Year-End Bookkeeping Checklist: Be Ready for Tax Season 2025
October is the unofficial starting line for year-end bookkeeping. With only a few months left in 2024, small businesses need to shift focus from growth mode to tax readiness mode. Waiting until January—or worse, February—means scrambling to catch up on reconciliations, payroll adjustments, and compliance tasks while CPAs are already backed up.
At RemoteBooksOnline (RBO), we help thousands of businesses each year avoid the chaos by delivering catch-up bookkeeping and CPA-reviewed books before the tax deadlines hit. Use this year-end checklist to prepare your financials for a smoother 2025 tax season.
1. Reconcile All Bank & Credit Card Accounts
- Ensure every transaction through Sept/Oct is recorded.
- Match balances to statements.
- Flag discrepancies now before auditors—or the IRS—do.
2. Clean Up Accounts Receivable & Payable
- Follow up on outstanding invoices.
- Pay down vendor balances.
- Write off uncollectible AR.
Accurate AP/AR ensures clean cash flow statements and correct deductions.
3. Organize Payroll Records
- Verify employee and contractor information.
- Prepare for W-2 and 1099 filings in January.
- Reconcile year-to-date payroll tax payments.
4. Review Chart of Accounts
- Merge or eliminate duplicate categories.
- Ensure expenses are properly classified for deductions.
- Confirm revenue categories align with IRS standards.
5. Catch Up on Bookkeeping Gaps
If you’re behind on months of bookkeeping, now is the time to engage a catch-up service. RBO’s flat-rate Catch-Up Bookkeeping gets you fully reconciled and tax-ready in weeks.
6. Prepare for 1099-NEC & 1099-MISC
- Collect W-9 forms from vendors.
- Identify contractors who must receive a 1099.
- Start early to avoid January penalties.
7. Review Deductions & Expenses
- Home office, vehicle mileage, software subscriptions.
- Make sure deductions are properly documented.
- CPA-reviewed books ensure deductions hold up to IRS scrutiny.
8. Inventory & Asset Review
- Count year-end inventory.
- Adjust for shrinkage or obsolete goods.
- Record new fixed assets and depreciation.
9. Run Year-to-Date Financial Reports
- Profit & Loss (P&L).
- Balance Sheet.
- Cash Flow.
These reports will form the basis of your 2024 tax return.
10. Schedule a CPA Review
Even if your books are clean, a CPA review adds compliance and credibility. At RBO, every bookkeeping package includes CPA-reviewed outputs so your tax filing goes smoother.
Don’t wait until January—schedule your free consultation with RBO and get your books tax-ready today.
- Catch-Up Bookkeeping
- QuickBooks Cleanup
- Monthly Bookkeeping
- Year-End Bookkeeping in California
- Tax-Ready Bookkeeping in Texas
- Small Business Accounting in Florida
- October Is the New January: Get Your Books Ready Early
FAQs
When should I start year-end bookkeeping?
October is the ideal time—waiting until January leaves little room for cleanup before filing deadlines.
Can RBO handle multiple months of catch-up work?
Yes—our flat-rate Catch-Up Bookkeeping service reconciles months (or even years) of books quickly.
Do I need a CPA review before filing taxes?
While not required, CPA-reviewed books ensure accuracy, maximize deductions, and reduce IRS audit risk.
Reviews
- “RBO helped us reconcile nine months of books in just weeks. We filed on time and stress-free.” – Small Business Owner, California
- “Our CPA loved working with RBO’s reports—clean, accurate, and ready to file.” – Restaurant Owner, Texas
- “The year-end checklist kept us on track. Having CPA-reviewed books gave me peace of mind.” – Consultant, New York
Be prepared, not panicked. Talk to RBO about getting your books year-end ready today.
