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Year-End & Mid-Year Review

How to Prep Finances for the Holiday Season

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December calendar with holiday décor and text overlay — How to Prep Finances for the Holiday Season

The Financial Rush Before the Holiday Festivities

It always feels like the holidays sneak up before we’re ready. For most business owners and nonprofits, the days fill up fast with meetings, events, and a dozen things to finish before year‑end. Somewhere in the mix, bookkeeping tends to slip down the list. A little preparation now can make the next few months far less stressful and help you start the new year feeling confident instead of catching up.

Review Your Year-to-Date Finances

Start by checking where you stand. Run your profit and loss and balance sheet reports, then compare them to your budget or last year’s results. Are your expenses where you expected them to be? Still have a few invoices waiting to be paid? Send a friendly reminder or quick note to those clients now so everything’s squared away before the year closes.

Manage Inventory and Seasonal Sales

If you sell products, now’s the time to take stock. Review what’s on hand and what’s been flying off the shelves. Plan to restock your best sellers early, and consider small sales or bundles to move slower items. Keep an eye on your reorder points so you’re not caught short (or buried in boxes) during the busiest shopping weeks.

Check Receivables and Payables

Cash flow can get tight this time of year. Follow up on overdue invoices while there’s still time for clients to pay before the holidays. On the flip side, plan your outgoing payments strategically so you’re not draining cash right before year-end. Even offering a small discount for early payment can help speed things up and keep the books balanced.

Budget for Holiday Expenses and Giving

The holidays often come with extra costs such as employee gifts, bonuses, client appreciation, or charitable giving. Set a simple budget for these so surprises don’t sneak up later. Review your existing charitable giving category in QuickBooks to ensure it’s properly classified for accurate year-end reports. And, if giving back is part of your mission, make sure your donations reflect your values and impact goals.

Prep for Taxes and 1099s

Getting a head start on tax prep saves you headaches later. Review contractor payments and make sure you have updated W-9s for anyone who’ll need a 1099. Scan through your expense categories, especially meals, travel, and equipment, to make sure everything’s coded properly. A quick meeting with your bookkeeper or accountant now can help you avoid the January scramble.

Wrap Up the Year with Reflection and Gratitude

Before diving into next year’s plans, take a moment to appreciate how far you’ve come. Reflect on what worked well and what could be improved. Maybe jot down a few lessons or wins in a simple gratitude journal for your business. Gratitude isn’t just good for morale—it helps shape a clear, grounded mindset for planning the year ahead.

Finish Strong, Start Fresh

Year-end always seems to sneak up fast. Instead of trying to do it all, just focus on what really needs finishing. Check off a few must‑dos, leave what can wait, and call it good. The aim isn’t to get everything perfect—it’s to give yourself space to breathe and enjoy the holidays without your to‑do list following you around.

Year-End Stress Is Real, But It Doesn’t Have to Be

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As the year winds down, many small business owners feel the pressure of closing out books, managing cash flow, and preparing for tax season. Even a few small changes can take the edge off. Slow things down, take a breath, and look at where you stand. With a bit of planning and consistency, you can close the year with confidence and clarity instead of chaos.

Review Your Budget for Q4

Your budget is your financial GPS and Q4 is the perfect time to make sure you’re still on course. Review your income goals, recurring expenses, and any seasonal costs like client gifts or bonuses. If something’s changed, adjust accordingly.

Streamline Your Bookkeeping

Make it a habit to upload receipts, reconcile bank accounts, and categorize transactions every week. Consistency is your best defense against year-end panic.

Use tools like the QuickBooks Mobile App, Hubdoc, or Dropbox to store and organize receipts. Even 15 minutes a week can make a big difference.

Review Cash Flow and Upcoming Obligations

Cash flow surprises are stressful but predictable ones are manageable. Review what’s coming in and going out over the next few months. Pay attention to timing: when client payments are expected, when vendor bills are due, and when bonuses or taxes hit.

Run a simple cash flow projection to identify any gaps. This gives you time to adjust spending, move funds, or plan ahead.

