Bookkeeping tips for small businesses this holiday season

It is the holiday season and some lucky fishes are already sitting with their feet up at the beach.

However, as a small business owner, you are more than likely still extremely busy wrapping the year up and planning for the year ahead.

It is easy to lose track of time during the holiday season, which could mean your accounts and other financial processes may be neglected. However, ensuring your bookkeeping is all in order before you put your feet up is essential.

As an authorised Intuit QuickBooks local partner in Southern Africa, EasyBiz Technologies has some valuable bookkeeping tips for small businesses this holiday season.

 

Here are 3 tips to help you gain peace of mind before closing for the festive season and to help your business into the slower months of the New Year:

  • One of the most fundamental bookkeeping processes you need to attend to before closing the office is the collection of outstanding debts. This is never a pleasant task, especially if you have difficult customers who may be stalling deliberately. The bottom line is it is your business which will suffer if you don’t have the cash you need to pay staff, pay bonuses, wrap up your own accounts and carry your business into the New Year. Take the time to focus on outstanding payments. With bookkeeping/accounting software such as QuickBooks, it is easy to keep track of what is coming in and going out. Think about starting the New Year with a clean slate – no outstanding payments – as a motivator to concentrate on this important task.
  • Even if you’ve had a wonderfully successful year, without budgeting for upcoming expenses you could easily find yourself in a tight spot. If you are already using accounting software you will find it easy to create a 2019 budget. Regardless of whether you are using your own bookkeeping methods, ensure you take the time to draw up a budget. January and February are notoriously long and quiet months for business so being sure you can weather the storm by forecasting and making provision for anticipated costs is important. Include things like rent, accounts payable and payroll in your budget. Creating a budget will also be a good indication of why it is so important you chase your debtors up!
  • The holiday season is a good opportunity to save, believe it or not! Think about it, your business is closed for a period which means less electricity, water and general office supply usage by staff. Having a nest egg, no matter how small, to kick the year off with will be a great backstop to what could be an unpredictable economic start to 2019.

 

Our bookkeeping tips for small businesses this holiday season touch on a few small, but important, aspects of your business which could be lifesavers in the New Year.

Be prepared for the holiday and any other season with a quality accounting software product, like QuickBooks, from EasyBiz Technologies.

For more information, go to easybiztech.co.za

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Personal Information
Where a party receives any personal information (“PI”) related to the other party, the party who receives the PI, will comply with and have adequate measures in place to ensure that its employees, agents, subsidiaries and representatives comply with the provisions and obligations contained in the Protection of Personal Information Act, No. 4 of 2013. Any PI pertaining to one party which is required by the other party, will only be used by that other party for the purposes of this contract and will not be further processed or disclosed without the written consent of the latter and the recipient of that PI will take all reasonable precautions to preserve the integrity and prevent any corruption or loss, damage or destruction of the PI. If and when the contract is terminated, each party will, save to the extent that it is required to do otherwise by any applicable law, erase or cause to be erased, all PI and all copies of any part of the PI relating to the other party”.