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Year-End Bookkeeping Checklist Every Small Business Owner Needs

As the year draws to a close, small business owners must focus on wrapping up their financial records. Proper year-end bookkeeping ensures accurate tax filings, smooth audits, and better financial planning for the coming year.

 At Datamize Business Services, we provide professional bookkeeping services to help businesses stay organized and compliant. Here’s a comprehensive year-end bookkeeping checklist to keep your finances in order.
1. Reconcile All Bank and Credit Card Accounts
Ensure all transactions match between your bank statements and accounting records. This critical step helps identify discrepancies, duplicate entries, or missing transactions.
Our bookkeeping services include monthly reconciliation of bank and credit card accounts. Be sure to verify outstanding checks and deposits.
2. Review Accounts Receivable and Payable
For Accounts Receivable:
  • Confirm all customer invoices have been paid
  • Identify and write off any uncollectible debts
For Accounts Payable:
  • Ensure all vendor bills are recorded
  • Pay outstanding bills to avoid late fees
Our back office support services can help manage accounts receivable and payable efficiently.
3. Organize and Review Financial Statements
  • Generate a Profit & Loss Statement and Balance Sheet
  • Compare year-over-year performance
  • Identify tax deductions and financial trends
We provide monthly P&L and balance sheet reports to keep you informed about your business’s financial health.
4. Prepare for Tax Filing
  • Gather all necessary tax documents (W-2s, 1099s, expense receipts)
  • Verify payroll tax filings if applicable
  • Maximize deductions (business expenses, depreciation, etc.)
Avoid last-minute stress with our full-service payroll solutions and bookkeeping account cleanups.
5. Inventory Count (If Applicable)
  • Conduct a physical inventory check
  • Adjust records for lost, damaged, or obsolete stock
  • Update cost of goods sold (COGS)
6. Backup Financial Data
  • Save digital copies of all financial records
  • Store documents securely (cloud storage recommended)
  • Ensure your bookkeeping software setup is current
Our virtual bookkeeping services include secure data management solutions.
7. Plan for Next Year
  • Set financial goals and budgets
  • Review cash flow projections
  • Schedule a quarterly call with your bookkeeper (included in our services)
Why Hire a Professional Bookkeeper for Year-End Closing?
Year-end bookkeeping can be overwhelming for busy small business owners. Datamize Business Services can help with:
  • Monthly or quarterly bookkeeping tailored to your needs
  • Processing of bank and credit card transactions for accuracy
  • Month-end and year-end closing handled by experts
  • Affordable bookkeeping services starting at $159 per month
Outsourcing your bookkeeping ensures:
  • Compliance with tax laws
  • Time savings so you can focus on growth
  • Accurate financial reporting for better decision making
Need Help With Year-End Bookkeeping?
Don’t let year-end financial tasks overwhelm you. Datamize Business Services offers professional bookkeeping, payroll services, and back-office support to keep your business running smoothly.
Contact us today to streamline your year-end closing and start the new year with confidence.
Related Services:
  • Bookkeeping services for small businesses
  • Payroll outsourcing for small businesses
  • Virtual back office services
By following this checklist and leveraging professional help, you can ensure a stress-free financial close to your year. Let Datamize handle the numbers while you focus on growing your business.

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