Year-End Financial Review For Self-Employed Professionals and Small Business Owners

As the year draws to a close, it’s the perfect time for self-employed professionals and small business owners to look at their finances. A year-end review isn’t just about closing the books—it’s about setting yourself up for a strong start in the new year. Think of it as hitting the reset button and making sure you’re on track for what’s ahead. Here are some practical steps and tips to help you review your finances, stay organized, and plan for success next year.

Assess Your Cash Flow

Keeping track of your cash flow—what’s coming in and what’s going out—is so important. Take a look at your bank statements, invoices, and receipts to get a clear picture of where you stand financially. If you spot any cash flow issues, think about ways to improve things for next year. Maybe that means tweaking your payment terms, finding new income sources, or cutting back on expenses that aren’t really needed. Small changes can make a big difference!

Track and Categorize Expenses

Prepare for Tax Season

Stay Informed on Tax Law Changes

Evaluate Your Business Plan

Implement Financial Management Tools

Set Financial Targets for the New Year

Schedule Regular Financial Reviews

Final Thoughts: A Year-End Financial Review isn’t just about getting ready for tax season—it’s a chance to step back and see how your business is doing. It’s one of those things that helps set you up for long-term success. By taking the time to review now, you can kick off the new year feeling confident and ready to crush your goals.

Need a hand with your year-end financial review? Contact our Impact Team to get personalized assistance tailored to your specific needs.

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