In this solo episode, Brian breaks down one of the most overlooked but essential parts of running a mission-driven business: year-end bookkeeping. You'll learn a simple, practical framework for cleaning up your books, organizing your finances, and setting up systems that actually support you and your business. If you've ever felt overwhelmed by accounting software, unclear categories, or messy receipts, this episode will help you start the new year with clarity and confidence.
The way you close this year directly affects how you start the next one. Clean books make tax season easier, help you avoid missed deductions, and give you a real-time view into how your business is doing.
There are three, key steps to get your books in order before the end of the year:
Clean up the basics: Dig deeper into the fundamentals, including double checking your business and personal expenses are separate, removing overwhelm from your chart of accounts, reconciling your accounts, organizing your receipts and documentation, removing old or inactive accounts, and making payroll corrections.
Review your financial reports: Analyze your Profit & Loss (Income Statement) report, Balance Sheet, and Reconciliation report for accuracy, red flags, and wins.
Prep for tax season and next year: Review your accounting method, confirm expense categories, talk to your tax professional, plan upgrades, and schedule monthly processes.
Don't delay on getting your books in order. If you manage your own books, block 60-minutes on your calendar this week for a year-end bookkeeping session to work through the 3-step process, and if you work with a professional, schedule time for a year-end review. Even if you only complete one task, that's progress.
Accounting Software: QuickBooks, Xero, Wave
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Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.
On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
