Welcome back to our Monthly Financial Maintenance Series, where each month we highlight practical bookkeeping and financial management steps to help Canadian businesses stay organized year-round.
As we approach the end of the year, we are reminded of the many businesses that use a calendar year-end for their fiscal year-end. If your year-end is in December, November is the time to prepare your books for a smooth and stress-free year-end. Regardless of when your year-end is, taking care of key tasks now will help you avoid a last-minute rush, ensure your records are accurate, and position your business for a strong start when you do start your new fiscal year.
Here’s your November checklist to help you close the books with confidence.
- Reconcile Your Bank and Credit Card Accounts
Before the holiday season ramps up, make sure all your financial accounts are up to date.
- Reconcile October and early November statements.
- Confirm all deposits, payments, and transfers are properly recorded.
- Investigate and correct any discrepancies.
Catching errors now means fewer headaches when you finalize your year-end reports.
- Review and Collect Outstanding Invoices
Cash flow matters more than ever at year-end. November is your chance to get accounts receivable in order.
- Send reminders for unpaid invoices.
- Offer small incentives for clients who settle balances early.
- Write off uncollectible debts if necessary.
Collecting receivables in November helps strengthen your year-end financial position.
- Organize and Categorize Expenses
Now’s the time to ensure every business expense is properly documented and coded.
- Gather missing receipts and upload digital copies to your bookkeeping software.
- Double-check that recurring expenses are allocated to the correct accounts.
- Separate any personal transactions from business ones.
Well-organized expense records ensure you capture every eligible deduction come tax time.
- Review Payroll and Employee Records
Before year-end payroll deadlines arrive, make sure everything is accurate and current.
- Reconcile payroll reports and CRA remittances (CPP, EI, and income tax).
- Confirm year-to-date earnings and deductions for each employee.
- Plan for any year-end bonuses and ensure they’re processed before December 31.
Completing this step in November keeps your T4 and T4A preparation smooth in the new year.
5. Update Your Inventory and Asset Records
If your business carries inventory or owns significant equipment, now’s a great time for review.
- Perform an interim inventory count and flag any damaged or obsolete items.
- Record new asset purchases or disposals made during the year.
- Check that depreciation schedules are accurate.
Getting ahead on these adjustments will make your December close faster and cleaner.
- Review Tax and Compliance Obligations
Don’t wait until the last minute to think about taxes.
- Review your GST/HST filings and confirm all returns are up to date.
- Check if any instalment payments are due before year-end.
- Note deadlines for T4, T5, and corporate filings early.
Proactive review ensures compliance and helps you avoid late penalties from the CRA.
- Meet with Your Bookkeeper or Accountant
November is the ideal time to schedule a pre–year-end check-in, especially because your accountant will be hard to get a hold of for several months after Dec. 31st.
- Review your preliminary financial reports.
- Discuss potential tax-saving strategies before it’s too late to act.
- Plan your December workload to avoid a last-minute crunch.
Your bookkeeping professional can identify adjustments and opportunities you might miss on your own.
- Back Up and Secure Financial Data
Protect your hard work by safeguarding your records.
- Back up your accounting data to a secure cloud platform or encrypted drive.
- Review your document storage system to ensure receipts and invoices are organized.
- Verify that you can easily access all records for the CRA’s required retention period (typically six years).
A clean and secure data system gives you peace of mind heading into the new year.
- Set Preliminary Goals for Next Year
Once your November financials are complete, take a moment to reflect.
- Review trends in income, expenses, and cash flow.
- Identify areas where you can improve efficiency or reduce costs.
- Begin outlining your financial goals and budgets for the coming year.
By doing this now, you’ll start January with clear direction and momentum.
Close the Year Strong
A well-planned November sets the stage for a smooth and stress-free December. Getting ahead on reconciliation, payroll, and recordkeeping now will help you finish the year confidently – and focus on celebrating your success instead of scrambling to meet deadlines.
At TNI Business Services, we help Canadian businesses stay organized year-round with professional bookkeeping, payroll, and year-end support. Contact us today to ensure your books are ready for a strong financial finish to the calendar year.
Next in the Series
Stay tuned for our December Bookkeeping Focus, where we’ll walk through final year-end wrap-up tasks and smart financial moves to kick off the new year right.
Pro Tip: Reconcile Early, Not Later
One of the smartest things you can do in November is start reconciling your accounts before the calendar year-end rush.
- Begin with bank and credit card statements from the past few months.
- Check invoices, receipts, and payments to ensure everything is accurately recorded.
- Flag discrepancies immediately so they can be resolved well before December.
By reconciling early, you’ll reduce stress, catch errors while there’s still time to correct them, and give your accountant or bookkeeper a cleaner set of records to work with for year-end reports.
⭐⭐ November Special: Year-End Reconciliation Reviews⭐⭐
To help you close the books with confidence, we’re offering a discounted calendar Year-End Reconciliation Review for all business clients who book in November.
This offer includes:
- A full review of your bank, credit card, and accounts receivable/payable records up to November 30
- Identification and resolution of discrepancies before year-end
- Recommendations to streamline your December close.
Benefit: Avoid last-minute surprises, reduce errors, and start the new year with clean, accurate books.
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