The End-of-Year Checklist Every Richmond Business Owner Should Follow

3 Dec

As December rolls around, most Richmond business owners are caught between the holiday rush and the admin pile waiting in the office. It’s tempting to leave the books for January, but getting your year-end checklist sorted now can mean the difference between a stressful start and a smooth run into the new year.

That’s where a little planning (and a reliable accountant in Richmond) goes a long way.

Why the End of Year Matters More Than You Think

It’s not just about “closing the books.” The end of the calendar year is your chance to reset, tidy up, and position your business for the months ahead. Whether it’s making sure your reconciliations are airtight or checking in on payroll and super, a clean finish this year sets you up for stronger decisions next year.

And while the end of the financial year in June gets all the attention, December is the smart checkpoint many Richmond accountants recommend—you can catch issues now instead of scrambling later.

Step 1: Reconcile Everything Before the Holidays

Loose ends cause headaches. Before your office shuts down for Christmas, make sure:

Every bank account is reconciled.
Credit card transactions are matched.
Outstanding invoices are chased.
Supplier bills are cleared or scheduled.

This isn’t just about neat records, it’s about knowing exactly where you stand. Businesses that leave this until later often waste time re-tracing months-old transactions.

Step 2: Check Superannuation Payments

Super is an easy one to slip through the cracks. The ATO is cracking down on late or missed payments, and it’s often one of the first things they’ll look at in an audit.

Review your contributions now:

Are all payments up to date?
Do they match what’s reported in your payroll system?
Have you factored in the timing of clearing funds before the due date?

Being proactive here protects your cash flow, avoids penalties, and keeps your team happy.

Step 3: Review Payroll and Employee Records

The end of the year is the perfect time to make sure your payroll system is accurate and compliant. Things to look at:

Are leave balances correctly recorded?
Has Single Touch Payroll been reported accurately all year?
Do pay rates reflect current awards or agreements?

If you find errors, now’s the time to fix them, well before EOFY reporting. Plus, it’s a good chance to show your staff that you value accuracy and fairness.

Step 4: Tidy Up Your BAS and IAS

Quarterly and monthly lodgements often pile up in the background. Before January arrives:

Double-check that your BAS and IAS are lodged on time.
Cross-check GST, PAYG, and other amounts against your records.
Keep digital copies of everything in a secure, easy-to-access place.

This means no scrambling when the next quarter rolls around.

Step 5: Look Ahead with Tax Planning

Tax planning isn’t something you only do in June. By reviewing your numbers now, you can:

Project your profit and tax position early
Identify deductions you can bring forward.
Spot opportunities to restructure income across the family or business.

An experienced accountant in Richmond can walk you through what’s possible now—so you’re not left cramming strategies in May.

Step 6: Set Goals for the New Year

Once the numbers are tidy, take a step back and look at the bigger picture. December is the perfect time to ask:

What worked this year?
What drained time or money?
Where’s the biggest opportunity for growth?

From there, set simple, measurable goals for the year ahead. It’s not about lofty resolutions, it’s about practical targets that actually move the dial.

Step 7: Talk to Your Accountant Before January

Too many businesses only talk to their accountant when something’s gone wrong. A proactive check-in before the holidays gives you:

Confidence that your records are up to scratch.
A clear picture of cash flow heading into the new year.
Strategies tailored to your family and business situation.

The right Richmond accountant won’t just lodge your returns, they’ll guide you through the decisions that shape your success.

Wrapping Up the Year with Confidence

December doesn’t have to feel like a scramble. With the right checklist, you can clear the decks, keep the ATO happy, and walk into the new year with clarity and confidence.

At Bold Accounting, we help Richmond business owners cut through the noise and focus on what matters: accurate numbers, practical advice, and support you can actually rely on.

If you want a year-end process that feels less like a chore and more like a fresh start, let’s talk about how we can support your business.