Is Your Hospitality Business Ready for Year-End? 5 Bookkeeping Tasks to Tackle Before the Holidays

The holiday season can make or break a small business—especially in hospitality. Between extended hours, increased sales, and additional staff, it’s easy for your books to fall behind. But closing out your year properly isn’t just a good habit—it can mean the difference between a smooth tax season and a stressful scramble.

Here are five key bookkeeping tasks that every restaurant, café, or bar should tackle before the year ends.

1. Reconcile All Accounts

Before the holidays hit full swing, make sure your bank, credit card, and loan accounts all match your bookkeeping records. Discrepancies often occur during busy months when transactions pile up. If you’ve fallen behind, our Catch-Up & Clean-Up Services are designed to bring your books current—fast and accurately.

2. Categorize Every Expense

Small expenses like supplies, décor, or employee meals add up fast in the hospitality industry. Proper categorization helps you identify deductible items for tax season and track where your money is going.

FAQ: Should I track holiday-specific purchases separately? Yes. Keep decorations, event supplies, and marketing expenses in their own category. This makes future year comparisons and deductions much easier.

3. Review Payroll and Employee Records

Holiday bonuses, tips, and seasonal staff can complicate payroll. Double-check that all wages, overtime, and tips are properly documented. Our Payroll Services handle every aspect of this process—including tax withholdings for tipped employees—so you can stay compliant and stress-free.

4. Review Accounts Receivable and Payable

Before ringing in the new year, collect outstanding invoices and pay any vendor bills due. A clean accounts receivable and payable ledger ensures accurate year-end reporting and avoids unpleasant cash flow surprises in January.

5. Schedule a Year-End Review

A professional review with a bookkeeper can help identify hidden expenses, underperforming areas, or potential deductions. Our Accounting Strategy Sessions are customized to your business goals and include actionable insights to improve efficiency and profit margins.

For additional business resources in Colorado, visit the Pikes Peak Small Business Development Center or the Colorado Secretary of State Business Resources.

Ready to start the new year strong?

Schedule your free consultation with Barmann Bookkeeping today and take the stress out of your year-end financials.