Are You Ready for the Year-End? Here’s a To-Do List

David Anderson is principal of David Anderson & Associates, a Philadelphia forensic accounting firm that provides a full range of forensic accounting services including business valuation, fraud investigation, and fraud deterrence programs in Philadelphia and the Delaware Valley.

With the winter holidays fast approaching, most of us are looking forward to Christmas, Hanukkah, Kwanzaa, New Year’s Day, and other such events. But with the end of the year approaching, we also need to focus on those year-end financial activities that are important for both our business and our personal financial health.

Here are some items for you to address before the end of 2023:


  • Have you finalized a budget for 2024? If not, there is still time.
  • Have you discussed with your tax accountant what you can do to maximize your business deductions for 2023?
  • Have you cleaned up your accounts receivable? This includes collection efforts on past due receivables.
  • Have you made sure that all your 2023 payroll, sales, income, and other taxes are paid or will be paid on time?
  • Have you scheduled an end of year inventory count (if you have inventory)? Have you made plans to dispose of old and/or non-selling inventory?
  • Do you have older fixed assets that have been removed from use, but are still on your premises? If so, you should make plans to dispose of these also.
  • Is all your software updated to the latest version? This should especially apply to your security and anti-virus software.
  • Are you fully staffed for the coming year? If not, do you have a staffing plan in place? Now is a great time to solicit and interview potential new employees.
  • Is your website current and updated? Have you removed employees, products, links, etc. that you no longer have?
  • Is your bank financing for 2024 in place? Have you spoken with your banker about getting the best rates and services?
  • Are all your insurances current and adequate (not too little or too much)?
  • Do you have Cyber Security insurance to protect your business against on-line attacks?


  • Have you discussed with your tax accountant everything that needs to be addressed by the end of the year?
  • Have you made all your estimated payments for 2023 in amounts adequate to avoid penalties?
  • Have you maximized your retirement contributions for 2023? If not, there is still time to address these.
  • Have you reviewed the current status of your retirement and non-retirement investments with your investment advisor and planned for any changes for 2024?
  • Have you reviewed your life, disability, long-term disability health, dental, vision, auto, homeowners, personal liability, etc. insurance with your insurance advisor(s) to make sure that you are adequately covered and have properly addressed the needs of your family and you?
  • Have you had your annual physical, dental, vision and other exams this past year? If not, you should schedule them as soon as possible.
  • When was the last time you updated your will, living will, and medical power of attorney agreements? You should review these with your attorney and other advisors and make the necessary changes as soon as possible.

The above list is not meant to be all encompassing, but rather serve as a reminder of the many items that you may need to address before the end of the year.

I hope that 2023 has been a good year for you and that 2024 will be even better.

About David Anderson & Associates

David Anderson & Associates is a Philadelphia forensic accounting firm that provides a full range of forensic accounting services in Philadelphia and the Delaware Valley. The experienced professionals at David Anderson & Associates provide forensic accounting, business valuation, fraud investigation, fraud deterrence, litigation support, economic damage analysis, business consulting and outsourced CFO services.

Company principal David Anderson is a forensic accounting expert in Philadelphia who has more than 30 years of experience in financial and operational leadership positions and is a Certified Public Accountant, a Certified Valuation Analyst, and a Certified Fraud Examiner in Philadelphia.

If you require the services of a Certified Valuation Analyst in Philadelphia or any other forensic accounting services in Philadelphia and the Delaware Valley, please contact the Philadelphia forensic accounting firm of David Anderson & Associates by calling David Anderson at 267-207-3597 or emailing him at

David Anderson & Associates wishes you a safe and pleasant holiday season. Our next blog will be posted on Tuesday, January 2, 2024.