From managing compliance and preparing year-end reporting to planning for next year’s financial goals, the steps controllers take now will set the tone for an organization’s financial health in the coming year.
Here are the 6 things controllers should be focused on now through the end of the year:
Close the Books Accurately and On Time
Year-end financials can make or break your company’s financial standing as you move into 2025. Any delays or errors in closing the books could lead to misaligned budgets, audit complications, and ultimately, stakeholder mistrust.
Ensure all transactions are accounted for, reconciliations are completed, and there are no unresolved discrepancies. Identify and address issues from earlier in the year now, before they snowball. Efficient financial close processes can save companies both time and money. Ensure you’re setting up detailed checklists and streamlining workflows early to allow for accurate reporting.
Ensure Compliance with Regulatory Changes
Regulatory changes in 2024 have already impacted financial reporting, and 2025 will bring even more shifts. Controllers who fail to stay compliant risk fines, audits, and long-term damage to their company’s reputation. To ensure your processes are aligned with current standards, review new tax laws, accounting regulations, and GAAP updates. Audit your reporting procedures to ensure compliance, and don’t wait until January to make necessary adjustments.
Set Strategic Financial Goals for 2025
Setting clear financial goals that align with your company’s broader objectives will help you build a solid financial foundation for 2025. Are your financial processes efficient? Are there opportunities to optimize cash flow, reduce costs or improve tax strategies?
Collaborate with senior leadership to ensure your department’s goals align with the company’s long-term strategy. Consider how you can improve efficiencies in areas like cost control, cash flow management, and tax planning to better support business growth. Setting clear targets now will give your team the focus they need to start 2025 strong.
Leverage Technology to Optimize Financial Operations
Evaluate your current financial technology stack and consider if there are underutilized tools that could boost efficiency and reduce errors. From automating reconciliations and financial reporting to improving data accuracy, the right technology can make a significant impact on your year-end close and your preparations for 2025. For example, implementing AI for predictive analytics can give your team a clearer view of cash flow trends and potential financial risks for 2025, helping you stay ahead of any disruptions. Also consider if your team needs additional training on any existing systems.
Begin tax preparation and prepare for audits and reviews
If the company uses a third party, ask what documentation they will need, and begin gathering that now. When the new year starts, there will be many new initiatives the company will need your team’s support with, so spend the time now auditing social security numbers, ensuring W-9 forms are correct and that you have all the W-9 forms needed. Mistakes with social security numbers are costly for employees and organizations, so be proactive and do an audit of them on the front end.
Evaluate Your Finance Team’s Performance and Capacity
Your team’s performance during the year-end crunch can reveal weaknesses that may be holding your department back. Are you adequately staffed and equipped to handle the growing demands of 2025? If your team is stretched thin or showing signs of burnout, waiting until next year to address these issues could jeopardize your employee retention as well as financial operations in the long run.
Conduct a workforce audit. Are there critical roles that need to be filled, or skill gaps that should be addressed? Are key members of your team showing signs of burnout, potentially risking turnover? Ensuring your team is equipped to meet both short-term deadlines and long-term growth goals, especially amid hiring challenges, is essential.
Ready to optimize your financial operations for 2025? Contact our team of accounting recruiters to ensure you have the right top talent to meet your goals in the new year.
