The Ultimate Year-End Checklist for Boutique Owners

How can you finish the year strong to set you up for your Best Year yet?  Use this Boutique Owner’s End of the Year Checklist, plus these extra tips to make this a new year to get excited about! 

1. MEET WITH YOUR ACCOUNTANT:
Many boutique owners wait until after the year wraps to check in with their accountant—don’t make that mistake. Schedule check-ins at least quarterly (more often if you can) to review where you stand with potential tax liability. This simple habit helps prevent surprises, reduces stress, and keeps you prepared long before tax season hits.

2. PAY ESTIMATED TAXES:
It’s not the most exciting task, but it’s an important one. Paying estimated taxes helps boutique owners avoid federal or state penalties—especially if they owe more this year than last. It also lightens the load in April. With the first quarter already known for tight cash flow, having those taxes paid ahead of time can make a big difference.

3. UPDATE YOUR MILEAGE LOG:
This one slips through the cracks for a lot of boutique owners. Even with apps available, it’s easy to forget. A simple fix? Use a calendar and work your way back to January, noting every business-related trip—post office runs, office supply pickups, even dropping off a package for a customer. Every mile adds up, and skipping this step can mean leaving a major tax deduction on the table.

4. MAKE BIG PURCHASES:
If your business needs upgrades—like a new computer, printer, or steamer—year-end is a smart time to buy. Making those larger purchases now can help maximize available tax write-offs.

PS: Boutique Hub memberships and courses may also qualify as tax-deductible business expenses. Join here, or explore courses here!

5. LAST-MINUTE SALES:
Clear out stale inventory with a quick end-of-year sale. At tax time, your accountant will need the wholesale cost of the inventory you still have on hand—and that amount is treated as an asset. In other words, you can be taxed on old, unsold product. Move it out now to avoid carrying unnecessary costs into the new year.

6. DONATIONS VS. DISCOUNTS:
When clearing out inventory, many boutique owners assume donating is the best route for a tax write-off. But here’s the smarter option: it’s often better to sell a $14 wholesale item for even $1 rather than donate it. Why? Because selling allows the business to write off the full $14 cost and bring in $1 of income. Donation deductions typically don’t equal the full wholesale value, so a deep-discount sale usually creates a better financial outcome.

7. YEAR-END INVENTORY:
Complete your physical year-end inventory no later than 12/31 and send the total wholesale cost on hand to your accountant. If you use Delirious Profit, compare both numbers to make sure there are no major discrepancies.

8. GET YOUR RECEIPTS IN ORDER:
Gather and organize all receipts before year-end. To save money on accounting fees, total them by line item so your accountant doesn’t have to do the extra work—and you don’t have to pay for it.

9. FOLLOW UP ON ALL ACCOUNTS RECEIVABLES/PAYABLES
Make sure your books are as clean and current as possible. If vendors owe you product or credit, ensure every outstanding item is documented and updated for accurate tax reporting. Once everything is recorded, these balances will appear on your Aged Creditors or Aged Debtors reports within your accounting software. 

10. RECONCILE ALL ACCOUNTS
Reconciling all your credit card statements and bank accounts will ensure you have taken into account all expenses and purchases to date.   

11. REVIEW YOUR CONTRACTS
EOY is a great time to review your current contracts – phone, internet, credit card processors, etc. Note on your upcoming year calendar when these lapse. This will give you time to research other options if necessary.  

12. HAVE A PLAN FOR NEXT YEAR:
Use year-end as a reset point to decide what needs to change—better bookkeeping, a more strategic buying plan, or clearer financial habits. Map out what you want the new year to look like and set those goals in motion now. It’s never too early to plan ahead. The best planning is done in the official Retail Planner! 

Kick off the New Year with The Boutique Hub Team in our FREE 3 Day Webinar, Best Year Yet! 

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