A useful year end gives your tax preparer a set of books they can work from and gives you a plan for January. Agree on the reports and records your CPA needs, reconcile the books through year end, and list anything still unresolved. Then set your 2027 close date, reporting routine, and cash planning responsibilities. Wayfinder helps with the bookkeeping handoff and planning. We do not prepare taxes.
I would start the conversation before December 31, while there is still time to find the missing statement or answer the question about an owner payment. The final package comes after the books are closed. The checklist and the people responsible for it can be settled now.
What should you hand your CPA?
Ask your preparer which entities, reporting periods, accounting basis, reports, and supporting documents they want. Agree on a delivery date and how to share the package securely. Use this list to organize the bookkeeping work, then tailor it to their request.
| Area | What to gather or check | What to flag |
|---|---|---|
| Bank and card accounts | Reconcile through year end and keep the statements supporting the balances. | Missing statements, unexplained differences, and transactions still outstanding. |
| Uncategorized and clearing accounts | Review items waiting to be classified or matched. Add the source document and context where available. | Anything that needs an owner answer or the preparer's judgment. |
| Loans | Tie the recorded balances to lender statements or supporting schedules. | New borrowing, changed terms, and differences that still need explanation. |
| Owner activity | Review contributions, withdrawals, and reimbursements. Gather the supporting records. | Transfers whose purpose or treatment is unclear. |
| Equipment purchases and sales | Gather invoices, sale records, dates, and related financing documents for significant items. | Missing documents or questions about tax treatment for the preparer. |
| Financial reports | Include the reports your CPA requests, labeled with the entity, period, and accounting basis. | Provisional figures, outstanding adjustments, and versions that have been replaced. |
Keep the source documents with the books. The IRS business recordkeeping guide explains the role of supporting records. Your preparer can tell you what they need for your specific situation, including any payroll, contractor, or other schedules they request.
Put an open-items note at the front of the package. For each item, record the account or transaction, what is known, what is missing, who will respond, and the next date to check. A line such as “Equipment purchase: invoice requested from the vendor; owner to confirm which entity bought it” gives the next person something to act on.
What should you decide before December 31?
- Who owns cleanup? Agree who is reconciling accounts and resolving bookkeeping issues, and who is handling tax preparation. If older periods need work, confirm the periods, responsibilities, and separate scope before starting.
- Which answers still need the owner? Gather the unresolved questions about transfers, purchases, reimbursements, and missing documents. Assign a person and a follow-up date to each.
- How will you work next year? Agree what the finance team needs each month, where the owner will share it, when it is due, and when reviewed reports will be available.
The December 31 checkpoint is for organizing the work. Your preparer can confirm any filing or decision deadlines that apply to your business.
How do you set up the 2027 close and cash plan?
Start with a recurring close date and a short list of inputs: bank and card statements, invoices and bills, payroll reports, and inventory records where relevant. Name who sends each item and who reviews the results. Put the owner review on the calendar while the numbers can still inform the next decision.
Use that review to answer three questions: What changed? What does it mean for cash? What will we do next? Keep a short action list with owners and dates. The monthly reporting checklist gives you a starting package.
Use a rolling 13-week forecast if you need to make decisions about cash week by week. Refresh receipts, payments, and assumptions as new information comes in. January payroll, a supplier deposit, or a customer paying later than expected may matter before the next close. See who owns the monthly close and 13-week cash forecast and why profit and cash can tell different stories.
The close gives you reviewed results. The forecast also needs current operating information from the owner and team. Agree who maintains the forecast and when the assumptions will be checked.
How does Wayfinder handle the handoff?
- Essential, $1,995 per month: Monthly CFO guidance and reporting on top of clean, reconciled books maintained by your existing bookkeeping team. We review a sample close before kickoff.
- Growth, $3,495 per month: Monthly bookkeeping, reconciliations and close, reporting, a monthly CFO review, Slack support between reviews, and the year-end information handoff to your tax preparer.
- Strategic, $5,495 per month: Growth plus a named senior finance lead and weekly partner meetings. If you need a maintained weekly cash forecast, discuss the inputs and scope at this level.
If older months need repair, we identify the periods and work involved, agree the scope and fee, and confirm how it affects the timetable before work starts. Historical cleanup is separate from the recurring Growth fee. Your tax preparer handles tax treatment and filing. See current plans and scope.
Bring your latest close and the questions your preparer needs answered to a 20-minute Waypoint Session. We can discuss what is ready, what needs attention, and how to set up the first close of 2027.
Questions this answers
How is a year-end bookkeeping handoff different from tax preparation?
A bookkeeping handoff organizes reconciled records, reports, supporting documents, and unresolved questions for the tax preparer. The preparer determines tax treatment and handles preparation and filing as agreed.
What belongs in the package for my CPA?
Start with the reports and supporting schedules they request, labeled with entity, period, and basis. Gather reconciled bank and card statements, loan records, owner activity, equipment documentation, and an open-items note as relevant.
What are open items in a year-end close?
Open items are unresolved questions or missing information that affect the books, such as a missing statement or an unexplained owner transfer. Record what is known, what is needed, who will follow up, and when.
Does Wayfinder prepare taxes?
No. Wayfinder provides bookkeeping and financial planning support. Growth includes a year-end information handoff from the books we maintain to your tax preparer. Your preparer handles tax treatment, preparation, and filing.
When should I start the year-end handoff?
Start before year end by agreeing responsibilities, requested records, the delivery date, and the sharing method. After year end, finish the reconciliations and send the reviewed package on the agreed timetable.
How does year-end work help with the 2027 close and cash forecast?
Use the handoff to settle the monthly close date, input owners, and reporting cadence. For a rolling forecast, also assign someone to refresh weekly cash inputs and confirm collection and payment assumptions with management.
ABOUT THE AUTHOR
Nik Cybulskis, CPA, CMA, CSCANik Cybulskis is the Managing Director of Wayfinder Partners, a fractional CFO and bookkeeping firm in Traverse City, Michigan. He reads the numbers for owner-led businesses between $1M and $20M in revenue, and writes about what he sees in them.