end of 2024 CFO checklist: 10 items for a stress-free EOY.

Now that Q4 of 2024 is here, many C-suite leaders, including CFOs will have started talking about Q1 of 2025. What have you learned from the events of this year? How can you improve next year and make even more progress toward your goals?

However, we’re not at Q1 just yet. There are several crucial months ahead, and many important items on the end of 2024 CFO checklist — with a lot of items that need to be completed before people leave the office for the holidays.

The typical CFO’s to-do list includes annual accounts, compliance reviews, data analysis, plus providing accurate financial reports to inform next year's strategy. You’ll also need to think about managing your team and looking after yourself. With that in mind, here’s the CFO checklist of end-of-year tasks.

10 essential tasks for your end of 2024 CFO checklist

Your full CFO checklist will depend on a number of factors, such as the size of your company, the available resources on your finance team, and your organization’s compliance obligations. But, in all cases, your checklist should include the following items:

1. start the communication process

Most of your year-end tasks will involve other people, whether that’s your team members, service providers, senior leadership or other stakeholders. Most of these people will have their own year-end pressures, so it’s good to connect with them as early as possible.

Set clear expectations about what you need from each person. Alternatively, let them know what you will deliver to them. In both cases, be sure to clarify any relevant deadlines.

Action items:

• Notify anyone who needs to take action before a certain date
• Be clear about when you will perform certain actions, such as providing financial reports to senior stakeholders
• Arrange important meetings as early as possible, to avoid scheduling conflicts near the holidays

2. verify your financial data-gathering processes

All of your financial reviews depend on access to timely, reliable data. It’s important to take a moment to review your data-gathering processes to ensure all information is accurate and complete.

This is especially true if you’ve made major IT changes in the past year, such as introducing AI or other forms of automation. Work with auditors and local experts to ensure all data is fully trustworthy.

Action items:

• Confirm the results of process or technology audits
• Perform checks to look for possible issues with data quality
• Speak to your team about any issues or concerns they might have about data accuracy

3. review routine accounting procedures

The year-end is a good time to step back and look at the nuts and bolts of your finance operation. Is everyone following best practices? Have there been any major compliance concerns? Are your technology and processes still up-to-date?

These regular reviews can help identify any problems, and also highlight opportunities for improvement. By taking action now, you can help your team get off to a strong start in 2025.

Action items:

• Speak to team leaders about any process or workflow issues they have noticed
• Review audit data to identify any recurring problems or concerns
• Implement an action plan for improvements to begin as soon as possible

4. oversee impairment testing

In some cases, you might have a compliance obligation to perform impairment testing and reevaluate your most important assets. If so, work with your finance team to ensure all valuations are accurate and up-to-date.

It’s a good idea to evaluate everything on a regular basis — even including intangible assets like goodwill — as this gives a more accurate picture of the organization’s current position.

Action items:

• Work with auditors and accountants to perform impairment testing
• Update financial data accordingly if an asset needs to be written down
• Make sure year-end accounts accurately reflect impairments as losses

5. examine your IT strategy

CFOs play an increasingly important role in IT strategy. Many finance leaders work closely with CTOs and CIOs to budget for and implement new technology. It’s important to talk about how to manage this investment and deal with ongoing expenses, such as software subscriptions.

Finance leaders are also responsible for looking at return on investment in tech. Did your new software, hardware or AI deliver the benefits you had anticipated?

Action items:

• Gather information about costs and savings associated with any recent IT investment
• Compare current data to your digital roadmap
• If your current progress is slower (or faster) than anticipated, speak to relevant stakeholders about a strategy review

6. review progress against annual goals

When the C-suite meets to discuss progress made in 2024, they will look to the CFO for key data. Did the organization hit revenue goals? Were costs within the expected boundaries? Were there any shocks that changed the strategic picture, such as inflation or interest rate cuts?

As part of your end of 2024 CFO checklist, take some time to compare financial reports with the previous year’s strategic targets. The C-suite is counting on you to deliver an accurate picture that will help shape next year’s strategy.

Action items:

• Review the original strategic goals from Q1 2024, plus any mid-year updates
• Create reports that are relevant to each goal
• Offer clear answers about how the organization performed in relation to its targets

7. begin budget analysis

Budget planning will be one of the most pressing end-of-year tasks. It’s a good idea to get ahead of it as soon as possible by compiling reports, working on analytics and ensuring all data is available.

Talking to other leaders is also essential — ask them about their plans for the year ahead and their budget expectations. This will allow you to prepare for more in-depth budget discussions ahead of next year’s strategy planning session.

Action items:

• Organize budget planning meetings with relevant stakeholders
• Talk to your analytics team about the financial data that you will require
• Consider any lessons learned from the previous year and look for ways to make the budget planning process more responsive to organizational needs

8. reach out to service providers

Financial year-end often involves a number of external parties: your accountants, your legal representatives and even your bank. You might also work with consultants who help with temporary skills needs, such as financial analysis.

It’s a good idea to reach out to these service providers to let them know about your schedule for the rest of the year. This allows you to book meetings, access resources and anticipate any issues that might otherwise cause a last-minute rush.

Action items:

• Contact all third parties as soon as possible to discuss your year-end plans
• Ensure there is clarity about all processes, e.g. that auditors have sufficient access to systems and records
• If you need additional help with any aspect of year-end, reach out to a trusted partner and talk about your needs

9. check in with your team

Ultimately, a smooth year-end depends on your team pulling together. Managers, finance professionals, data experts, administrators, compliance gurus — all of these individuals will be working hard to ensure a successful Q4.

Perform regular check-ins to ensure they have adequate resources and are prepared to deliver results. Also, talk to them about the company’s strategic goals and explain why their work matters.

Action items:

• Meet with local managers to discuss the current state-of-play within the team
• Take immediate action to resolve any issues, e.g. hiring consultants to fill any temporary skills gaps
• Thank every member of the team for their hard work and commitment over the previous year

10. review your personal goals

Finally, remember this is also your personal year-end! It’s essential to take some time to reflect on your progress over the past year, both professionally and personally. Before you know it, 2025 will be here and you will have to face a brand new set of challenges and opportunities.

Don’t forget to think about professional development and career progression. CFOs often find it difficult to fit training and upskilling into their hectic schedules, but continuous learning is an essential part of remaining at the top of your profession.

Action items:

• Reflect on personal achievements over the past 12 months
• Make plans for professional development over the coming year
• Schedule some time to refresh and recharge over the holidays

the final item on your end-of-year CFO checklist

A successful year-end depends on one thing: having the right people around you. That can include auditors, finance consultants and data experts. It might even mean bringing in a new CFO, or appointing an interim CFO to guide you through an exciting period of growth.

Need access to top-quality finance talent? Tatum can help in a number of ways, from managing one-off projects to helping you recruit a new CFO. Get in touch with a consultant today and let’s talk about how you can have a successful year-end close.