Year-End Preparation Checklist: September Steps for Small Businesses
- Dawn Monroe
- Sep 9
- 3 min read
Don’t let December catch you off guard – start your year-end prep now.
September is here, and while many business owners are focused on fall marketing campaigns and Q4 planning, the smartest entrepreneurs know this is the perfect time to start working through a year-end preparation checklist. Laying the groundwork now can save you from stress, missed deductions, and costly mistakes in December.
After 25+ years helping small businesses navigate year-end challenges, I’ve seen too many owners scrambling in December, missing deductions, and making costly mistakes because they waited too long. Here’s your comprehensive September checklist to ensure a smooth year-end close.
Why a Year-End Preparation Checklist Matters in September
Starting early gives you time to clean up your books, maximize tax opportunities, and prepare accurate financials—without the last-minute stress. Here’s how to break it down week by week in September.
Financial Housekeeping (Do This First!)
Clean Up Your Books
Review and categorize transactions from the past 3 months
Reconcile all bank and credit card accounts through August
Update your chart of accounts – remove unused accounts, consolidate similar ones
Review recurring transactions for accuracy and proper categorization
Organize Your Documentation
Gather receipts for business expenses (digitize them now!)
File contracts, invoices, and purchase orders in organized folders
Update your mileage log if you claim vehicle deductions
Collect 1099 information for contractors who earned $600+ this year
Strategic Financial Review
Analyze Your Performance
Compare actual vs. budget for the first 9 months
Identify your most profitable products/services – what should you focus on in Q4?
Review cash flow patterns – when are your peak and slow periods?
Assess accounts receivable – which customers consistently pay late?
Plan for Q4 Success
Forecast Q4 revenue based on historical trends and current pipeline
Budget for holiday expenses – bonuses, parties, seasonal inventory
Plan major purchases – can you benefit from Section 179 deductions?
Review pricing strategy – are you positioned competitively for next year?
Tax Planning Opportunities
Maximize This Year’s Deductions
Accelerate business expenses if beneficial
Consider equipment purchases before December 31st
Review retirement contributions – maximize your SEP-IRA or Solo 401(k)
Plan charitable contributions if your business structure allows
Minimize Next Year’s Tax Burden
Defer income if it makes sense for your situation
Review entity structure – would an S-Corp election save you money?
Plan estimated tax payments
Consider year-end bonuses to reduce current year profits
Operational Efficiency Check
Inventory Management
Conduct physical inventory count (or plan for December count)
Identify slow-moving inventory – can you discount it before year-end?
Review inventory valuation methods with your accountant
Plan for seasonal inventory needs
Accounts Receivable & Payable
Send statements to overdue customers – collect before year-end
Review payment terms – are they working for your cash flow?
Negotiate extended payment terms with key vendors if needed
Plan year-end vendor payments strategically
Technology & Systems
QuickBooks Optimization
Run diagnostic reports to identify data issues
Update software to the latest version
Review user access – remove former employees, update permissions
Backup your data (and test the backup!)
Process Improvements
Document procedures that only exist in your head
Automate recurring transactions where possible
Review approval processes for expenses and purchases
Plan software subscriptions – annual vs. monthly billing
Team & HR Considerations
Payroll Preparation
Review employee classifications (contractor vs. employee)
Plan year-end bonuses and their tax implications
Update payroll tax deposits schedule if needed
Prepare for W-2 and 1099 filing requirements
Benefits and Compliance
Review health insurance renewals for next year
Update employee handbook if needed
Plan retirement plan contributions and deadlines
Schedule required compliance training
Your Action Plan for September
Week 1: Focus on financial housekeeping – clean books, reconcile accounts
Week 2: Complete strategic financial review and Q4 forecasting
Week 3: Tackle tax planning with your accountant
Week 4: Address operational efficiency and technology updates
Don’t Go It Alone
Year-end preparation can feel overwhelming, but you don’t have to handle it solo. This is exactly why businesses work with accounting professionals – we help you navigate these complexities while you focus on running your business.
At BNAS Bookkeeping, we’ve guided countless Lake Norman area businesses through smooth year-end closes. Our clients consistently tell us that starting in September makes December feel manageable instead of chaotic.
Ready to tackle your year-end prep with confidence? Let’s schedule a strategy call to review your specific situation and create a customized year-end plan.
📞 Call: 704.268.9121
Remember, successful year-end preparation isn’t about perfection – it’s about being proactive. Start with the items that will have the biggest impact on your business, and tackle them one by one.
Your future self (and your accountant) will thank you for starting now!
Dawn Monroe, MS Accounting, is the owner of BNAS Bookkeeping and a Certified Advanced QuickBooks Online ProAdvisor and NC Notary with over 25 years of experience helping small businesses achieve their financial goals.
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