Wrapping Up the Year: A Holiday-Season Guide for Small Business Financial Success

Donna Sovie
2 days ago
2 min read

As the year draws to a close and the holiday season begins, many small business owners find themselves juggling year-end demands with the excitement, and sometimes chaos, of December. At Check & Balance Business Solutions, we know this season brings a mix of celebration and responsibility. Before you step fully into holiday mode, now is the perfect time to tie up the financial loose ends that will set your business up for a strong start in the new year.

Whether you're preparing for tax season, reviewing your financial performance, or planning ahead, here are the most important year-end steps to prioritize.

1. Review Your Financial Statements With Fresh Eyes

The end of the year is an ideal time to take a clear look at your Profit & Loss, Balance Sheet, and Cash Flow. These reports tell the story of your year: where you’ve grown, where you’ve invested, and where you can fine-tune for the future. A year-end review helps identify missed expenses, uncashed checks, outstanding invoices, or categorization errors that could impact your tax position.

2. Reconcile All Accounts Before the Ball Drops

Bank accounts, credit cards, loans, payroll, merchant services.. everything should be reconciled. This ensures accuracy heading into tax season and helps prevent surprises (the bad kind) later on. Consider this the accounting version of making sure every ornament is hung just right.

3. Send Invoices + Collect Outstanding Payments

Cash flow often needs special attention at year-end. Following up on outstanding invoices now keeps your books clean and positions your business for a smoother January. For clients using holidays as an excuse to procrastinate, gentle nudges work wonders!

4. Maximize Deductions & Review Potential Tax Savings

Before December 31st hits, talk to your CBBS bookkeeper about:

Year-end purchases
Section 179 opportunities
Retirement contributions
Charitable donations
Mileage logs
Bonus payroll runs

These decisions can meaningfully shift your tax liability. Don’t wait until February when it’s too late to act!

5. Evaluate Payroll, 1099s, and Vendor Records

Confirm which contractors will need 1099-NEC forms, ensure W-9s are collected, and review payroll records for accuracy. January deadlines come quickly, and keeping this organized now minimizes stress after the holidays.

6. Set Intentional Goals for the New Year

The year-end isn't just a time to review the past, it's a time to plan forward. Identify opportunities to improve efficiency, strengthen cash flow, or outsource areas of your business where you need support. The best way to start January strong is to know exactly where you're heading.

As We Wrap Up 2025…

All of us at Check & Balance Business Solutions want to extend our gratitude to our wonderful clients and community. Thank you for trusting us with the financial health of your business this year. It’s an honor to support your growth, your goals, and your peace of mind.

We wish you a joyful holiday season and a prosperous, organized, and confident start to the new year. If you want help closing out 2025, or want to begin 2026 with clarity, we’re here to support you every step of the way. Contact us today at 603-541-7485 or schedule a free consultation.