Cleanup and Planning: Quarterly and Year-End Checklists

It’s here — the end of quarter and the end of the year! It’s time to do some “good housekeeping” in preparation for the year-end of your business.

At the end of the year, it’s important to both close-out the old year properly as well as plan for the new year. I recommend you start this process early so that there isn’t a last-minute rush to complete your year-end closing tasks. Even better, do this quarterly so that you remain caught-up with the tasks.

Here are some ideas to add to your quarterly and annual checklists:

Year-End Cleanup and Closing Tasks (some of these can be done quarterly, too!)

• Enter all revenue and expenses into your record-keeping system.
• Send final invoices for the current year.
• Reconcile your bank account records with bank statements.
• Estimate your last tax payment for the current year (many self-employed people make quarterly estimated tax payments…the final payment is usually due on January 15 in the USA)
• Mail holiday cards and gifts to clients/customers
• Make holiday offers to clients/customers
• Clean out old files/emails
• Create year-end accounting reports and compare them to your goals for year…how did you do?
• Tally business-related mileage for quarter/year
• Tally expenses by vendor and prepare 1099’s if needed
• Contact your accountant and discuss year-end tax planning

Planning Tasks for the New Quarter/Year

• Write a list of goals
• Write a list of tasks that need to be accomplished in order to achieve those goals
• Write a list of projects you’d like to start or complete
• Create an updated marketing plan
• Create an updated budget
• List the topics you’d like to study, the classes you’d like to take, or the books you’d like to read, to keep you up-to-date with your industry and business skills
• Schedule upcoming classes you’ll teach and distribute that Calendar of Events to clients and staff

Cleanup and planning tasks don’t just happen in December and January. If you review these tasks quarterly, they won’t sneak up on you on December 31.