Mastering Year-End Financial Routines for Success: Insights from Wealthy Entrepreneurs

women doing her year end financial checklist


Just as there are life hacks and morning routines that lead to achieved goals, successful entrepreneurs have their own annual financial routines that they swear by, but often keep them closely guarded.

After years of daily interactions with business owners, I have curated an annual financial routines checklist that I rigorously follow at the turn of every year. Today, I’m excited to share it with you. 

Balancing your business and personal finances can be challenging, but implementing these time-tested and leveraged routines can make a world of difference.

There are crucial tasks that must be completed by December 31st. By following our checklist, you’ll not only conclude 2023 on a strong note but also align yourself with your goals and propel yourself into 2024 with unstoppable momentum!

To Complete Your Financials in 2023

Year-End Personal Financial Checklist:

  • File 2023 investment performance reports in your cloud storage.
  • Make all 2023 charitable contributions by 12/31/23 – they absolutely don’t count for 2023 if you make them late. Charitable giving remains another timeless tactic for offsetting taxable capital gains you may want or need to report, as well as any other extra taxable income you may be incurring.
  • Maximize your tax-deferred contributions to your 401(k), Roth IRA, or Traditional IRA. Technically you can make Roth and Traditional IRA contributions until you file your 2023 tax return, but 401(k) contributions cannot be late.
  • Update your Net Worth Statement – that’s the most important number in your financial life right now! To do this you’ll need…
      • Credit card statements
      • All current loan balances
      • Investment statements
      • An estimate of the fair market value of your home
      • I tend to not include things like jewelry, cars and cash in the bank since you’re probably NOT going to sell the jewels or cars and use the proceeds to live off of and you’re probably going to spend the cash in the bank. 
  • Consider harvesting any losses in your after tax accounts (selling investments at a loss).
  • Consider increasing your savings rate.
  • Consider a Roth conversion.
  • Maximize your Health Savings Account contributions.
  • Use Flexible Spending Account balances before you lose them.
  • If you borrowed from your future self by withdrawing from or not adding to your retirement reserves, please consider establishing a disciplined schedule for paying yourself back.
  • If you became accustomed to spending less on items you used to think you couldn’t live without, try directing those former expenditures to restoring your retirement and rainy-day funds.
  • If you have “room” to take some taxable capital gains (selling investments at a gain) this year—and if it actually makes sense for you to take them—you may want to consider working with your tax planning team to do so, especially if you have carry-forward losses from 2022.
  • Plan ahead for estate planning. If you’ve been thinking about revisiting your estate or tax planning activities, know that the process may take longer than usual. Especially if you’re planning for changes that are up against a hard deadline (such as year-end or April 15th), you’ll benefit yourself by giving your attorney, accountant, and others the time they need to do their best work for you. High-end estate planning in particular is best approached as a months-long, if not years-long process.
  • Work with a financial planner to assess other ways your budgeting may benefit from a fresh take. Every little bit counts!

If you are a business owner, a few considerations include:

Year-End Business Financial Checklist:

  • Reconcile all 2023 transactions. Unreconciled items are potentially duplicate charges or entries, so pay attention to that. 
  • Make sure you clear out liabilities, such as loans to shareholders or payroll.
  • File a copy – in your secure cloud storage – of all of your 2023 bank statements. (Don’t count on your financial institutions to keep your statements forever!)
  • Collect on open invoices.
  • Prepare and submit vendor information for 1099s. (The due date is January 31, 2024.)
  • Confirm you have all of your employee data to issue W2s (current address, Social Security #, etc.).
  • Count inventory if you have it.
  • Schedule a quick call with your tax preparer to discuss estimated tax liability and make sure your estimated taxes are accurate, sufficient and paid.
  • If you don’t pay quarterly estimated taxes, ensure your tax savings account is fully funded with an appropriate percentage of your expected profits for the year.
  • Complete and review your balance sheet, your P&L and your cash flows statement. These you’ll submit to your tax preparer. 
  • Organize your receipts, contracts and donation receipts – actually, we prefer our clients do this all year long, but if you haven’t been, there’s no time like the present! 

Finally, Celebrate the End of 2023!

Embrace the arrival of 2024 with confidence and purpose!

Picture yourself in 2024, armed with an organized financial portfolio and crystal clear, motivating goals. The feeling of empowerment will be truly remarkable! 

While our checklists serve as a solid foundation, remember that everyone’s financial situation is unique. You might discover additional opportunities or areas for improvement as you delve deeper into your finances.

Once you’ve completed this comprehensive year-end financial review, you’ll step into 2024 with a sense of clarity and excitement

So, grab a warm cup of apple cider and bookmark this article to use as a reference. Consider making this financial checklist an annual tradition (I do!) to ensure your financial wellness and put yourself and your wealth in a strong position for the year ahead. 

Cheers to your financial success in 2024 and beyond!


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