November feels like the middle of the holiday season, but for business owners, it’s actually the last real window to make decisions that affect this year’s books. Once December arrives, the calendar fills up and the margin for deliberate action narrows fast. The business owners who enter January in the best shape are typically the ones who did their planning now.
Here’s a practical checklist to work through before the year closes.
Review Your Financial Statements
Pull your profit-and-loss statement, balance sheet, and cash flow report and read them together. Where did revenue peak this year? Which expense categories ran higher than you expected? Are there outstanding invoices that should be collected before December 31? A clear picture of where things stand is the foundation for every other decision on this list, including your tax strategy and your 2027 budget.
If your books are behind, November is the time to get them current. Reconciling accounts, categorizing expenses correctly, and resolving any discrepancies now is significantly less painful than doing it under pressure in January.
Maximize Deductions Before December 31
Qualified business expenses need to be incurred before year-end to count against this year’s taxable income. If you’ve been considering a software subscription, equipment purchase, or office upgrade, talk to your accountant about whether accelerating that purchase makes sense. Section 179 of the tax code allows many businesses to deduct the full cost of qualifying equipment in the year of purchase rather than depreciating it over time, which is worth understanding if a capital purchase is on your radar.
Florida’s lack of a personal state income tax is one of the genuine advantages of doing business here, but federal tax planning still requires attention. A conversation with a CPA before the end of November gives you time to act on any recommendations before the deadline.
Check Payroll and Contractor Records
Year-end payroll errors create headaches that compound into January and beyond. Verify that employee records are accurate, confirm that any year-end bonuses are properly accounted for, and make sure you have current information on file for any contractors you’ll be issuing 1099s to in January. W-2s and 1099s have early deadlines in the new year, and clean records now make that process straightforward instead of stressful.
Assess Your Cash Position
How much runway does your business have heading into the slower months? Three to six months of operating expenses in reserve is a reasonable target for most small businesses, though the right number varies by industry and revenue cycle. If your cash position is tighter than you’d like, November and December can be productive months to pursue outstanding receivables, offer early-payment incentives to clients, or have a preliminary conversation with your bank about a line of credit before you need one.
Set Goals for 2027 Before the Year Ends
Budgeting and goal-setting are easier when this year’s data is fresh. Use your November financial review as the foundation for a realistic 2027 plan — revenue targets, expense projections, hiring plans, and any capital investments you’re considering. The businesses that enter January with a written plan tend to execute more deliberately than those that carry over loose intentions from the prior year.
The Weston Florida Chamber of Commerce connects members with local accountants, financial advisors, and business consultants who can assist with year-end planning. Find a Weston-area professional at westonflchamber.com.
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