As 2026 comes to an end, now is a good time for Irish businesses to review their financial processes and prepare for the year ahead.

Having accurate financial information is essential for understanding business performance, managing cash flow and making informed decisions.

Here are five key areas your finance team should review before year-end.

1. Review Your Management Accounts

Up-to-date management accounts provide a clear picture of your business’s financial performance.

Review your income, expenses, profitability and performance against budget. Identify any unexpected costs or areas where improvements may be needed.

Regular management accounts also help business owners and management teams make better decisions for 2027.

2. Complete Bank and Balance Sheet Reconciliations

Make sure your financial records match your bank statements and supporting documentation.

Review bank accounts, credit cards, payroll liabilities, VAT balances and other key balance sheet accounts.

Completing reconciliations before year-end helps identify errors early and ensures your financial information is accurate.

3. Review Debtors and Creditors

Outstanding customer invoices and supplier payments can have a significant impact on cash flow.

Review overdue invoices, follow up on outstanding payments and check supplier balances.

It’s also important to identify any potential bad debts and ensure outstanding liabilities are correctly recorded.

4. Update Your Cash Flow Forecasts for 2027

Year-end is an opportunity to review your cash flow position and plan for the coming months.

Consider expected income, upcoming expenses, payroll costs, tax payments and planned investments.

An updated cash flow forecast helps businesses identify potential shortfalls, manage working capital and prepare for future growth.

5. Check Financial Records and Tax Obligations

Accurate financial records are essential for meeting Irish tax and reporting requirements.

Before year-end, businesses should:

• Ensure VAT, payroll and other tax records are accurate and up to date.

• Review Corporation Tax obligations and upcoming payment deadlines.

• Check that invoices, receipts and supporting financial documents are properly maintained.

• Prepare the financial information required for annual accounts and tax returns.

Under Irish Revenue rules, businesses generally need to retain relevant tax records for six years. Corporation Tax filing and payment deadlines depend on the company’s accounting period, so they do not necessarily fall on 31 December.

Contact us

Preparing for year-end doesn’t have to put extra pressure on your internal team.

At Gallagher Keane Chartered Accountants, our Outsourced Finance Function services help businesses manage their financial processes, maintain accurate management accounts, monitor cash flow and access timely financial information.

With ongoing support from our experienced team, you can focus on running your business while keeping your finances organised and up to date.

Looking to outsource your finance function in 2027?

Contact Gallagher Keane today to discuss how our team can support your business.