Ready to prep for year-end?

December is in full-swing and there is plenty to do to get prepped for year-end. Check out our handy-dandy list to make sure you are ready to close the year out.


Meet with Payroll to make sure they have all the information they need. Make sure you have the information to process employee tax documents, including:  

  • W2 address information for current and terminated employees
  • W9 forms on file for 1099 contract employees


Be sure to get expenses in by December 31 if you want to them to be included in your 2020 financials. Some companies elect to pay December invoices before the month closes to ensure they are counted in 2020.

December is also a big month for companies stock up on supplies and materials they will need in the coming year. While it can be a good idea to include these expenses in this year, be sure you have a solid idea on what cash flow will look like in January and February.

PPP Prep

While this technically is not a year-end activity, many banks are now starting to accept PPP loan forgiveness applications. If you received a PPP loan and have been following the news, you probably know that there are still a lot of moving parts with forgiveness and expenses that may or may not be included.  Until we have final resolution, there are some documents you can have prepped and ready to go for when you do apply for forgiveness.

  • Payroll reports which should include FTE calculations
  •  Bank statements
  •  Rent, health payment proof which can be cancelled checks or bank statements

Requirements by financial institution many vary, so be sure to contact your lender for their complete list of required documents.

The more you can prep your financials now, the smoother your transition to the new year will be. As always, work with your accountant on your accounting strategy to make sure you end the year on a financially positive note.

Cheers to successful New Year!