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Bottom Line Up Front

  • It’s important to get your books cleaned up, current and accurate as you close the year.
  • Financial assessment is a healthy part of examining your business and its performance. 
  • Tax planning opens the door for goal-setting and forward-looking financial strategies. 

Time to Read

3 minutes

August 19, 2022

When the end of the year draws near, it’s time to wrap up essential year-end tasks and prepare your financial records for tax season. Doing so also provides a critical view into profitability and future planning. Whether you have an accountant to manage your financial books—or you take on this task yourself—the following checklist can help you wrap up the year with confidence.

  • Organize business expense records. Do you dread sorting through a pileup of receipts and statements at year-end? Save time by implementing a filing system and/or accounting software for tracking business expenses.
  • Evaluate financial performance. Analyze your company’s profitability by looking at profit and loss statements—this is your business income (revenue or sales) minus expenses over a specific period of time. Revisit your goals for the current year and consider any last-minute changes that could boost performance.
  • Take inventory. If you sell products, conduct an inventory assessment so you know how much of your business capital is wrapped up in inventory. You may also want to take an inventory of office equipment and supplies so you can budget accordingly for the coming year.
  • Look at liabilities. Review current and long-term liabilities, including accounts payable (money your business owes to vendors, contractors and suppliers), credit card balances, and loans from financial institutions. Look for ways to efficiently manage debt to keep your business in a strong financial position. You may discover that you need to take on additional debt—such as a line of credit—in order to grow your business.
  • Review your tax strategy. It’s never to early to review the rules and consider ways to save on your 2022 tax bill. For example, you might decide to buy equipment, make charitable donations, or defer revenue into the next year to increase deductions or reduce revenue. Be sure to discuss with your tax advisor before taking any action that will affect your tax situation. Get ready for tax season now by organizing receipts and other documents you’ll need for tax preparation.
  • Update your business plan. When you’re crunching the numbers and reviewing your financial reports for 2022, you might identify sales cycles or other trends you’d like to replicate in 2023. You might also notice gaps in the revenue stream or challenges you’d like to work on in the following year. Use the data available to you to help set specific goals and map out your business plan for the next year and beyond.

Wrap Up the Fiscal Year With Confidence

At Navy Federal Credit Union, we’re here to connect you with the resources you need to finish the year strong. Learn about our Business Solutions designed to support your small business and stay in-the-know with our Small Business Resources.

Next Steps Next Steps

  1. Gather and organize your business’ financial documentation. Often, this means spending time in your digital bookkeeping software to make sure everything is current and organized.
  2. Consult with your business’s accountant, tax advisor or financial officer. Review reports and draw qualified conclusions from the contextualized numbers. Walk away with a real understanding of your financial picture.
  3. Set goals for the upcoming year. This can include finance-focused goals or operational goals that have an underlying financial implication. Goal-setting creates a foundation and pathways for business growth!


This content is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.