Year-end closing checklist: how to smoothly close your annual accounts

The year-end closing and preparation of the annual accounts are the busiest period of the year for many finance teams. Deadlines for financial reporting, statutory reporting and the annual report are approaching, audits must be prepared and the accounts for the year-end closing must be accurate down to the last euro.

On this page, you will find a practical checklist for a smooth, error-free closure. 

Contents overview

1. Planning and preparation
2. Capacity and bottlenecks
3. Automation
4. Intermediary closures & audit
   
5. Temporary finance expertise
6. Common mistakes
7. FAQ

Step 1: Planning and preparation

A smooth year-end closing starts with a clear overview. Draw up a schedule early on that includes all deadlines, deliverables, and responsibilities.

Checklist:

• Draw up a schedule with all deadlines (group, statutory, audit).

• Assign a person responsible for each component.

• Take leave and absences in December into account.

• Schedule time for review and correction rounds.

Tip: Use a year-end checklist for each component (creditors, debtors, fixed assets, VAT, audit, consolidation, etc.) to ensure that nothing is overlooked.

Step 2: Map out capacity and bottlenecks

Take a realistic look at how much time and how many people you have available. A clear picture of your capacity will prevent surprises during the busiest weeks of the year.

Checklist:

• Identify which processes take up the most time.

• Note where risks arise due to illness, leave or departure.

• Check whether specialist knowledge has been properly transferred.

• Determine which tasks can be temporarily outsourced or supported.

Tip: Consider temporary support from financial administrators or experienced finance staff to prepare the annual accounts, for example. Think of GL accountants, financial controllers or reporting specialists. They are immediately up and running and can relieve the rest of the team or cover for unexpected absences.

Step 3: Automate where possible

Check whether recurring tasks – such as reconciliations, reports or preparing annual accounts – can be automated using tools or templates. Less manual work means fewer errors and more time for checking. By automating repetitive tasks, the closing process becomes faster and more consistent.

Checklist:

• Identify which tasks are repetitive.

• Check whether standard templates or scripts are available.

• Automate ledger closings and reports where possible.

• Document processes so that they can be repeated more easily next year.

Tip: use tools or templates for recurring tasks, such as balance sheet files or reconciliations. This will save you time and reduce the risk of errors.

Step 4: Plan intermediate closings and coordinate with the auditor

One of the most common pitfalls in the year-end closing process is that errors or discrepancies only come to light at the end of the process. By planning intermediate closings during the fourth quarter, you can identify these problems earlier, when there is still time to correct them.

Collaboration with the auditor (external accountant) also plays a major role in this. The earlier the accountant is involved, the smoother the final audit phase will be. Good preparation prevents last-minute stress and discussions about missing documents.

Checklist:

 Schedule mini-closures in October and November.

• During these closures, check that all reconciliations are correct.

• Analyse discrepancies and make corrections immediately.

• Agree on the necessary documents with the external auditor in good time.

• Ensure that audit, financial and statutory reporting are properly aligned.

Tip: Schedule regular meetings with your auditor during Q4. This will allow you to keep each other informed of progress, avoid surprises and reduce the risk of delays during the audit in January.

Step 5: Bring in temporary financial reinforcement

Even with tight planning and clear processes, your team may still find itself short on time or specific knowledge. As the end of the year approaches, the workload increases, while regular activities continue as usual. Bringing in temporary additional financial staff can then make the difference between a hectic or a controlled closing.

Deploying extra capacity early on ensures that deadlines are met, quality is maintained and your permanent team is not overburdened.

Checklist:

• Assess where there is a structural lack of time or expertise.

• Identify which tasks can be temporarily taken over.

• Determine how much extra capacity is needed during the busiest weeks.

• Start looking for temporary support in good time.

Tip: Many companies experience the same pressure at the end of Q4. By starting your search now, you will be ahead of the peak in demand and have your pick of the best professionals. These could include:

• Temporary financial controller for reporting and closing

• Temporary accountant for accounting assistance

• Temporary business controller for additional capacity in analysis and financial reporting

• Temporary working student to support daily financial administration

Common mistakes at year-end

Even well-prepared teams can encounter the same obstacles at year-end. By recognising these common mistakes, you can avoid them this year. The most common pitfalls are:

• Starting audit preparation or reporting too late.

• Unclear responsibilities between finance and business.

• No backup in case of illness, leave or departure of team members.

• Insufficient time reserved for intercompany coordination.

• Ad hoc reports without clear definitions or formats.

Tip: Schedule a brief internal evaluation of the previous year-end closing in October. This will allow you to quickly identify which processes need improvement and prevent the same mistakes from being repeated.

More information

With proper preparation and the right people, you can take the pressure off your team. Whether you need temporary accountants, accounts payable specialists, or working students: Robert Walters helps finance departments find the right people for a quick and flawless year-end closing. Share your vacancy directly or contact us today.