It is vital that your business is prepared for the Christmas period. As many businesses ‘shut up shop’ for the festive season, the rate of sales and purchases can also slow down with January being very similar.
Below are 5 small business accounting tips to ensure you are well on track for the new year without compromising on the festivities you deserve to take part in.
Understand Your Cash Flow
If you have no idea of what is coming in the future, you are never able to efficiently plan financially. Without planning financially, you won’t be able to look forward and you could find yourself looking backwards wondering where all of your income went.
As we all know, looking backwards halts development which is what no business wants to do. Ensure your accounts are in order and get professional business advice from our professional team so that you can get cash flow management that matters.
Protect Your Invoices
Make sure that your invoices are issued as soon as a product or service is carried out. If you are a business that waits until the end of the month to submit their invoices, you could be facing a serious back log of accounting in the Christmas period.
Issuing your invoices as soon as possible allows for quicker clearance and you will see the hard-earned cash much quicker than having to wait for it.
Chase Those Late Payments
It is now the time of year to knock on the doors of those who owe you money and settle your accounts properly before the new year. It is no use having money owed when it comes to the Christmas period as you need all of the financial support you can get in the months of serious splurge and financial freeze in the following January. This is an important aspect of business to follow throughout the whole year, not just at Christmas.
Make Changes for The New Year
Now is the time to think about changes you would like to make to your accounting process for the new year on the horizon. Whether this be outsourcing all of it to us at Coleman and Co or looking for areas of improvement within your own business, you can ensure that 2017 will be your year for success and income with minor changes.
Tip – If you are finding that you have a lot of late payments to chase, maybe change the way you take payments all together.
Be Accurate with Tax
Throughout the whole year it is important to be accurate with your taxes, not just at Christmas. If you are showing appreciation to staff members or taking home a Christmas bonus for yourself, it is important that you arrange your expenses and tax deductions before you do so. Check expenses and tax deductions on gifts to clients, Christmas parties, gifts to staff and cash bonuses before you get a little too into the spirit of giving.
Get in Touch
The easiest and safest way to ensure your finances are in order before the Christmas period really takes over is to get in touch with Coleman and Co by calling 028 9266 3599. With accountancy, taxation, consultancy and start-up business services, you can ensure your business is set for a productive 2017.