Plan for Taxes Early

The sooner you prepare, the fewer last-minute surprises you’ll face. Review your estimated payments, make sure payroll taxes are up to date, and double-check deductions like mileage, charitable giving, and equipment purchases.

Consider scheduling a quick check-in with your bookkeeper or CPA now instead of waiting until March. Future you will thank you.

Schedule a Financial Reset

Sometimes, what you really need is a fresh perspective. Block out a few hours (or a full day) to step back and look at the bigger picture. Review your goals, note what worked well this year, and make a short list of priorities for the next.

This “money reset” isn’t just about numbers; it’s about giving yourself space to think clearly and plan intentionally.

Final Thoughts

Stress-proofing your business finances doesn’t mean everything will go perfectly. It means you’ll be ready when life happens with a plan, a process, and peace of mind.

If you’d like support reviewing your books or preparing for year-end, reach out to us.

How to Use QuickBooks Desktop Reports to Stay Stocked This Holiday Season

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Office decorated for the holidays with a computer and Christmas lights, representing tracking inventory using QuickBooks Desktop reports.

The holiday rush can sneak up fast, especially if you sell products. One minute, your shelves are full, and the next, your bestsellers are gone. That’s why this time of year, your QuickBooks Desktop inventory reports are your best friend.

Start with the “Sales by Item Summary” Report

Go to Reports > Sales > Sales by Item Summary. This report gives you a quick look at which products are selling the fastest. Pay attention to any items showing strong recent sales, as that’s your cue to reorder before demand peaks.

Keep an Eye on Inventory Valuation

Next, open the Inventory Valuation Summary report. Reports > Inventory > Inventory Valuation Summary. This helps you see what’s still in stock and how much value is sitting on your shelves. Items with low quantities but high sales? Reorder now. Items that have been sitting for months? Consider marking them down or bundling them for the holidays.

Run These Reports Weekly

During the busy season, a quick weekly check of these two reports can help you avoid stockouts and lost sales. Even better, save your customized reports so you can pull them up instantly each week.

Staying organized with your QuickBooks Desktop reports means fewer surprises, smoother sales, and more time to focus on what really matters. Serving your customers.

Q3 Is Here: Why a Mid-Year Financial Checkup Matters (and How to Get Started)

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Can you believe we’re already kicking off the third quarter? Time flies, especially when you’re busy running a business. As we hit the halfway mark, it’s the perfect opportunity to pause, regroup, and make sure you’re still headed in the right direction. Checking in on your financials mid-year can give you clarity and confidence for what’s ahead.

Why Take Time for a Mid-Year Review?

Think of this as a tune-up for your business. Taking a little time now helps you catch small issues before they become big headaches, spot new opportunities you might have missed, and avoid that last-minute scramble at year-end. Taking time mid-year helps you reset and move into the next quarter with clarity.

What Should You Look At?

Here are a few key areas to focus on:

Review Year-to-Date Financials

Take a look at your numbers so far this year. How do they stack up against your goals or budget? Any surprises (good or bad)? This is your chance to adjust before the year gets away from you.

Cash Flow 

Review your receivables (what’s owed to you) and payables (what you owe). Are clients paying on time? Are there any bills or expenses coming up that you need to plan for? A quick look ahead of what you expect for the next few months can help you spot any bumps before they happen.

Expense Management

Look for spending patterns. Are there areas where costs are creeping up, or things you’re paying for but no longer need? Make sure your expenses match your current business priorities.

Progress Toward 2025 Goals

Are you where you hoped to be by now? If you’re ahead, celebrate those wins! If you’re a little behind, that’s okay, now’s the time to tweak your plan and get back on track.

Tax & Compliance Reminders

Are there any filings or deadlines coming up? Starting your prep now can save you a lot of stress later. Even just making a list of what’s due in the next few months can be a huge help.

Action Steps for a Strong Second Half

  • Set 2–3 new priorities or projects for the next two quarters. Something that will move your business forward.
  • Schedule a check-in with your accountant to talk through your numbers and plans.
  • Pick one process to streamline or a new tool to try. Sometimes, small changes can make your workday much smoother.

Let’s Build on Your 2025 Momentum

If you’d like help reviewing your numbers or brainstorming next steps, just reach out. I’m always here to help!