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The Founder’s Thanksgiving Checklist: A Year End Accounting Checklist
- Brett J. Federer, CPA
- Nov 15
- 4 min read
As the holidays approach and the year winds down, the smell of delicious Thanksgiving food reminds us that abundance always comes with responsibility. A full table is a gift, but someone still has to clean up the kitchen once the feast is over. The same is true for your company. By late November, the financial year has served up its share of wins, mistakes, and leftovers. And before the next course begins, a thoughtful cleanup is what separates the companies that start Quarter 1 confidently from those that scramble into the new year.
1. Reconcile Every Account Before the Dishes Pile Up
You wouldn’t start baking tomorrow’s pie before doing tonight’s dishes. In finance, the same rule applies. Reconciling items such as bank, credit card, payroll, inventory, and other key accounts is the foundation of financial hygiene.
By ensuring every transaction matches your records, you create clarity instead of chaos. When reconciliations fall behind, it’s like leaving the sink full for too long. The mess becomes easy to ignore until it turns into something expensive. A clean ledger gives you real numbers to make decisions from, not assumptions or outdated estimates. It also allows you to spot irregularities early, such as fraudulent charges, duplicate entries, missing invoices, or unique one-off situations that can be finalized if you plan properly and prioritize. This prevents issues from snowballing into Q1 headaches.
Taking a few hours now saves days (and sanity) later.
2. Forecast Q1 While There’s Still Steam on the Stove
After the cleanup comes the planning. Thanksgiving festivities may be your main priority right now, and rightfully so, but in finance, it’s also the perfect opportunity to do some real forecasting. With nearly a full year of data behind you, your trends are more visible and your patterns are much more predictable.
After reviewing your current revenue, expenses, and cash flow, you may ask, “What’s changing as we enter the new year?” Are client renewals slowing? Are annual bonuses coming due? Have you accounted for tax payments, vendor rate increases, or Q1 ramp-up costs?
A smart forecast doesn’t predict the future perfectly — it helps you prepare for it. It’s like tasting the soup before you serve it so you can adjust the seasoning now, not later.
Use this window to build next quarter’s roadmap: when you’ll spend, when you’ll collect, and what reserves you’ll keep in place. The best-run companies aren’t reactive; they’re proactive about what’s coming next.
3. Get a Head Start on 1099s and Payroll Reports
While gratitude is the theme of the season, you don’t want to get sidetracked by forgetting to ensure accuracy. Your team and contractors have worked hard all year, so showing appreciation by ensuring their records are correct is always worthwhile.
Start having your accounting team review 1099 totals now. Confirm vendor information, EINs, and mailing addresses before January arrives. Make sure Payroll or HR double-checks W-2 data for employees, especially if anyone moved, received bonuses, or changed benefits midyear.
Waiting until after the holidays is like finding out the turkey didn’t defrost. You’ll still have to deal with it, but now you’re under far more pressure. A few quick checks in November and December can prevent costly re-issuances and unnecessary IRS penalties.
4. Declutter Recurring Expenses and Subscriptions
Every household has that drawer full of unused gadgets. Every business has the financial equivalent: the monthly subscriptions that keep auto-renewing. Now’s the perfect time to open the drawer.
Review all recurring expenses such as software, services, and memberships that may have once served a purpose but no longer align with your company's goals. Even small amounts add up over twelve months. Cutting waste isn’t about scarcity; it’s about stewardship.
When you operate leanly and intentionally, you preserve cash for what truly matters, like growth, stability, and the people who keep your business running.
5. Reflect on the Year’s Financial Story
Thanksgiving naturally invites reflection: What worked this year? What didn’t? Where did your company show resilience, and where did it lose focus?
Your financials tell a story if you’re willing to read it. Maybe you grew faster than expected but outpaced your systems. Maybe you pulled back expenses too tightly and missed opportunities.
Take an hour to sit quietly with your Profit and Loss and Balance Sheet, not just as data, but as a mirror. Behind every expense line is a decision; behind every revenue jump is effort and adaptation. Let your gratitude extend beyond the profits to the process itself.
This kind of reflection builds what no software can: wisdom.
6. Close the Year Clean, Start the Next One Clear
Closing the year clean is a core piece of every year end accounting checklist. Once reconciliations are done, forecasts are set, and records cleaned, what remains is space to actually rest, recharge, and celebrate.
A tidy Balance Sheet is more than neat bookkeeping; it’s peace of mind. It lets you enter the holidays knowing your foundation is solid and your team can focus on strategy instead of scrambling. Just like a clean kitchen makes dessert taste better, clean books make future decisions easier.
Bringing Your Year End Accounting Checklist All Together
Thanksgiving reminds us that abundance doesn’t mean excess; it means care. The companies that finish strong are the ones that know how to pause, take stock, and prepare with gratitude. Financial clarity is a form of gratitude too, both to yourself and to everyone who depends on your leadership.
Need a Hand Cleaning Up Before Year-End?
If your books could use a little year-end polish, or if you’re ready to start next year with cleaner systems and clearer reports, I help founders bridge the gap between bookkeeping and Controller-level clarity by translating raw numbers into a narrative you can actually use.
Let’s make your financial table as ready as your Thanksgiving one.
Schedule a clarity call before the year closes, and step into the new quarter prepared, organized, and at peace.
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