Before You Close the Books on 2026…
It feels like we just started 2026, but somehow year-end is already around the corner. For small business owners, now is a great time to do a little financial housekeeping before the holidays arrive and January gets busy.
A little work now can save a lot of scrambling later!
Make sure your books match reality.
Your bank and credit card accounts should be reconciled regularly, but take an extra look before year-end. Are there old checks that never cleared? Deposits that don’t look right? Do your loan balances match your lender statements?
Get your vendor records in order.
Review the contractors and vendors you’ve paid this year and make sure you have W-9s for anyone who may need a 1099. January is not the time you want to discover you’re missing someone’s tax information.
Don’t judge your year by your bank balance.
This is a big one. Money in the bank doesn’t necessarily mean your business is profitable. Review your profit and loss statement and compare it to last year. What changed? What surprised you? Your financial reports should tell you a story about your business.
Look at who owes you and what you owe.
Review unpaid customer invoices and outstanding bills. Follow up on overdue accounts and investigate old balances. You’ll get a much clearer picture of where your business actually stands.
Use 2026 to plan for 2027.
Good bookkeeping shouldn’t just help you file a tax return. It should help you run a better business. Look at what worked this year, where you spent more than expected, and what you might do differently next year.
Our local businesses are more than numbers on a financial statement. They are our neighbors, friends, employers, and the places we choose to support every day. As a local business owner myself, I know how easy it is to focus on serving customers while putting our own financial housekeeping on the back burner. Taking a little time before year-end to understand where your business stands can help you enter 2027 with clearer information, greater confidence, and a plan for what comes next.
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