Key takeaways:
- Year-end gives you the cleanest snapshot of your business. Use this as an opportunity to review your numbers and data-backed decisions.
- To keep your business running smoothly into the new year, update payment systems, payroll records and fraud protections.
- Set clear goals and plan for financing needs to turn year-end clarity into next-year momentum.
New year, new calendar, and new opportunities for your business.
But first comes the cleanup. The weeks before January are when all the loose ends show up — invoices that need collecting, payroll that needs double-checking and plans that need to be set in motion before another busy year begins.
It’s tempting to push financial details to January, but taking a few hours now can make the difference between a smooth start and a stressful one. The more accurate your numbers and organized your systems are, the more ready you’ll be for what’s next.
Here’s a short checklist of five practical financial moves to help you close out the year with confidence and step into the new one prepared.
According to the Federal Reserve Banks’ Small Business Credit Survey, 59% of small businesses report being in “fair or poor” financial condition.1
1. Review Your Finances
Year-end tells you the financial truth. You’ll see which months carried the business, which expenses crept up and where the cash went. Before the calendar turns, look at the patterns in your financials, and use them to shape decisions in January and beyond.
- Check cash flow and reserves. Compare your last few months of revenue against costs. If December was strong, move some funds into savings to help cover slower weeks in January. For many owners, the first quarter slows down while fixed costs like rent and payroll still come due.
- Reconcile accounts and clear outstanding payments. Match your receivables, payables and bank balances. If an invoice is overdue, follow up now instead of carrying it into the new year. Catching a missed payment before year-end avoids messy surprises during tax prep.
- Meet with your CPA or tax advisor. Review how new rules under the One Big Beautiful Bill Act could affect you. Ask if there are smart year-end moves — like pre-paying expenses or making retirement contributions — that could help lower your taxable income.
2. Check Payments and Payroll
How are payments working for you? Look at how customers paid this year and how easy it was for you to pay others. If you’re juggling paper checks or slow deposits, small upgrades can save you hours each month.
- Evaluate payment systems. If your customers couldn’t use their preferred payment methods, fix it before the next busy stretch. Add digital wallets, tap-to-pay or online invoicing. Shoppers often abandon purchases when checkout feels inconvenient.
- Update payroll and employee records. Double-check year-end bonuses, benefits and tax forms. Fixing errors in December is much easier than scrambling in January when W-2s are due. Accurate records keep your team confident and your reporting clean.
3. Assess Credit and Capital
The worst time to think about financing is when you’re short on cash. The best time is when you have the space to plan. Year-end gives you that window.
- Review loans and credit lines. Confirm due dates, balances, and interest rates. Some owners choose to make an extra principal payment at year-end to reduce interest costs heading into January.
- Plan for future financing needs. Think ahead to major expenses coming next year like new equipment, extra hires or technology upgrades. Applying for financing while your books are current makes approval easier and faster. A short conversation with your banker now can save you stress later.
4. Strengthen Security
Weak systems can lead directly to lost funds or stolen data. Use this moment to strengthen security, refresh access controls and keep your financial information safe.
- Review technology and account access. Reset passwords, remove former employees from online systems and confirm multifactor authentication is on for all financial accounts.
- Update fraud protections with your bank. Ask about tools like positive pay for checks, ACH filters or real-time transaction alerts. These services flag unusual activity so you can catch it early.
- Check your payment systems. Make sure card readers, online checkout and invoicing tools have the latest security updates. Outdated software leaves the door open for fraud.
- Educate your team. Remind staff about phishing emails and fraudulent requests that often spike around the holidays. A quick refresher helps prevent costly mistakes.
A 2025 Mastercard survey found that 46% of participating small- and medium-sized businesses were targeted by a cyberattack.2 A quick security review now could keep you off that list.
5. Set Goals for the New Year
Whether your goal is to improve cash flow, pay down debt or build reserves, write it down and make it real. Set direction while the lessons from this year are still fresh.
- Decide on financial priorities. Choose whether you want to save more, pay down debt or improve cash flow. Clear goals help you decide where to spend and where to hold back in the months ahead.
- Tie goals to action. Decide what steps you’ll take in the first quarter to move toward your targets. That could mean automating transfers to savings, renegotiating vendor terms, or trimming recurring expenses. A quick conversation with your banker can also help you spot opportunities to improve cash flow or access credit when you need it.
Work with Comerica to Strengthen Your Start
Financial clarity today means confidence tomorrow. Comerica’s Small Business Bankers can help with cash flow solutions, payment tools and financing strategies so you start strong.
Talk with a Comerica Small Business Banker today to review your year-end checklist and prepare for success in the months ahead.
Sources:
1. Treece, K. (2024, April 18). Small Business Loan Statistics And Trends 2025. Forbes. https://www.forbes.com/advisor/business-loans/small-business-loan-statistics/.
2. Gerber, J. Prokop, J. (2025, March 27). Mastercard. Too small to be ignored? Not anymore. Why shoring up cyber defenses for small businesses is crucial. https://www.mastercard.com/us/en/news-and-trends/stories/2025/small-business-cybersecurity-study.html.
This article is intended solely for informational purposes and does not constitute tax, legal or financial advice. The content provided here is not a substitute for professional advice from a qualified tax advisor, attorney or financial planner. Readers are encouraged to consult with a licensed tax professional or legal advisor to obtain advice tailored to their specific circumstances and ensure compliance with applicable laws and regulations.