There are some key tasks you should perform before the calendar year ends.
Create and send customer statements
The end of the year is a good time to remind your customers of any outstanding balances that they owe you, or to send them a statement of their activity throughout the year.
It's not mandatory, but you can choose to distribute profits (also known as retained earnings) to an owner or to multiple partners at the end of the year.
Start 1099 process
If you use unincorporated vendors, such as outside consultants or subcontractors, you need to send a 1099-MISC form to those who are paid more than a specific amount per year.
Setting up and preparing 1099s is a feature that's available only in QuickBooks Plus.
If printing, order 1099 forms
Prepare for taxes
Many small business owners use an accountant—especially at tax time. You can give your accountant access to your QuickBooks company so they can review your financial reports and other data. They can even make changes for you.
Get started with 1099s (PDF) (applies only to QuickBooks Plus users)