Business year-end checklist: what your accountant needs

Start with the period and the purpose

Write down the fiscal year-end, the last period that has been reconciled and every filing or reporting request you know about. A lender package, tax return and financial-statement engagement are not necessarily the same job. Clarifying the purpose helps avoid collecting a large folder that still misses the important records.

This checklist is a preparation tool, not a complete list for every business. Ask your accountant to confirm the records required for your particular engagement. Do not delay an urgent deadline while trying to make the folder perfect.

Reconcile before explaining the result

Collect the statements for all bank accounts, credit cards, loans and payment processors. Identify transfers between accounts and any deposits or payments that remain unexplained. Then review customer and supplier balances: a bookkeeping balance is less useful when nobody knows which invoices it represents.

Keep a short list of open questions. An unusual transaction with a clear question attached is easier to discuss than an unexplained number buried in a spreadsheet.

Describe what changed

Add notes about new assets, financing, owners, related companies and significant contracts. Include any business or property sale and changes to how the business operates. These items can create questions that are not visible in a routine bank import.

Provide the prior return and assessment through the firm’s approved secure channel. Keep tax-account notices with their original dates and do not send passwords or social insurance numbers through a general inquiry form.

Agree on the next step

Tell the accountant which records are ready and which need work. Ask whether cleanup, financial statements and tax preparation are separate parts of the proposal. Confirm who is responsible for outstanding information and how the timetable will be affected.