Consider year-end purchases
If you need to buy new equipment or supplies for your business, try to put together a year-end shopping list. You can deduct business expenses on your 2019 tax return if you make them by December 31, so it might make sense to stock up in December rather than hold off until next year. Plus, you may be able to take advantage of technology deals, such as on Black Friday and Cyber Monday.
Create a year-end financial report
Year-end is prime time for analyzing your company’s financials so you can make strategic decisions for the year ahead. Using your company’s accounting software or spreadsheets, some key reports to run include a balance sheet, an income statement and a cash-flow statement. Consider reviewing these to look for issues or opportunities that can be addressed next year.