You know where you stand.
You plan with facts, not guesses.
If you want support reviewing or closing your books, explore
https://cherylwoyak.com/services/
You can also reach out directly through
https://cherylwoyak.com/contact/
