The winter season can be an interesting time of year. Work has a big high where everyone is trying to get all of their work done before the holidays and then a really big low just in time for the break. This lull in time is the best time to get your company back in order. Below are some tips, just for that!
Know your cash flow situation You cannot account for the future near or far if you do not have an idea of the money coming in and going out. Be proactive in your planning rather than thinking, “oops, we didn’t bill enough last month.”Be proactive with invoicing
Issue your invoices as soon as jobs are complete. This will help get payments in sooner. Try using email to invoice your clients rather than sending them via post mail. Consider offering an incentive such as a 5% discount, to customers who pay you before Christmas.Take a step back
The end of the year is a good time to take a step back and review your financial statements and think through areas for improvement and establishing new goals for the coming new year. You can catch things that you missed while running the day-to-day race.Bonuses
A holiday bonus is morale boosting for employees. But you need to check the books to make sure the amount of bonuses doesn’t break the bank. Consider the future, if the company faces a difficult time, will you be able to pull through?Close up shop and head to the slopes
There is no point in keeping your doors open and incurring costs if you aren’t busy during the holidays. Either close for the holidays or have very few staff. This will help save the business some money on operating expenses and make sure staff annual leave get’s used.Work out your tax deductions on expenses
Around this time of year, you want to show appreciation to your clients and staff. But, it does help to know which common holiday expenses are claimable. An important issue to understand is the possible taxes that may arise when it comes to providing entertainment to staff and clients. To understand everything behind expenses such as: gifts to clients, Christmas parties, client entertainment, gifts to staff, gifts of food and wine, cash bonuses and the potential taxes, deductions, and claims on these items contact us!
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