8 Things Every Business Should Do Before Year-End

The end of the year is a hectic time for many businesses. Some companies, like retailers, see a big uptick in sales around the holiday season, while others scramble to wrap up big projects before year-end.

Given the big rally to close out the year, it can be helpful to have a checklist of everything that needs to be done — or should be done — by late December.

End this year on the right foot by taking these key steps.

Your Staff

Show Employees Your Appreciation

You can give every employee a quick thank-you note and a small gift (maybe even a year-end bonus?) to express gratitude. Also, consider planning a holiday gathering or team-building event that allows everyone to unwind and celebrate their successes throughout the year.

Consider Your Staffing Needs for Now and Next Year

Do you need to hire extra help for the holidays to help relieve staffing pressure? You can start thinking about the year ahead and whether you should hire more people now to hit the ground running come January.

Your Customers

Give Your Customers a Year-End Gift

Give your best customers or clients a small gift to express your thankfulness for their loyalty over the past year. This year, check off everyone on your holiday gift list in one place with the Office Depot Gift Giving Guide.

Whether shopping for gifts for co-workers, tech gifts, or just looking for a unique gift, the gift guide has presents everyone will be overjoyed to open!

Your Finances

Consider Year-End Purchases

If you need to buy new equipment or supplies for your business, consider creating a year-end shopping list. You can deduct business expenses on your 2023 tax return if you make them by Dec. 31, so it might make sense to stock up before year-end rather than hold off until the next year. Plus, you might be able to take advantage of holiday deals such as on Black Friday and Cyber Monday.

Create a Year-End Financial Report

Year-end is prime time for analyzing your company’s financials so you can make strategic decisions for the year ahead.

Using your company’s accounting software or spreadsheets, create some key reports, including a balance sheet, an income statement, and a cash-flow statement. Consider reviewing these for issues or opportunities to address next year.

Your Technology

Back Up Your Data

Try to back up your data regularly to the cloud or an external hard drive. Consider reviewing your key files and documents — whether customer records or financial statements — and make extra sure you have duplicate copies of those kept securely, both digitally and offline. 

Check out data storage to find the best choice for you.

Review Your Business Technology Needs

Year-end is a good time to prepare your business for the months ahead.

Consider what equipment or software could help your business become more efficient and effective in 2024, whether that’s a new laptop, a voice assistant (like Google Nest), or customer relationship management (CRM) software.

Your Business Overall

Reflect on Your Year and Think Ahead

It may be difficult to make time for reflection with everything else happening this time of year. However, it’s the season for not just showing gratitude but also thinking about your goals and accomplishments for the year and how you can build on them next year.

 

About the Author

Kelly Spors is a freelance writer and editor based in Minneapolis. She previously worked as a staff reporter for The Wall Street Journal, covering small business and entrepreneurship.

All content provided herein is for educational purposes only. The information should not be relied on as replacement for professional tax advice.  It is provided “as is” and neither the author nor Office Depot warrant the accuracy of the information provided, nor do they assume any responsibility for errors, omissions or contrary interpretation of the subject matter herein.