With the calendar year coming to a close and the holiday season upon us, now is the perfect time to evaluate your business’s performance in 2025. Whether the results were positive or challenging, use what you learned to position your business for a successful 2026. To help you get started, here are a few key items to consider when building your year-end review checklist.

1. Review your year-to-date financial statement. If you have prepared a budget for the year, compare your actual financial performance against your projections. This should include not only revenues, but also expense categories. Any line items that trail or exceed your budget should be analyzed carefully to understand the cause of the difference. Whether those variances are positive or negative, identifying them now will give you valuable insight as you finalize your 2026 budget. 

2. Prepare a checklist or list of reports to submit to your accountant in January 2026. Staying organized at year-end by gathering all essential financial information (accounts receivable, accounts payable, general ledger entries, etc.) will make your January workload much lighter once tax season begins. Providing your accountant with complete and accurate records early ensures a smoother process and helps guarantee your return is filed on time by the April 15 deadline.

• Give your accountant secure, view-only access to your First eBiz account. They can access and download the financial documents they need, but cannot make transfers, approve checks, initiate wires, etc. This ensures your tax prep is completed safely and efficiently, while saving you time and minimizing back-and-forth coordination.

3. Contact your accountant to see if any IRS changes to the tax code need to be addressed before year-end. While your accountant has likely already updated you, a quick call can ensure nothing has been overlooked and that your business is fully prepared for any new requirements.

4. Evaluate your business’s equipment and technology needs for 2026. Consider whether purchasing new equipment before year-end could be strategically beneficial. Consult your accountant about the impact of depreciation and how it could provide tax benefits in 2026. Also, assess whether any technological upgrades (such as software or hardware improvements) could enhance workflows, efficiency, or overall operations in the coming year. 

5. Review your staffing and HR needs for 2026. Consider potential changes that may arise as the year progresses, even if they are not immediate priorities in the first quarter. These could include factors such as sales growth, retirements or normal employee turnover. Having a plan to address staffing needs will help minimize disruptions and keep your business running smoothly.

That wraps up a suggested checklist of financial and operational items to consider at year-end, but one final item can have a lasting impact in 2026: a simple “Thank You”. As we’ve emphasized in previous articles, knowing and appreciating your customers is key. December is the perfect time to reach out and express gratitude for their business and the trust they place in you as a partner. As community bankers, we know this small gesture costs nothing, but can go a long way in strengthening relationships and showing your customers they are truly valued.

Have a great holiday season and a prosperous 2026!

About First Community Bank and Trust
First Community Bank and Trust is a privately-owned bank. Established in 1916 First Community Bank and Trust has been serving Beecher, IL, Peotone, IL and the surrounding communities for over 109 years. Our commitment to providing the best banking products and services is matched only by our outstanding customer service. We offer traditional community banking services, including mortgage, consumer, and commercial lending, as well as state of the art electronic banking services.

Press Contact:
Steve Koehn, Senior Vice President
First Community Bank and Trust
(708) 946-2246

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