October Newsletter
Updated: Oct 5
October is upon us, which means we’ve officially made it to Q4! And somehow, we’re already talking about year-end planning and 2027. How did that happen?
The last few months of the year can get busy fast. Between the holidays, time off, year-end purchases, tax planning, and the normal day-to-day of running a business, it’s easy for the financial side of things to get pushed aside.
But October is actually a great time to check in - while there’s still plenty of time to make adjustments before December 31.
Your October financial checklist
Here are a few things I’d put on your list this month:
Get your bookkeeping caught up. If you’ve fallen behind on categorizing transactions or reconciling your accounts, now is the time to catch up - not January.
There’s another good reason not to wait. CPA Practice Advisor recently reported that cleanup work billed at tax-season rates routinely costs 30–50% more than the same corrections handled throughout the year. Waiting can mean more time reconstructing old transactions, tracking down missing information, and trying to get everything fixed while tax deadlines are approaching.
Check your outstanding invoices. See who still owes you money and follow up on overdue payments.
Look ahead at your cash flow and upcoming expenses. Will the holidays make your business busier or slower? Are you taking time off? Think about taxes, bonuses, year-end purchases, holiday expenses, and anything else that could affect your cash over the next few months.
Review your year-to-date numbers and 2026 goals. Look at your revenue, expenses, profit, and cash flow. Are you where you expected to be? There are still three months left to make adjustments.
Check what you're paying for QuickBooks. QuickBooks increased prices for several Online plans in August, so if you haven't looked at your bill lately, now might be a good time.
And if you're on QuickBooks Advanced, Bill Pay Elite is now included at no additional cost. Standard ACH payments through QuickBooks Bill Pay are also free across all Bill Pay tiers. If you're paying for another bill-pay service, take a look at whether you still need it.
Basically, make sure you're on the right QuickBooks plan - and actually using what you're paying for.
A few important October updates
October 1: New IRS per diem rates take effect. If your business involves a lot of travel or you reimburse employees for business travel, the IRS's new 2026–2027 special per diem rates take effect October 1.
October 15: Extended tax returns are due. If you requested an extension for your 2025 individual federal income tax return—or your calendar-year C corporation requested an extension—the deadline is October 15.
Remember: an extension to file was never an extension to pay. If taxes were due April 15 and weren't paid, interest has been accruing on the unpaid balance.
Start preparing for 1099s now—and there's a big change this year
I know January still feels a ways away, but Q4 is a great time to start preparing for 1099 season.
And there's an important change for 2026: the old $600 reporting threshold has increased to $2,000 for certain payments made in 2026.
For Form 1099-NEC, businesses generally need to report qualifying payments of $2,000 or more for services performed by someone who isn't an employee.
That doesn't mean you should stop collecting W-9s or tracking payments under $2,000. Keep collecting W-9s, tracking contractor payments, and keeping good records throughout the year. You'll be glad you did when January rolls around!
There’s still plenty of time left in 2026
You don't need to have everything wrapped up for the year yet. We still have three whole months left!
October is about figuring out where you are now so you can make better decisions about where you want to be by December 31.
Get your books caught up. Look at your numbers. Check your cash flow. Start getting ready for 1099s. Talk to your tax professional. And start thinking about what you want 2027 to look like.
A little planning now can make the end of the year a whole lot less stressful.
Are your books ready for year-end?
As we get closer to the holidays and tax season, schedules start filling up quickly - mine included!
And waiting until January to deal with months of bookkeeping can make the process more stressful and potentially more expensive than taking care of it now.
If your books are behind, your accounts need to be cleaned up, or you simply want a clearer picture of where your business stands before year-end, let's talk.
Book a free discovery call and let's see what needs to be done before the year gets away from you.
Here's to a strong Q4!
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