What Every Business Owner Should Know About Year-End Reporting
As the calendar year wraps up, so should your books. Year-end reporting isn’t just a box to check before tax season – it’s a key opportunity to understand your financial performance, identify issues, and make smarter decisions for the year ahead. In this blog, we break down exactly what every business owner should know about closing the year with confidence.
Download Our Free Brochure →Why Year-End Reporting Matters
Year-end reports give you:
- A full snapshot of income, expenses, profit, and cash flow
- The ability to plan for taxes (and avoid surprises)
- A clean slate going into Q1
- Documentation to share with your CPA, investors, or lenders
- Audit-proof records if the IRS or your state comes knocking
Without proper reports, you’re filing blind.
Core Year-End Reports to Review
1. Profit & Loss (P&L) Statement
Shows your total revenue and expenses for the year. Key for calculating taxable income and evaluating profitability.
2. Balance Sheet
Provides a snapshot of your assets, liabilities, and equity on the final day of the year. Important for lenders and strategic planning.
3. Cash Flow Statement
Reveals how cash moved in and out of your business. Useful for forecasting and investment decisions.
4. General Ledger Summary
Lists all transactions by account – essential for clean recordkeeping and tax prep.
5. 1099 Vendor Summary
Helps you identify which contractors require IRS 1099-MISC or 1099-NEC forms.
Real-World Example
A digital marketing firm completed year-end reporting with RemoteBooksOnline:
Download Our Free Brochure →- Identified $11,000 in expenses that had been miscoded
- Filed 1099s early and avoided IRS penalties
- Used the reports to negotiate better vendor contracts in Q1
- Filed taxes on time with no cleanup fees
Year-End Cleanup Tasks to Include
- Reconcile all accounts (bank, credit cards, loans)
- Match W-9s to vendor payments
- Write off bad debt and unpaid invoices
- Confirm owner contributions and distributions
- Review fixed assets and depreciation entries
- Close out the year in your accounting software
Don’t roll into tax season with messy numbers.
Let RemoteBooksOnline prepare your year-end reports and ensure your books are CPA-ready.
Start your year-end review today.
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FAQs
When should I start year-end reporting?
Begin as soon as December is complete. The earlier you close out the year, the faster you can prep for taxes.
Do I need to file 1099s for my contractors?
Yes, if you paid them $600 or more during the year and they’re not a C or S corp.
What happens if I skip year-end reports?
You risk filing errors, missed deductions, and incomplete compliance with IRS or state requirements.
Can you help me if my books are still messy?
Yes. We specialize in year-end catch-up and cleanup so you can file on time and confidently.
Need to fix errors or outdated data in QuickBooks? Start with our expert QuickBooks cleanup services.
If you’re behind on your books, our catch-up bookkeeping services can help you get current fast-no stress, no mess.
Stay organized and tax-ready year-round with our flat-rate monthly bookkeeping services.
Year-end reporting is where financial clarity meets tax readiness.
RemoteBooksOnline handles the prep, cleanup, and reporting – so you can start the new year strong and stress-free.