Fall Into Q4: Simple Steps to Wrap Up the Year With Confidence

As PEI business owners wrap up another busy year, a little bookkeeping cleanup now can make a big difference later.

Fall is a good time to pause and see where your business stands before the year ends. A little cleanup now can save hours of stress in January and help you feel confident heading into tax season.

Here’s how to make Q4 work for you.

1. Check what’s coming in — and what’s going out

Take a few minutes to look at your revenue and expenses from the year so far.

• Are your sales where you expected them to be?

• Have expenses crept up in any area?

Try this:

1. Open your Profit & Loss report in QuickBooks or Xero.

2. Highlight any categories that look higher or lower than usual.

3. Decide what you can adjust before year-end.

2. Reconcile your accounts

Think of this as making sure your books match your bank. When everything lines up, you’ll catch any double charges, missing deposits, or surprises before tax time.

Try this:

• Reconcile all bank and credit card accounts up to the end of September.

• Set a reminder to do it monthly from now on - it’s a quick win that keeps your numbers clean.

3. Get ahead of taxes

The best time to prepare for tax season is before it starts.

• Make sure your expense categories are correct.

• Set aside funds for taxes now (even a small amount helps).

• If you received any Skills PEI funding, keep the paperwork handy — you’ll need it later.

Try this:

• Create a “Tax Prep” folder in your accounting software or on your desktop. Drop all relevant receipts and documents there as you go.

4. Review payroll and remittances

Before the year closes, make sure all payroll records are accurate and that union dues or government remittances are up to date.

Try this:

• Log into your CRA business account to double-check that all payments have cleared. It’s an easy way to avoid late penalties.

5. Tidy up your invoicing

Outstanding invoices can hurt cash flow and cause confusion at year-end.

Try this:

• Send reminders for unpaid invoices.

• Mark any overdue accounts you might need to write off.

• Issue December invoices early to get payments in before the holidays.

6. Think ahead to 2026

Once everything is caught up, take a step back and think about what worked this year and what didn’t.

Try this:

• Could a bookkeeper reduce your stress level?

• Would switching to cloud-based accounting save time?

• Do you want help setting up a business plan for Skills PEI funding?

Small steps now can make next year smoother and more profitable.

Need help getting your books ready for year-end?

Money Back Bookkeeping can help you get organized, clear up reconciliations, and prepare your records for tax season so you can enjoy your holidays with peace of mind.

🧾 Reach out to Nancy today to get started before year-end.