End of Year Tax Prep Checklist for Small Business Owners

The end of the financial year comes around fast. Here is a straightforward checklist to make sure you are prepared and your accountant has everything they need.

Income

Go through every payment received during the year and make sure it is logged. Check your bank statements against your records and account for anything that is missing. If you invoiced clients, make sure every invoice is marked as paid or outstanding.

Expenses

Review every business expense for the year. Make sure each one is categorised correctly and has a receipt attached. If you find transactions without receipts, check your email inbox and any physical files before writing them off.

Claims

If you paid for anything business-related from your own pocket during the year, make sure these are logged separately as claims and that you have receipts for each one.

Bank statements

Download your full year of bank statements for any accounts used for business. Your accountant will want these to cross-reference against your records.

Mileage

If you use a vehicle for business, make sure your mileage log is up to date for the year. This is one of the most commonly missed deductions.

Invoices outstanding

Make a note of any invoices that are still unpaid at year end. Your accountant needs to know what is owed to the business as well as what has already been received.

Previous year filing

Have a copy of last year's tax return or financial summary to hand. Your accountant will use it as a reference point.

Any big changes

If anything significant happened during the year, new equipment purchased, a change in how the business operates, new income streams, flag it for your accountant at the start of the meeting rather than letting it come up later.

Getting through this list before you sit down with your accountant means the meeting is shorter, cheaper and more productive.