Quarter-End Checklist: 7 Things Every Business Should Do Before Closing Q3

By Acctually | Smarter Accounting, Bookkeeping & Tax Services

Quarter-end is more than just a date on the calendar—it’s a critical checkpoint for the financial health of your business. Whether you’re running a startup, small business, or scaling SaaS company, how you close out Q3 can determine how smoothly you enter Q4 and ultimately wrap up the year.

At Acctually, we help businesses stay ahead with proactive accounting, tax planning, and software-driven insights. To help you finish Q3 strong, we’ve created a 7-step quarter-end checklist that every business owner should follow.

1. Reconcile Your Accounts

Start with the basics: make sure your bank accounts, credit cards, loans, and payment processors are reconciled.

• Compare statements against your accounting records.

• Identify discrepancies early (duplicate transactions, missed expenses, timing errors).

• Ensure cash balances are accurate before moving into Q4.

💡 Why it matters: Inaccurate reconciliations lead to skewed financial reports, which can affect everything from loan approvals to tax filings.

2. Review Accounts Receivable & Payables

Quarter-end is the perfect time to:

• Send reminders for overdue invoices to keep cash flow healthy.

• Review vendor bills and upcoming payments.

• Negotiate payment terms if needed to better align with cash flow.

💡 Why it matters: Staying on top of receivables and payables helps you avoid unnecessary borrowing and gives you a clearer picture of working capital.

3. Check Your Payroll & Contractor Payments

Payroll errors can be costly—both in dollars and employee trust.

• Confirm all salaries, benefits, and withholdings are correct.

• Ensure 1099 contractors are properly classified and documented.

• Review payroll tax deposits for compliance.

💡 Why it matters: Payroll issues can lead to IRS penalties and frustrated employees. A quarterly review keeps you compliant and avoids headaches at year-end.

4. Analyze Your Profit & Loss Statement

Quarter-end is a great time to step back and ask: How is the business really performing?

• Compare Q3 performance to Q2 and your original forecasts.

• Identify key revenue drivers and expense categories.

• Spot early trends—are sales rising? Is marketing ROI paying off?

💡 Why it matters: A proactive analysis allows you to adjust strategy in Q4, rather than waiting until the end of the year when it’s too late to course-correct.

5. Evaluate Cash Flow & Forecast Q4

Even profitable businesses can run into trouble if cash flow isn’t managed.

• Review cash inflows and outflows for the quarter.

• Create a rolling 90-day cash forecast to prepare for upcoming expenses.

• Factor in Q4 obligations like year-end bonuses, vendor renewals, and tax estimates.

💡 Why it matters: Cash flow forecasting helps prevent surprises and ensures you’re prepared for seasonal fluctuations or unexpected expenses.

6. Review Tax Estimates & Opportunities

Q3 close is the perfect checkpoint for tax planning:

• Verify that your estimated quarterly tax payments are up to date.

• Review potential deductions you can maximize in Q4 (equipment, retirement contributions, R&D credits).

• Consider entity structure optimizations (especially for S-Corp or LLC owners).

💡 Why it matters: Waiting until April often costs small business owners thousands. Strategic tax planning in Q3 and Q4 can significantly reduce liabilities.

7. Update Your Financial Dashboard & KPIs

Numbers only matter if you can act on them. At quarter-end, review key performance indicators (KPIs):

• Gross margin

• Customer acquisition cost (CAC)

• Monthly recurring revenue (MRR)

• Burn rate (for startups)

💡 Why it matters: By tracking the right KPIs, you can measure performance, guide decision-making, and show investors or lenders that your business is on the right track.

Quarter-End Is Your Business Reset Button

Closing the books at quarter-end isn’t just about compliance—it’s about taking control of your financial story. By reviewing accounts, analyzing performance, and planning ahead, you’ll be better prepared for Q4 and beyond.

At Acctually, we don’t just crunch numbers—we give you clarity, strategy, and software-driven tools to scale smarter. From bookkeeping and tax planning to forecasting and financial systems, we help business owners like you make decisions with confidence.

✅ Take Action Today

Don’t go into Q4 without a clear financial picture.

📩 Book a free quarter-end review with Acctually and let’s:

• Reconcile your books

• Review tax opportunities

• Build a cash flow forecast for Q4

👉 Schedule your consultation now and finish the year strong.

📧 Email us at hello@acctually.com
🌐 Visit us at https://acctually.com/
📞 Call us at (646) 543-4916‬