The festive season is just around the corner, and everyone wants to sell as much as possible to relax during this season with friends and family. During this rush, business owners tend to forget about finances. It is essential to continue bookkeeping during this period due to high sales, and depending on your business, it might mean the end of a financial year.
Here Are Some Christmas Bookkeeping Tips
1. Create a budget
After the season is over, business begins to slow down in the first two months of the new year. Create a budget for the months and the anticipated expenses such as rent, account payable, payroll etc.
2. Save
Saving is one of the best ways to ensure you have extra cash during periods when you’re closed.
3. Payroll and leave allowance
Most businesses, including yours, have policies to claim annual leave over the holidays. The Christmas season makes it the ideal season for employees to ask for leave and their allowance. Plan for the payroll and budgets in advance. Also, ensure that you speak to your employees about a smooth transition into the New Year.
4. Collect debts
Create a list of outstanding debts and focus on collecting them before the holiday period has ended. The debt will help the business have sufficient cash through the season and the slower months of January and February.
5. Plan for the new year
It is easy to get disrupted and forget to plan for the coming year due to a busy schedule and sales traffic. However, ensure you prepare for the coming year.
6. Deadlines
December comes with many deadlines, such as tax returns or activity statements. Don't forget to keep the deadline, or else you will have to pay penalties.
7. Give back
Christmas holidays are the ideal time to recognise your clients and employees. You can provide offers, discounts and thank you cards or emails for working with you.
If you are struggling to prepare your bookkeeping for the Christmas season, Shoebox Books is here to assist you. Our professional bookkeepers will keep all of your financials in check over the festive period. Visit our website or contact us to learn more about our bookkeeping services.
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