The Essential Year End Checklist For Businesses

Closing out the year for any business can be an enlightening process. There is no better time to assess your businesses performance as a whole than during a year-end review. You can expect to be educated on what worked and what didn’t in regards to impact on your bottom line. This is the ideal time to set new goals, evaluate old goals and get ready to implement changes in the New Year. Here, you will find the essential checklist to begin compiling information for a thorough business assessment and to prepare yourself and your company for the year ahead.  


  • Backup and secure all data, including data that your employees work with on a daily basis. We recommend using an external hard drive and a cloud-based backup system.
  • Backup and secure all contacts for you and your employees. With the potential to lose data during cell phone updates, it is a good rule to backup client information to a cloud on a quarterly basis.

Best Practice Tip: Website health check - Take an inventory of the services listed on your website. Do they match what you currently offer? If not, make this a priority to change in the New Year!


  • Flex spending accounts are generally liquidated at the end of each year; therefore, you will want to spend money that is left in your account before December 31.
  • Review each employee’s hiring forms and make sure you have complete tax and employment information on each employee, including 1099s for your independent contractors.
  •  Review financial reports and assess net gains and losses. This is the best way to tell where your business stands financially and forecast trends for the following year.
  •  A new tax season looms with the start of each New Year. Begin getting all of your tax records in order now for either your accountant or yourself.

Best Practice Tip: Review the benefits and compensation packages you offer employees. These items should be added to your new budget at the beginning of the year.


  • Gather your top employees for a strategic discussion on what worked and what didn’t. They will provide input that you may not have considered.
  • Ready to set new goals for your company? Make sure you get next year’s goals on paper and communicate them out to your team.

Best Practice Tip: Examine your staffing needs for the coming year. Do you need to hire more employees or eliminate staff? Consider the workload of each employee. Are you assigning too many tasks to one employee? Has business grown considerably without a growth in your staffing pool? If so, the quality of work may deteriorate in the coming year and we would advise that you hire additional employees to accommodate the growing workload and better serve your customer’s and business needs.