How To Close Out 2024 Financially Strong

Are your finances ready for the new year?

Episode Overview:

In this episode of The Candy Valentino Show, we’re sharing a step-by-step checklist to help you close out the year financially strong. From balancing your books to preparing for tax season, these essential actions will set your business up for a seamless transition into 2025.

Key Points:

•  Close Out Invoices: Ensure all outstanding invoices are collected, and incoming payments are settled to maintain accurate financial records.
• Pay Outstanding Bills: Clear any remaining debts or obligations to start the new year with a clean slate. 
• Record All Expenses:Log every business expense to ensure your financial statements reflect the full picture.
• Reconcile Bank Accounts: Match your bank statements with internal records to identify discrepancies and confirm accuracy.
•  Verify Payroll Taxes: Ensure all payroll taxes are calculated and paid on time to avoid penalties.
• Check Employee and Contractor Forms: Review and verify W-2s, 1099s, and other necessary forms for accurate tax reporting.
• Conduct an Inventory Check: Perform a physical inventory count to finalize asset records and identify discrepancies.
•  Run Financial Statements: Generate and review your profit and loss statement, balance sheet, and cash flow statement to evaluate your business’s performance in 2024.

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