General Year-End Financial Checklist

You should receive an organizer that provides a checklist of what you should provide.

Here are a few items that I will be focusing on.

Supporting Documents & Receipts

Tax Preparation

Lists/receipts/documentation required:

1099 Reporting

Vendor & Employee W9s and W4s: Vendor Maintenance


Review license renewal requirements:

All licenses and permits should be reviewed yearly and renewed if due to avoid lapses and penalties, and to also ensure compliance. This includes business licenses, city licenses, sales tax, and any industry-specific licenses or permits.

If you have intellectual property rights that need to be protected, patents, copyrights and trademarks may be appropriate and should be applied for.

HR and Benifits:

Review PTO Policies

Review and reconcile employee PTO in case of any liability adjustments for accumulated balances.

Verify Bonus, Commissions & Incentives

Review Employee Appreciation/Recognition Programs

Decide if your current program is effectively contributing to the job satisfaction of your employees and the success of your company.

Information Technology

Back Up Files

Technology Evaluation

Filing Requirements

Some businesses require periodic updated reports:

Resource Requirements

If you are revising next year’s budget and business plan, now is a good time to evaluate staff investment, technology upgrades, Covid and operating expenses, training costs, etc. and make changes, upgrades, or downgrades for optimal performance.