December Checklist: Small Steps That Avoid Big Headaches in January

As the year comes to an end, many companies face the same reality: piles of documents to organise, deadlines approaching, and urgencies that could have been avoided with a bit more routine throughout the year. However, closing the fiscal year doesn’t have to be a chaotic process, as long as there has been consistent work during the preceding months.

In this article, we explore simple practices that can transform the year-end closing into a calm, efficient process without unpleasant surprises. The foundation of it all? Organised accounting that is understood as a true management support tool. 

1. Monthly Routines That Prevent Accumulation at Year-End

Most of the January constraints don’t arise because the annual closing is particularly complex, but because the company has gone months without regular control. Small monthly practices make all the difference.

The first step is to ensure that the information necessary for accounting records is always complete, organised, and submitted on time. Only then can accounting faithfully reflect the company’s reality.

Among the essential routines are:

• Continuous checking of suppliers and customersRegularly controlling registered invoices and confirming balances avoids accumulated errors and facilitates tracking of credits, payments, and liabilities.

• Monthly reportsHaving a clear picture of the company’s financial position throughout the year allows trends to be identified, deviations corrected, and surprises avoided when the closing moment arrives.

• Monitoring tax obligationsTax rules are dynamic, and late penalties can be significant. Monitoring them throughout the year enables informed decisions and penalty avoidance.

• Annual budget and periodic reviewThe budget is a forecast of expected revenues, expenses, and investments. It acts as a navigation guide: enabling comparison between planned and actual figures and correcting course in time.

• Cash flow planEssential for ensuring liquidity. It helps predict inflows and outflows, anticipate tight periods, and plan investments or renegotiations securely.

2. Annual Tax Obligations and Their Deadlines

All annual tax obligations are submitted in the year following the fiscal year. Knowing these deadlines is crucial to avoid delays and fines. Here are the main ones:

• SAFT – InventoryXML file generated by the company’s software containing the inventory on 31 December.Deadline: 31 January 

• Form 1B — Annual Income DeclarationIncludes all revenue and expenses of the year, including tax adjustments. It is from this form that the corporate income tax (IRPC) is calculated.Deadline: 31 May (submission and payment) 

• SAFT – AccountingDigital XML file containing all accounting information.Deadline: 30 June 

• DAICF — Annual Accounting and Tax Information DeclarationA complete declaration covering:

  • Accounting,

  • Tax situation,

  • Financial statements.Deadline: 30 July 

These deadlines make up the minimum fiscal calendar that any company should always keep in view.

3. Final Tips to Close the Year Without Surprises

The secret to a calm start to the year lies in continuous organisation. Some essential tips:

• Submit documents on timeThis avoids later replacements and corrections, which often lead to fines.

• Monitor accounting throughout the yearPeriodic meetings allow results to be tracked and informed decisions made without waiting for the final balance.

• Have an updated tax calendarIt serves as a guide to meet all obligations within the deadlines and avoid penalties.

• See accounting as a management toolMore than just recording facts, accounting should support decision-making, guide the financial plan, and ensure the company’s sustainability.

Conclusion

Closing the accounts for a year shouldn’t be an emergency process, but rather the natural conclusion of consistent work throughout the months. With well-structured monthly routines, regular control, tax monitoring, and tools like budgeting and cash flow planning, companies can turn December into a calm stage and January into a secure start. 

After all, organisation is not just good practice: it’s strategy. 

This topic was discussed in detail in the latest episode of the “Economia Descomplicada” podcast.

Listen to the full episode here:

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Economia Descomplicada - Rádio Morabeza | Checklist de dezembro: pequenos passos para evitar grandes dores de cabeça em janeiro