End-of-Year Best Practices for Business
At the end of the year, all businesses have to finish the year strong by getting their finances in order, staying on top of taxes and payroll, protecting their data, and planning clearly for next year. Here is what we at OMIMI would recommend 4 steps:
Close Your Books for The Year
Reconcile all your accounts and review your primary financial reports, including the profit and loss statement, balance sheet, and cash flow statement. This helps you catch errors and understand where your money really went. Match records with customers and vendors before December 31 to avoid surprises during tax time. Review your cash flow and check how much cash you’ll have in the short term. Look for expenses you can move forward with or delay to reduce your tax bill.
Taxes and Legal Compliance
Confirm all tax and payroll requirements—including payroll filings, sales tax, and W-2 or 1099 forms. Gather all supporting documents early to avoid last-minute stress.
Meet with us to review your business structure, retirement contributions, and any tax credits or incentives you may qualify for next year.
Operations and Inventory
Do a physical inventory count and make sure it matches your records. Remove or write off damaged or outdated items, and clearly document the valuation method used for inventory.Review vendor contracts and subscriptions. Cancel services you no longer use and renegotiate pricing where possible to save money.
Risk, Technology, and Security
Back up all important data and test your backups to make sure they work. Keep software updated and fix security gaps. Use strong security controls, such as multi-factor authentication and limited access to financial systems.
Review your insurance coverage, including liability, property, and cyber insurance, to make sure it still fits your business risks. Start early and spread these tasks over several weeks. Year-end isn’t just a deadline—it’s a chance to strengthen your business for the year ahead.
In today’s fast-paced and competitive business environment, many companies view audits as just another regulatory requirement or compliance burden. However, a well-executed audit goes far beyond satisfying external requirements — it can unlock insights that strengthen decision-making, reduce risks, and drive long-term success.
Contact Omimi & Associates, LLC to help you through this process.
At the end of the year, all businesses have to finish the year strong by getting their finances in order, staying on top of taxes and payroll, protecting their data, and planning clearly for next year. Here is what we at OMIMI would recommend 4 steps:
Close Your Books for The Year
Reconcile all your accounts and review your main financial reports: profit and loss, balance sheet, and cash flow. This helps you catch errors and understand where your money really went.
Match records with customers and vendors before December 31 so there are no surprises during tax time.
Review your cash flow and check how much cash you’ll have in the short term. Look for expenses you can move forward with or delay to reduce your tax bill.
Taxes and Legal Compliance
Confirm all tax and payroll requirements—including payroll filings, sales tax, and W-2 or 1099 forms. Gather all supporting documents early to avoid last-minute stress.
Meet with us to review your business structure, retirement contributions, and any tax credits or incentives you may qualify for next year.
Operations and Inventory
Do a physical inventory count and make sure it matches your records. Remove or write off damaged or outdated items, and clearly document the valuation method used for inventory.
Review vendor contracts and subscriptions. Cancel services you no longer use and renegotiate pricing where possible to save money.
Risk, Technology, and Security
Back up all important data and test your backups to make sure they work. Keep software updated and fix security gaps.
Use strong security controls, such as multi-factor authentication and limited access to financial systems.
Review your insurance coverage, including liability, property, and cyber insurance, to make sure it still fits your business risks.
Start early and spread these tasks over several weeks. Year-end isn’t just a deadline—it’s a chance to strengthen your business for the year ahead.
Contact Omimi & Associates, LLC to help you through this process.
In today’s fast-paced and competitive business environment, many companies view audits as just another regulatory requirement or compliance burden. However, a well-executed audit goes far beyond satisfying external requirements — it can unlock insights that strengthen decision-making, reduce risks, and drive long-term success.