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The Year-End Checklist for Ecommerce Businesses

Year-End is here, and it’s crucial to take a step back and get your financial house in order. As an ecommerce finance expert, I’m here to provide you with a tailored year-end ecommerce checklist to help you navigate this crucial period for your business. By focusing on one thing at a time, we can ensure that you smoothly transition into the next fiscal year. 

Year-End Ecommerce Checklist

While there’s not a year-end checklist in the world I’ve found that can completely eliminate the stress (if you find one send it over), there are a few tasks that can be knocked out quickly to take some overwhelm away.  

Over the many years I’ve been working with ecommerce business owners, these are a few of the things that I’ve seen make a difference in the year-end crunch: 

Review Your Financial Statements

 Let’s kick things off by reviewing your financial statements. Your income statement, balance sheet, and cash flow statement are your financial compasses. They should be accurate and up-to-date, serving as the foundation for smart decision-making in the coming year. 

Inventory Management

Take stock—literally! Conduct a thorough physical inventory count to double-check the accuracy of your stock levels. This helps uncover discrepancies and ensures your financial records align with reality. Maintaining accurate inventory records is vital to prevent stockouts or overstocking issues down the road. 

Tax Planning 

Gather all your financial documents, receipts, and records for tax filing. Talk with your tax professional to stay informed about tax deadlines and any changes in tax laws that may affect your ecommerce business. Go over your tax liability and explore potential deductions and credits with them. Plan for estimated tax payments, making sure you have records of deductible expenses. 

Employee and Contractor Payments

Review your payroll records carefully. Confirm that you’ve issued all necessary tax forms, such as W-2s and 1099s, to employees and contractors. 

Financial Projections and Budgeting

Now’s the time to start planning your budget for the upcoming year. Dig into your financial data so you can make informed decisions about growth, expenses, and revenue projections. A well-crafted budget will guide your journey in the year ahead. 

Analyze Sales and Inventory Data

Look at your sales trends and inventory turnover rates. Identify your top-selling products and pinpoint those that need a nudge. This analysis will steer your purchasing decisions and marketing strategies for the next year. 

Reevaluate Pricing Strategies

We all know the economy has changed drastically just in the last year. Is it time to tweak your pricing strategies based on market dynamics, competition, and your financial goals? A well-considered pricing strategy can significantly impact your bottom line. 

Conduct a Business Health Check

Conduct a comprehensive assessment of your ecommerce business’s overall health. This is one of the most important steps in my opinion. Where can you improve? Are there untapped growth opportunities? What didn’t go as planned this year? Set strategic goals for the year ahead based on your answers to these questions.  

Minimize the Year-End Stress

As the experts in ecommerce finances, bookskeep’s goal is to ensure you’re well-prepared for year-end tasks. By following this tailored ecommerce checklist, you’ll have your business in order, setting the stage for a prosperous new year in your ecommerce journey without creating additional stress for yourself.  

 

Remember, bookskeep is here to support you in your plan for growth and profit, which are essential elements for long-term success in the world of ecommerce. Let’s make the upcoming year your best one yet, reach out to the bookskeep Team today! 

 

Post Author Cyndi Thomason

Cyndi Thomason

Cyndi Thomason is founder and president of bookskeep, a U.S.-based accounting, bookkeeping, and advisory firm for ecommerce sellers worldwide. She has a passion for data analysis and process development. She uses that passion to educate her clients and help them structure their businesses to maximize profits.

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