End-of-Year Reporting Prep: A Checklist to Save Your Sanity

Atlas Team
Aug 21
3 min read

It might only be August, but it’s never too early to start preparing for year-end tax season. Let’s be honest, year-end reporting isn’t exactly the most exciting part of running a business.

But whether you’re a solo founder or leading a small team, finishing the year with clean books and clear insights is a game-changer.

Here’s a simple, step-by-step checklist to help you get ahead without the stress.

1. Reconcile All Accounts

Start here. Before anything else, make sure every account matches—bank accounts, credit cards, PayPal, Stripe, loan balances… anything that’s shown on your balance sheet.

Match your accounting software to your statements
Flag and fix discrepancies right away
Don’t ignore small charges—they add up
Reconcile monthly to avoid the headache of figuring out transactions months later

Rule of thumb: If it’s on your balance sheet, it needs to be reconciled before taxes can be filed.

2. Collect Outstanding Invoices & Payments

Nobody likes chasing payments, but now is the time to tie up loose ends.

Send follow-up emails for unpaid invoices
Offer flexible payment options, if needed
Write off truly uncollectible debts (consult your accountant)

Tip: QuickBooks Online can automate follow-ups for past-due invoices...use it!

3. Organize Receipts & Expense Records

Time to tackle that stack of receipts, digital and physical.

Categorize expenses clearly (meals, travel, software, etc.)
Upload receipts into your accounting system (photos count!)
Double-check deductions for mileage or home office expenses

This isn’t just about taxes, it’s about seeing exactly where your money went.

4. Review Payroll & Contractor Payments

If you’ve paid anyone this year, check the details now, don’t wait until January’s 1099 deadlines.

Confirm addresses and payment totals
Verify you have W-9s and Certificates of Insurance (COIs) for all contractors
Ensure compliance with local and federal requirements

5. Inventory Check (If You Sell Products)

Got products on shelves? Time for a physical inventory count.

Compare actual stock to your records
Note damaged, returned, or unsellable items
Update pricing or reorder low stock if necessary
Verify inventory value on your balance sheet matches your physical count

Pro tip: Count monthly if possible—or at least once per quarter to prevent loss.

6. Review Key Financial Reports

Now, zoom out and look at the big picture. Review your:

Profit & Loss Statement (Income Statement)
Balance Sheet
Cash Flow Statement

Look for trends, surprises, and areas to tighten spending or improve margins. Even if you’re not a “numbers person,” this step brings clarity.

7. Schedule a Chat With Your CPA & Bookkeeper

Don’t wait for tax season panic. Check in now.

Ask about new deductions or tax law changes
Share your organized reports and notes
Get advice on year-end purchases or contributions
See if small bookkeeping changes now could simplify year-end

Even a short call can save you serious money.

8. Back Up Your Data

Easy to overlook...until it’s too late!

Save financial records, payroll data, and tax docs to the cloud
Keep a local backup too
Set a quarterly reminder for next year

Because “Oops, it got deleted” isn’t an excuse the IRS will accept.

9. Reflect & Set Goals

Spend 15 minutes reviewing your year.

What worked well?
What drained your time or money?
What do you want to change for next year?

Small changes now can make a big difference in January.

Ready to Wrap It Up?

End-of-year reporting doesn’t have to be overwhelming. With a little preparation (and maybe your favorite playlist in the background), you can finish the year feeling organized, confident, and ready for what’s next.

Need help organizing your reports or prepping for tax season? Let’s chat! Schedule a quick call or drop your questions in the comments.