Business tips · 2026
Year-end in your company: 8 tasks worth doing before 31 December
“What will you need from me to close the year?” Clients ask this at the end of January, when some things can no longer be changed. Most year-end tasks must be done by 31 December. Below is a short list you can review in half an hour.
1. Stocktaking
Companies holding goods, raw materials or fixed assets must count them at year-end and compare the results with the accounting records. The stocktaking list and the committee decision are the first documents the tax authority (VMI) asks for.
2. Reconciling balances with customers and suppliers
Send balance confirmation statements to your main partners. Differences usually come from an unrecorded invoice or a double payment. They are much easier to find now than in June.
3. Doubtful debts
If a customer has not paid for more than a year, assess whether the debt can still realistically be recovered. A properly documented bad debt can be recognised as an expense, but only with proof that you tried to collect it.
4. Advances received and paid
An advance without an invoice at year-end is a common mistake. Check that invoices have been issued for all advances received and obtained for all advances paid.
5. Cash register and accountable persons
The cash balance must match the actual cash. Money paid to accountable persons must be supported by receipts or returned.
6. Holiday accrual and other accruals
The cost of unused holidays and invoices not yet received for December services (electricity, telecoms, rent) must be included in that year's expenses.
7. Profit and payout plan
November is the last chance to estimate this year's profit. You can still decide whether to buy planned equipment this year, how much to pay out to the MB member, and whether the corporate tax rate (17 %, 7 % or 0 %) will change because the income threshold is exceeded.
8. Documents to your accountant – by 10 January
Agree with your accountant on the date by which you will submit all December documents. This avoids a rush as the i.SAF and VAT return deadlines approach.
Most common mistakes
- Stocktaking “on paper” without an actual count.
- Balances are not reconciled, and differences come to light only during a tax audit.
- Personal expenses paid with the company card are left unexplained.
Advice from Ana Baranova, director of Patikima buhalterė: “There is no need to fear the end of the year; it just needs planning. At the start of November we give every client a short list of what we will need from them, and 31 December arrives without surprises.”
We will help you close the year calmly
We prepare a year-end list for your company, reconcile balances, and take care of stocktaking documents and the profit plan.
Information valid for 2026. Assess your situation with an accountant before making a decision.
