What This Means for You, Business Owner: Your books should already be locked before the CPA begins work. This phase is about holding that lock, responding to adjusting entries, and using the numbers to plan forward — not reopening prior periods.
Once your CPA has your file, this is not the moment to keep making changes.
At this stage, the work shifts from cleanup to protection and planning.
This post is part of our December–February 3‑month series, and this is an important transition point many owners miss.
Here’s what should happen after the CPA has the file:
- Keep the books locked while the CPA reviews and prepares adjusting entries
- Respond promptly to CPA questions or clarification requests
- Review adjusting entries once provided (don’t ignore them)
- Ensure adjustments are posted correctly and documented
- Use the adjusted reports to update budgets and financial strategy
- Begin setting aside cash for expected tax payments
- Schedule reminders for estimated payments, filings, and deadlines**
What shouldn’t happen:
- Continued edits to prior periods
- “Just one more change” without coordination
- Treating this phase as hands‑off
Once books are submitted, accuracy matters more than activity.
Keeping the file locked protects:
- The integrity of your bookkeeper’s work
- The accuracy of the numbers provided to your CPA
- The reliability of your tax return
- Your ability to trust the final reports
This is also the moment to shift forward‑looking:
- What do the numbers tell you?
- What needs to change this year?
- What cash should be reserved now so nothing is rushed later?
Key takeaway:
Once the CPA receives the file, keep the books locked until you review the adjusting entries, then shift focus to planning forward with accurate numbers.
Your action item:
Confirm your books remain locked, watch for CPA adjusting entries, review them with your bookkeeper if needed, and use the final reports to plan cash needs and upcoming deadlines.
No bookkeeper yet? Locking books, reviewing reports, and planning ahead are much harder without someone managing the close process and protecting the file.
