Year-end is easier to manage when your financial records are already in order. For small business owners in Halifax, fall is a useful time to review the books, track down missing documents, and address questions before the holiday rush.
You do not need to finish everything in a single afternoon. Working through a checklist over the coming weeks can make the handoff to your accountant more organised and give you a clearer view of your business.
Your financial year-end may differ from December 31. Use this checklist in the months leading up to your own year-end, and confirm the timing with your accountant.
Start with Your Bank and Credit Card Accounts
Bring your bookkeeping up to date through the most recent completed month. Compare each bank and credit card statement with the transactions in your accounting software, and investigate differences before moving ahead.
Look for missing fees, duplicate entries, transfers recorded as sales, and payments that have not been matched to an invoice. Importing transactions through a bank feed does not replace reviewing and reconciling the accounts.
Gather Missing Receipts and Documents
Create one list of transactions that still need documentation. Request supplier invoices, download statements, and save receipts in a consistent digital filing system so they can be found again.
- Bank and credit card statements
- Customer invoices and supplier bills
- Receipts for business purchases
- Loan and financing statements
- Payroll summaries, where applicable
- Documents for equipment purchases or disposals
Keep a brief note explaining unfamiliar transactions instead of relying on memory months later. The CRA provides an overview of business records and supporting documents if you need a starting point.
Review Outstanding Customer Invoices
Check which customer invoices remain unpaid and whether the balances are accurate. Match payments that have already arrived, resolve duplicate invoices, and note any disputes that need attention.
Make a follow-up list for genuinely overdue balances. If an invoice may not be collectible, discuss its treatment with your accountant rather than simply deleting it from your records.
Check Supplier Bills and Recurring Payments
Compare supplier statements with the unpaid bills in your books. Confirm that payments have been applied correctly and that the same purchase has not been entered twice.
This is also a useful opportunity to review subscriptions. Note services you no longer use and price changes that should be reflected in next year’s budget.
Keep Business and Personal Transactions Clear
If a personal purchase went through a business account, flag it for the correct treatment. Do the same when you paid a business expense personally or transferred money between yourself and the business.
Clear notes help your bookkeeper distinguish operating costs from owner contributions, withdrawals, and amounts requiring further review. Avoid putting every unexplained transaction into a general expense category simply to clear the list.
Prepare Questions for Your Accountant
Keep a running list of changes in the business, including new financing, major purchases, staffing changes, and plans for the coming year. Share relevant documents before your year-end appointment so there is time to address missing information.
Ask your accountant to confirm the reports they need and the deadlines that apply to your business. This checklist helps you prepare your records; your accountant can advise on filing obligations and the treatment of individual transactions.
Review the Year Before Planning the Next One
Once your records are current, review your profit and loss statement alongside outstanding invoices, unpaid bills, and cash balances. Compare similar periods and look for changes in sales, expenses, and seasonal demand.
A strong sales month can still leave you waiting for customer payments. Looking at these reports together gives your planning more context. Our guide to reading a profit and loss statement explains where to begin.
Make Your Checklist Manageable
Assign each task to a person and give it a realistic completion date. Start with missing statements and unreconciled accounts, then work through outstanding questions with your bookkeeper.
Keep a separate list of items that need your accountant’s input. That way, a single unresolved question does not prevent you from organising the rest of your documents.
Need Help Getting Ready for Year-End?
Pivot Bookkeeping helps Halifax and Nova Scotia business owners keep financial records organised throughout the year. Starting early leaves more time to work through missing documents and bookkeeping questions.
If you are already several months behind, our catch-up bookkeeping guide is a useful first step.
Contact Pivot Bookkeeping to discuss ongoing support and get your books ready for a smoother year-end.
