Your End Of Year Financial Checklist
Q: Dear Ruchi, I can't believe 2024 is just days away. In 2023, I was much better at organizing my finances and have made great progress. (I even achieved a few goals along the way- yay!) As things come to a close, I want to make sure I have all of my bases covered to step into another successful year. What are some things I should add to my financial checklist before handing things over to my accountant?
A: I am so glad to hear that you not only felt more organized with your finances this year but actually reached new goals too! Amazing! I totally get that as the year comes to a close our heads are often spinning with a laundry list of to-do’s, holiday craziness, travel, and more. As always, we want to focus on adding ease into our lives. So with that said, to avoid letting things slip through the cracks I’ve made an End Of Year Financial Checklist just for you! I hope this helps.
Let’s take a peek…
Your End Of Year Financial Checklist
Review Your Numbers Against Your Goals: Review your budgets and thoroughly examine your Profit & Loss statement. Ask yourself questions like: How are things looking when you compare your numbers to your goals? Did you stay within budget this year? Can you identify new areas to save and earn? (Tip: Be extra aware of your budgets during the holiday season. Remember that your credit card bills will still find you in the new year!)
Review Your Insurance Coverage: Review your policies and update coverage if necessary to ensure you are properly insured. Insurance can be a sneaky account drainer if overinsured! Don’t forget to consider your deductible level too.
Review Your Subscriptions: Speaking of account drainers… this is another big one! What subscriptions or memberships are sitting dormant?
Review Personal & Business Expenses: While we highly encourage you to separate your expenses, life happens! Double-check to make sure there are no inadvertent business deductions you’re missing out on. If you find some, be sure to record it in your business records to ensure you get the proper deductions come tax time.
Organize Your Documents: Make sure you have the appropriate tax forms for yourself and your employees. Tax season is just around the corner! (1099’s, W9’s, W2’s, bank and credit card statements, etc.)
Debt Management: First things first, if you have any outstanding debt from this year, pay it off ASAP or make a plan to do so.
Emergency Fund Review: Evaluate the status of your Emergency Fund and make adjustments if necessary.
Gear Up To Pay Q4 Estimates in January: Be aware of what you have set aside to resume quarterly payments in 2024. The first 2024 deadline is coming up fast on January 16th. (Tip: Now is also a great time to meet with your CPA and align on how you will be handling and planning for your 2024 taxes.)
Create New Budgets & Goals For The New Year: Now this is the fun part! Remember to set new goals and intentions to have another great year and hold yourself accountable. As always, the Watch Her Prosper team is happy to help with this.
Here’s to your prosperity!
-Ruchi