Year-End Prep for Small Business: Step-by-Step Guide
Closing out the year doesn’t have to be stressful. With a few simple steps, you can wrap up your books, stay compliant, and prepare for a strong start next year. This guide is tailored for our clients in the UK, US, and South Africa, but the tips are useful for small businesses anywhere.
Step 1: Review Your Accounts
Check your financial records for the year:
- Bank statements vs. bookkeeping records
- Outstanding invoices or unpaid bills
- Any unusual or missing transactions
Why it matters: Accurate accounts prevent surprises and make year-end reporting much easier.
Step 2: Organise Receipts and Documents
- Gather receipts, invoices, and expense records in one place
Keep digital copies if possible — secure, searchable, and easy to share
Regional note:
- UK: Keep records for 6 years for HMRC
- US: Keep tax-related records for 3–7 years depending on the document type
- SA: Keep records for 5 years for SARS compliance
Global tip: Even if you’re outside these countries, keeping organised records is essential for audits, tax filings, or business planning.
Step 3: Check Tax Obligations
Make sure all taxes are accounted for:
- UK: VAT returns, Self-Assessment, corporation tax
- US: Federal and state taxes, payroll, 1099s
- SA: VAT and provisional income tax
Universal tip: Identify your country’s tax deadlines and filing requirements so nothing is missed.
Step 4: Reconcile and Adjust Accounts
- Match bank statements to your accounting software
- Adjust for prepayments, accruals, or depreciation if applicable
- Confirm all accounts balance
Why it matters everywhere: Reconciliation ensures your numbers are accurate, no matter where your business operates.
Step 5: Analyse Performance
- Review profit and loss statements, cash flow, and expenses
- Identify trends, areas for savings, or opportunities for growth
- Use insights to plan for the new year
Global tip: Tracking performance is key to making informed business decisions in any country.
Step 6: Plan Ahead
- Set budgets and financial goals for the next year
- Schedule regular bookkeeping and review intervals
- Consider professional support if you need expert guidance
Year-end prep doesn’t have to be overwhelming. Whether you’re in the UK, US, SA, or elsewhere, organised finances save time, reduce stress, and give you confidence for the new year.
Need help closing your books and planning for next year? Contact us today — we’ll help you stay on track, no matter where you are.
