Wrap-Up The Year: A Financial To-Do List For Business Owners

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The end of the year can feel a bit like preparing for an adventure on unpredictable waters. There’s so much to sort — what to keep, what to leave behind, and what needs immediate attention. You’re juggling a million things while also trying to ensure you keep the boat from tipping over.

How can you prepare for your business' tax season? Well, if you’re a business owner, here’s your guide to tackling those end-of-year financial tasks with clarity and confidence (and maybe even a sense of accomplishment).

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Look Back Before You Look Ahead

Before you plan for where you’re going, you need to know where you’ve been. Reviewing your financials at the end of the year isn’t just about ticking boxes; it’s about understanding the story your business has told over the last 12 months.

What were your wins? Where did you struggle? Did any expenses sneak up on you? Taking stock now gives you clarity to set meaningful, focused goals for the year ahead.

Look at your income statement for the past year and take a look at each line item. If you’re using accounting software, it could be useful to format your income statement so it compares month to month numbers. Seeing it this way can help you understand flows and cycles in your business and trends that are worth preparing for in the future.

Don’t Let Loose Ends Drag You Down

Unpaid invoices or overdue bills can feel like a current pulling you back just as you’re trying to move forward. These aren’t just annoyances—they’re cash flow killers and can cause problems with vendors or partners if left unresolved.

Make it a priority to review your accounts receivable and payable (what you owe and what is owed to you). Send polite but firm reminders to clients with overdue invoices, and tackle your own unpaid bills. Clearing the deck now will give you peace of mind (and possibly stronger relationships) as you head into January.

Finty TIP: Automating invoice follow-ups and bill reminders in your accounting software can save you hours of stress next year.

Organize Your Records (Your Future Self Will Thank You)

If tax season feels like hitting whitewater rapids, then organizing your records now is like tightening your life jacket and pointing your boat in the right direction. The more prepared you are, the smoother the ride.

Gather receipts, invoices, and other documents into a single, reliable system. If you don’t already have one, start small and build from there—our recent article on creating a simple filing system can help you with that.

And remember, digitizing your records can save you from drowning in paper chaos. Let’s face it, no one likes paper receipts.

Prepare for the tax bill ahead

Many business owners overestimate profits because they forget to factor in taxes. When the bill comes due, it can feel like hitting a financial logjam.

Set yourself up for success by estimating what you’ll owe now. With this clarity, you can set aside funds and avoid scrambling to find cash at the last minute. Bonus points if you check in with your accountant or bookkeeper to make sure you’re not missing out on deductions.

Finty Tip: Regularly estimating and saving for taxes can be a game-changer — not just at year-end but all year long. Don’t know how? You can ballpark a percentage and set that aside every month. Otherwise, if your books are up to date, your accountant can give you an idea of what you’ll owe.

Set up a budget for next year

Think of budgeting like you would planning a trip. You can’t really know if there will be speed bumps along the way, unexpected stops or detours, but that doesn’t mean you shouldn’t map out a rough itinerary and at least have a direction to guide your movement.

The steps before this one should give you a good idea about the last 12 months of business and you can use these insights to:

• Set realistic goals

• Leave room for the unexpected

• Plan ahead for growth

Budgeting isn’t about creating rigidity and stress, but rather to help better manage cashflow and be well positioned to seize opportunities as they come along and manage rough waters calmly.

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The end of the year doesn’t have to be overwhelming. With a little effort now, you can clear your financial path, paddle into January with confidence, and focus on building the future you want for your business.

If this all feels like a steep climb, know you don’t have to do it alone. At Finty, we help Canadian businesses like yours stay organized, informed, and prepared for whatever’s ahead. Reach out if you’d like some help—we’re here to make your financial journey smoother.

What do you wish you knew more about in the world of business finance? Let us know in the comments!