How to Prepare Your Business or Nonprofit for Year-End Financial Reporting

As the year comes to a close, businesses and nonprofits face one of the most important tasks of the financial cycle: preparing for year-end reporting. Whether you’re planning for tax filings, audits, or annual reviews, taking the right steps now ensures accuracy, compliance, and clarity going into the new year. Here’s how to get your organization ready.

1. Reconcile All Accounts

Start by reconciling your bank, credit card, and loan accounts. This ensures that every transaction throughout the year has been accurately recorded and matches your statements. Monthly reconciliations prevent surprises and strengthen your financial foundation.

1. Review Your Financial Statements

Your balance sheet, income statement, and cash flow statement tell the full story of your year. Reviewing them before year-end helps you identify trends, assess performance, and spot any inconsistencies that need correction before filing deadlines approach.

1. Organize Receipts and Supporting Documents

Gather all receipts, invoices, bills, and documentation for the year. Proper recordkeeping supports your financial reporting, helps you stay compliant, and makes audits or reviews far easier. Both digital and paper records should be accessible, organized, and complete.

1. Confirm Vendor and Donor Information

Accurate contact and payment information reduces reporting errors and prevents delays. For nonprofits, reviewing donor records also ensures that acknowledgments, restrictions, and contribution tracking are properly documented.

1. Review Payroll and Benefits

Year-end payroll tasks include verifying employee information, confirming wages, and ensuring all benefits and deductions are correct. Getting this done early protects you from costly mistakes when filing wage and tax reports.

1. Evaluate Outstanding Invoices and Bills

Check for unpaid invoices, unbilled services, or outstanding bills that need recording. Cleaning up these items before year-end provides a more accurate picture of your financial position.

1. Prepare for Tax Season or Annual Filings

Businesses and nonprofits both have specific reporting requirements. Gathering documents ahead of time makes the filing process smoother and reduces stress as deadlines approach. Early preparation also gives you time to ask questions or seek professional support if needed.

1. Review Your Budget for the Coming Year

Once your year-end figures are in place, use them to assess your progress and plan for the future. Reviewing revenue, expenses, and trends helps you create a realistic and informed budget for the upcoming year.

Whether you’re managing a small business or a mission-driven nonprofit, year-end reporting doesn't have to be overwhelming. With clear records and organized financials, you can enter the new year with confidence and a strong foundation.

If you need support with year-end reporting, bookkeeping, payroll, or financial organization, the team at Glass & Associates is here to help. Our client-focused, integrity-based approach ensures you have the clarity and guidance you need every step of the way.

Ready to prepare for year-end? Contact us today to schedule a review.