Small Business End-of-Year Financial Checklist

As a small business owner, every time of year is a busy one. But “end of year” becomes especially hectic with holidays, budgets, and gathering financial reports. In the following blog, we’ve pulled together a simple checklist to help you stay organized, maximize success, and set your business up for a successful new year.

1. Review Your Financial Statements and Cash Flow

As the year comes to a close, review your financial statements and understand cash flow so you can start the new year with a clear picture of your financial health. Start by looking at your income statement, balance sheet, and cash flow report. These three documents give you an accurate look at the overall health of your business.

Income statement: Check profitability and track revenue versus expenses.
Balance sheet: Understand assets, liabilities, and equity.
Cash flow report: Ensure you have enough liquidity to cover upcoming expenses.

Pro tip: Run your statements through digital tools that help analyze where you’re spending and how you could do better.

2. Reconcile Accounts and Organize Records for Tax Prep

Year-end means tax season begins. Don’t let April 15 sneak up on you with last minute preparation. End the year with your accounts tax-ready and complete, so you head into tax season with less stress and less errors.

Reconcile bank accounts, credit cards, and loans.
Match invoices with payments received.
Organize receipts and categorize expenses.

3. Evaluate Business Expenses and Potential Deductions

Thinking about tax season means thinking about deductions—those business expenses that can count toward your taxes. The end of year is a great time to tally up your deductibles so you make the most of your tax return.

Don’t miss deductibles such as:

Office supplies, technology, and equipment purchases.
Travel, meals, and mileage.
Marketing and advertising expenses.
Professional services (accounting, legal, consulting).

Need something now? Consider whether additional purchases should be made before year-end to maximize deductions or wait until next calendar year.

4. Plan for Year-End Tax Deadlines

Tax day will be here before you know it, and along with it, your tax payment for the year. Plan ahead so there are no surprises and you know what to expect when April 15th rolls around.

Review quarterly tax payments: Did you pay quarterly payments so you should expect to pay less on tax day? Or should you expect to pay a larger amount on April 15?
Set aside funds for federal, state, and local taxes.
Confirm deadlines with your tax professional.
Prepare W-2s and 1099s for employees and contractors: All W2s and 1099s must be sent to employees and contractors by XX/XX. Work with your tax professional or accounting department to get your staff the tax documents they need.

Landmark National Bank offers a business savings account, making it easy to set aside funds each month throughout the year for taxes so you’ll be ready on tax day.

5. Review Payroll, Employee Benefits, and Retirement Contributions

Employee benefits programs are a big expense for small businesses. As the year comes to an end, review your employee benefits program, looking for opportunities or savings before it rolls over into the next year.

Review healthcare benefits, bonuses, and retirement plan contributions.
If your business offers a 401(k) or SIMPLE IRA, confirm that contributions are processed correctly.
Audit payroll records for accuracy.
Verify employee classifications (full-time, part-time, contractor).

6. Assess Business Goals and Set Financial Priorities for the New Year

Now that you have your finances in order for this year, it’s time to look forward to next year with the information you’ve gathered.

Did you meet revenue and profitability goals?
Where are your overspending?
What challenges did you face and how can you prepare for them next year?
Do you need to adjust pricing, cut costs, or expand services?
What milestones do you want to meet next quarter?
Financial Calculators can help you make informed decisions and plan for next year.

Landmark National Bank has a suite of small business loans to help you take on the new year—whether that means expanding your space, purchasing equipment, or hiring new staff.

7. Explore Business Banking and Lending Opportunities with Landmark

Year-end financial planning isn’t just about tying up loose ends—it’s about creating momentum for the year ahead. By reviewing statements, reconciling accounts, preparing for taxes, and setting clear goals, you’re positioning your business for success.

At Landmark National Bank, we’re here to help small businesses thrive with tools, insights, and personalized banking support. Landmark offers a range of solutions to support your small business:

Small Business Checking & Savings: Manage day-to-day cash flow with accounts designed for small business needs.
Small Business Loans & Lines of Credit: Access flexible financing to cover expenses or seize new opportunities.
Personalized support at every step: Offering banking solutions and expert guidance to help you make year-end planning simple and stress-free.

Close the Year with Confidence

From small business loans to small business banking tools, Landmark National Bank is here to help you start the new year with confidence. Talk with a Landmark business banker today about planning for the new year.