Small business bookkeeping is essential during December – a hectic time for most businesses. If you and your team are not organized, it can bring with it a series of issues that are difficult to resolve while you have a million things to do. If you have fewer employees during the holidays, it can be especially difficult to deal with the high influx of business and financial gain that comes in. This is why it’s important to be well prepared with these tips and make sure you are ready for complex client emails, issues requiring troubleshooting, and a higher volume of orders.
Prepare for a High Volume of Orders
Our first small business bookkeeping tip: prepare for a high volume of orders by making sure you are well stocked up with more inventory than you think. Make sure everything is organized, documents are up to date, you are prepared to send out invoices, and ready with shipping materials.
Take Care of Invoices
Make sure you have resolved outstanding invoices as well as unpaid ones. Make sure to make those collection calls and get your money from clients and partners, so you have the funds you need during this busy time of year. It’s an excellent idea to hire a professional bookkeeper to help you get all of your finances in order to close off the year and start up the new one.
Prepare Holiday & Vacation Pay
Now is the time to adjust your finances in accordance to holiday pay and vacation pay with everyone taking sick days, travelling abroad or taking time off to be with family. It’s also the time to account for holiday bonuses which may impact your finances.
Prepare for Extra Expenses
As previously mentioned, a bonus may be considered an extra expense. During the holidays you may also treat your employees to a nice holiday event or dinner, gift cards or other presents to show your appreciation. Account for these things in your year-end small business bookkeeping.
Get in touch with AccNet if you require the help of a professional bookkeeper for your small business bookkeeping tasks. These are vital for the financial health of your company and we can’t wait to help you get things in order!