Year-End Momentum: Closing Q3, Tracking Expenses & Preparing for 1099 Season

As we head into the last few months of the year, most business owners feel the squeeze. Between holiday planning, wrapping up projects, and getting ready for tax season, it can feel like there aren’t enough hours in the day. The good news is that a little preparation now makes the year-end rush far less stressful.

At this point in the year, three steps make all the difference: closing out Quarter 3, tightening up expense tracking, and preparing early for 1099s. When these pieces are handled, your books stay clean, your taxes are simpler, and you step into the new year with confidence instead of overwhelm.

Closing Out Q3: More Than a Routine:

A proper quarter-end close isn’t just something to check off the list—it’s your chance to pause, take stock, and reset before the holidays.

Here’s what it helps you do:

• Catch mistakes early. Reconciling your bank, credit card, and loan accounts now means no surprises later.

• Stay ahead on cash flow. Reviewing invoices and payments keeps your income steady when you need it most.

• See your true financial picture. Running a Profit & Loss, balance sheet, and cash-flow report shows where your business stands today.

• Plan for Q4 with clarity. Comparing actual numbers against your budget highlights where to adjust spending or invest more strategically.

Think of it as clearing the financial clutter. Once your Q3 close is complete, you’ll know exactly where your business stands and that makes everything from tax prep to year-end planning easier.

Expense Tracking:

Your Best Defense Against Stress

If there’s one task that consistently trips up small business owners, it’s keeping track of expenses. Receipts get misplaced, personal and business charges blend together, and by January, it turns into a scramble. The truth is, this chaos can be avoided with a few smart habits.

Effective expense tracking will:

• Save money by catching deductible expenses.

• Make tax preparation smooth and accurate.

• Keep personal and business finances clearly separated.

• Provide insight into spending patterns and cash flow year-round.

Many of my clients rely on tools like QuickBooks Online Receipts, Dext, or Expensify to simplify the process. These apps let you snap a photo of a receipt and automatically categorize it. With the right setup, your expenses flow directly into your bookkeeping system, no shoebox required.

By putting a system in place now, you’ll step into tax season knowing your records are accurate and complete.

Preparing for 1099 Season:

Get ahead of deadlines by organizing contractor records now, not in January.

If you’ve hired contractors this year, 1099 forms are a must. The IRS requires you to issue a 1099 to any independent contractor who isn't a corporation whom you've paid $600 or more by cash, check, or ACH. The January 31 deadline comes faster than you think..

Here’s the process I walk through with clients:

• Identify all contractors who meet the threshold.

• Double-check that payments are recorded correctly.

• Gather and confirm W-9s and tax IDs.

• Draft forms early and file them on time.

Starting this now, instead of after the holidays, means fewer mistakes, no rushing, and complete peace of mind.

Finish the Year with Confidence:

With organized books and clear records, you’ll step into the new year ready to grow.

Closing Q3, setting up strong expense tracking, and preparing for 1099s are simple steps that make a huge difference. Instead of scrambling during tax season, you’ll have clean books, accurate records, and a clear financial snapshot of your business.

If you’d like help wrapping up Q3, setting up an expense system, or making sure your 1099s are ready to go, I’d be glad to walk you through it. At Taylor Made Bookkeeping, I work one-on-one with small business owners to make year-end easier and give you the clarity you need to grow.

Schedule your free consultation today and let’s finish the year strong.