End Your Year Like A Business Pro

Guide 1: Closing The Books & What You Need

We are going to define “Closing The Books” and work through the entire 1st section of the checklist.




Ready? Set. Go!


OK, well maybe we’ll take our time here and walk through these at a sensible pace.



Let’s start with that term I keep throwing around “Closing The Books”.



If you already know this, then bonus stars for you. You can feel free to skip this part.


For those of you who want to be sure you’ve got it figured out, “Closing The Books” is a fancy way of saying “Wrapping Things Up”.  As in, wrapping up all of the tasks that need to be completed in order to tie a bow around the prior year (or month, or quarter).

The End Of Year Checklist is the list of things needed to wrap up 2017 so you can prepare taxes, get finished financial data, and start a new year (or month).  AKA You're working on closing your books.


The more you know!





Let’s move on to the first section of the checklist: Gather Your Info



I want to spend some time on this for you and expand on some of the things that are commonly overlooked here.


Gathering your info before you begin will save you time and frustration when you’re ready to work through the list.


Take my word for it.


The first thing to do is collect all of your information from the year.


This includes (but is not limited to):

  • Bank statements for ALL of your financial accounts

    • Checking

    • Savings

    • Credit Cards

  • Loan & interest statements

    • Loan

    • Mortgage

    • Line of credit

    • Investor financing statements

  • Receipts

    • Be sure to look in all of the usual places for any stray receipts.  

    • Glove box, wallet, desk drawers, kitchen counter, in the store bag, email, etc

    • Tip: For next year, try scanning your receipts and attaching them in your accounting software.

  • Mileage Log

  • Vendor bills you need to pay

  • Customer invoices you need to collect

  • Employee expense reports you need to pay



Going through the motions of gathering up all of these things before you start will ensure you can whip through the End Of Year Checklist efficiently.


After all, you have a business to run and things to do. You definitely don’t want to scramble looking for that new computer receipt when your CPA tells you that you’re on a tight deadline for tax filing.


Now, I recommend paying your current bills due and collecting your customer invoices due before the year ends.  That way, you can end the year with a clean slate and not carry anything into the new year.


Be on the lookout for my next week’s guide, where we’ll talk about what to do with your customers to wrap up the year. (Hint: It’s a little more than you think)


P.S. If you want some help working through this list, give me an email here