As the end of the year approaches, many small business owners find themselves overwhelmed — wrapping up the books, managing cash flow, preparing for taxes, planning for next year... all while juggling holiday demands.

With so much happening, it’s easy to miss important financial steps that could save you money and set you up for growth in the new year.

That’s why we created this Year-End Financial Checklist — to help you close out the year with confidence and start the next one strong.

1. Review Your Tax Strategy

Now that you have a full year of numbers, it’s time to:

• Estimate your upcoming tax payments with more accuracy

• Decide whether to bring forward next year’s expenses

• Review deductions and make sure you're maximizing what's available to your business

These small moves can make a big impact on your final tax bill.

2. Clean Up Your Books and Cash Flow

Take time to:

• Submit all outstanding invoices and collect what’s owed

• Record any remaining expenses (especially those paid personally)

• Reconcile accounts and load all accruals

• Compare your cash position at the start and end of the year

This is also a great time to evaluate your current pricing structure and consider any necessary changes.

3. Run a Financial Health Check

Ask yourself:

• Are you finishing the year in a strong financial position?

• What does your balance sheet show in terms of assets, liabilities, and equity?

• Are your financial reports giving you the information you need to make decisions?

If not, you may be missing critical data — and now’s the time to fix that.

4. Plan for the Year Ahead

Use what you’ve learned to set clear financial goals for the coming year.
Think through:

• What tools or talent you might need

• Which workflows or processes should be updated

• What data you wish you had — and how to start collecting it now

This is about building a system that supports smarter decision-making and sustainable growth.

5. Don’t Forget the Logistics

Some of the most overlooked (but important) steps:

• Backup and secure all financial documents

• Audit the tools and software you’re using

• Make sure your team has what they need going into the new year

These small details can make a big difference in how smoothly things run next year.

Ready to Go Into the New Year With Confidence?

At Elevating Profits, we help small business owners get clear on their numbers so they can make smarter, faster financial decisions. Whether you’re cleaning up your books or looking to build a stronger financial strategy for 2025, we’re here to help.

Schedule a call to see how we can support your year-end wrap-up — and set you up for success in the new year.