Year-End Checklist for Canadian Small Businesses

Reconcile all bank, credit card, and loan accounts through your year-end date.

Collect and organize receipts for any expenses that weren't entered during the year, especially large capital purchases.

Confirm outstanding invoices (accounts receivable) and bills (accounts payable) are accurately reflected in your books.

Take a physical inventory count if your business carries inventory.

Review shareholder loans, owner draws, and any related-party transactions with your accountant before the books are closed.