Year-End Bookkeeping Checklist for Nanaimo Small Businesses

If you own or manage a small business in Nanaimo, year-end bookkeeping can feel like one more thing on a long to-do list. But organizing your books before December 31 is one of the best ways to protect your business, reduce tax stress, and enter 2026 prepared. Clear, accurate financial records help you understand how your business performed, make informed decisions, and meet CRA requirements.

Whether you handle your own bookkeeping or work with a Nanaimo accounting firm, these steps will help you close out the year strong.

 

10-Step Year-End Bookkeeping Checklist

1. Gather Your Records

Collect every bank and credit card statement, receipt, invoice, and loan document from the year. Having all of your information ready first makes the next steps smooth and accurate.

2. Reconcile Your Accounts

Compare your bookkeeping software or spreadsheets to your bank and credit card statements. Make sure all deposits and payments match so you start the new year with clean numbers.

3. Record Missing Expenses

Enter any late receipts, supplier invoices, or mileage logs. Every legitimate expense counts toward lowering taxable income and improving accuracy.

4. Review Accounts Receivable

Check which clients still owe you money. Send reminders or statements before year-end so you can close your books with fewer outstanding balances.

5. Pay Outstanding Bills

Settle any unpaid invoices that belong to this fiscal year. Paying them now ensures your expenses are recorded in the correct period.

6. Verify GST, PST, and Payroll Filings

Make sure all government filings are current. Review your GST, PST, and payroll remittances so there are no surprises at tax time.

7. Review Your Financial Statements

Open your income statement and balance sheet to get the full picture of how your business performed. Look for trends such as increased costs, improved margins, or unexpected changes.

8. Back Up Your Data

Create a secure backup of your accounting files or verify that your cloud system is saving data properly. Protecting financial information is essential for year-end compliance.

9. Meet With Your Accountant

Book a short meeting with your accountant before December 31. Discuss your results, any adjustments, and the best approach for salary, dividends, and year-end tax planning.

10. Set Goals for 2026

Write down a few clear goals for the coming year. Use what you learned from your 2025 results to plan for growth, improve efficiency, or build financial reserves.

 

Finishing 2025 Strong

Cross & Company provides year-end bookkeeping and accounting services for Nanaimo businesses of every size. From year-end reviews to financial statement preparation, our local team helps you stay organized, informed, and ready for the year ahead. Contact us today to schedule your year-end review and start the new year confident in your books.