Top 8 Year-End Accounting Tips & Tricks

As we approach the end of the calendar year, business owners should focus on several important areas of the business and make the best decisions to wrap up the year.

Here are our Top 8 Year-End Accounts Tips and Tricks to keep in mind before December 31^st:

🧾 1. Review and Reconcile All Accounts

Goal: Ensure your books accurately reflect reality.

• Bank & Credit Card Reconciliations: Verify all accounts are reconciled through December 31. Watch for duplicate or uncleared transactions.

• Loan & Line of Credit Balances: Confirm balances match lender statements and interest is properly allocated.

• Payroll Accounts: Reconcile payroll clearing, taxes payable, and benefit accounts to payroll reports.

• A/R & A/P Aging: Ensure old balances are cleared, unapplied credits are addressed, and retainage is tracked for construction clients.

🧮 2. Cleanup and Categorize Transactions

Goal: Deliver clean ledgers to CPAs for tax prep.

• Review “Ask My Accountant” and suspense accounts—everything should be categorized.

• Standardize chart of accounts across clients for reporting consistency.

• Verify sales tax, merchant fees, and job costs are booked correctly.

• Check owner draws, reimbursements, and personal expenses are segregated properly.

• Tag and code capital purchases vs. repairs for accurate depreciation.

📊 3. Job Costing & Construction-Specific Checks

Goal: Ensure accurate WIP and profitability reports.

• Review open jobs: confirm costs, billings, and retainage.

• Update Work-in-Progress (WIP) schedules for CPA review.

• Verify AIA billing, Textura, or GC Pay balances match accounting records.

• Confirm prevailing wage jobs and certified payrolls are complete and filed.

📁 4. Payroll & HR Compliance

Goal: Avoid year-end penalties and ensure accurate filings.

• Verify W-2s and 1099s for accuracy (TIN, address, totals).

• Ensure subcontractor COIs, W-9s, and contracts are on file.

• Review state unemployment, workers’ comp, and disability audits.

• Update employee benefit summaries and year-end bonuses in payroll system.

🧠 5. Tax Prep Readiness

Goal: Make CPA handoff smooth and timely.

• Provide trial balance, general ledger, and year-end financials by entity.

• Prepare fixed asset summary for depreciation updates.

• Review deferred revenue, prepaids, and accrual entries.

• Note any large or unusual transactions for the tax preparer.

• Create a year-end close binder (digital or physical) with supporting docs.

💼 6. Administrative & Compliance Tasks

Goal: Keep businesses compliant for the new year.

• File annual reports and biennial statements.

• Confirm BOI reporting and NYS DOL subcontractor registry are current.

• Renew business licenses, insurance policies, and contracts.

• Update authorized signers, officers, and address changes.

💻 7. QuickBooks & System Optimization

Goal: Start the new year with efficient, streamlined books.

• Archive the year in QuickBooks Online or Desktop (lock prior periods).

• Run custom reports (YTD P&L by job, vendor spend summaries, etc.).

• Back up data and store securely.

• Review user permissions and remove outdated access.

• Plan automation for 2026—bank rules, classes, memorized reports.

💬 8. Client Communication & Deliverables

Goal: Showcase professionalism and transparency.

• Send clients a “Year-End Accounting Checklist” with deadlines and reminders.

• Offer CPA coordination services—send reports directly on behalf of the client.

• Schedule review meetings to discuss performance and 2026 planning.

• Deliver a branded Year-End Financial Package (Balance Sheet, P&L, WIP, Aging, etc.).

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