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There are about seven weeks left in 2026. That’s enough time to make decisions that actually change how your year ends, but only if your numbers are ready before December gets busy.
Here are the five things I make sure every client finishes before December 31st.
1. Close your books through November.
You can’t plan the end of the year with numbers that are two months old. Every bank account and credit card should be reconciled, and every bill entered, so the profit you’re looking at is real.
2. Count your inventory, or collect your receivables.
If you sell products, count your inventory. Pick a date, close early or come in after hours, and count everything. If the count comes in lower than your books, that gap is shrinkage, and now you know where to look.
If you sell services, your receivables are your inventory. Add up every unpaid invoice and get aggressive on collections. Call every client with a balance over 60 days this week. The older an invoice gets, the harder it is to collect, and money you’ve earned but haven’t collected can’t pay your bills.
3. Collect W-9s from everyone you paid this year.
Contractors, landlords, attorneys and other vendors. Get them now. Chasing them in January, when 1099s are due, is a headache nobody needs. Your accountant can tell you exactly who needs a 1099 this year.
4. Decide on bonuses and distributions, after you check January’s cash.
Last December, a client almost took a $75K distribution. Then we checked January’s cash flow. A balloon payment on a loan was due in January, and that $75K would have left the account short right when it came due.
Before you take money out, make sure you can still cover January’s bills, your tax payments, and at least three months of expenses.
5. Meet with your accountant about tax strategies.
Year-end moves only work before the year ends. Bring clean books through November, so the advice you get is based on real numbers, not a guess.
The bottom line
December decisions are only as good as the numbers underneath them. If your books aren’t ready, everything on this list gets harder.
If you’d like help getting there, book a free call or reach out at sandra@lazaraccounting.com.
Know a business owner who’s running out of year? Forward this to them.
Sandra Lazar spent more than 20 years as a CFO. She ran the finances for a company with six retail locations and served as CFO of a real estate investment group. Today, Sandra and her team handle the books and help owners use them to price better, plan cash and grow with confidence.
Book a free Zoom consultation and we’ll look at where your business stands and what would help most.