A Fresh Start for Your Finances: Important Bookkeeping Reminders for the New Year

Written By Ashlie Hall

A new year brings a natural opportunity to reset, reflect, and get organized, and your business finances are no exception. January is one of the most important months for setting yourself up for a smooth, confident year ahead, especially when it comes to bookkeeping and tax readiness.

Whether you’re coming off a strong year or one that felt a little chaotic behind the scenes, a few intentional steps now can save you time, stress, and money later. Here’s what to keep in mind as we kick off the new year.

Wrapping Up the Prior Year (and Why It Matters)

Before moving fully into the new year, it’s important to make sure last year’s books are complete and accurate. This includes reviewing transactions, confirming balances, and tying up any loose ends that could cause confusion down the line.

January is also a critical month for 1099 preparation. If you worked with independent contractors last year, you may be required to issue 1099 forms.

To stay on track:

  • Make sure contractor information is complete and up to date (legal name, address, and tax ID).

  • Confirm which vendors require a 1099—when in doubt, ask.

  • Respond promptly to any requests for missing information so deadlines aren’t missed.

Taking care of these details early helps ensure a smoother tax season and avoids unnecessary scrambling later.

Starting the New Year with Clean Books

A clean slate doesn’t happen automatically—it’s created with a little attention and care. January is the ideal time to ensure your books are set up properly for the year ahead.

This may include:

  • Categorizing any remaining uncategorized expenses

  • Reviewing last year’s transactions for accuracy

  • Confirming opening balances across bank and credit card accounts

  • Cleaning up or consolidating categories that no longer make sense

This kind of maintenance may not feel exciting, but it’s foundational. Accurate books mean better reports, clearer insights, and more confidence in your financial decisions.

Aligning Your Bookkeeping with Your Business Goals

As your business evolves, your bookkeeping should evolve with it. If you’re making changes this year, now is the time to communicate them.

Some examples include:

  • Introducing new services or revenue streams

  • Adjusting pricing

  • Opening new bank or credit card accounts

  • Making changes to payroll or contractor support

  • Wanting more detailed tracking for certain expenses or income

When your bookkeeping reflects how you actually operate, your financial reports become a powerful tool, not just something you file away.

Looking Ahead

The start of the year is a great time to check in, ask questions, and make sure your financial systems are supporting—not stressing—you. If you’d like to review your numbers, prepare for tax season, or talk through goals for the year ahead, now is the perfect time to schedule a consultation.

Here’s to a clear, organized, and confident year ahead for your books and your business.

Ashlie Hall
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Preparing for Year-End