Staying on Top of Your Small Business Finances During the Holidays

The holiday season is one of the busiest times of the year for many small business owners. Between increased sales, seasonal promotions, and personal commitments, it’s easy to let your finances fall to the bottom of your to-do list. However, staying organized during this time is critical to starting the new year on the right foot.

At ASL Tax, Shelley works with small business owners to develop strategies for managing year-end chaos while staying on top of their financial goals. Here’s how you can keep your finances in check during the holidays.

1. Create a Holiday Budget

Overspending during the holidays can derail your financial stability. Whether it’s investing in seasonal marketing, hiring extra help, or purchasing inventory, having a budget will keep your spending in line.

Steps to Create a Holiday Budget:

• Review past holiday seasons to anticipate expected expenses.

• Set a clear spending limit for marketing, decorations, and special events.

• Monitor expenses weekly to ensure you’re staying within your budget.

  
  

2. Prioritize Invoicing and Payments

The holiday rush can lead to delays in getting paid, which might hurt your cash flow. Make invoicing and collecting payments a priority to avoid issues heading into the new year.

Tips for Staying on Top of Invoices:

• Use tools like QuickBooks Online or Wave to automate invoicing.

• Send reminders for overdue payments before the holidays.

• Offer easy payment options to encourage faster settlements.

  
  

3. Keep Track of Seasonal Expenses

From holiday bonuses for employees to decorations and gifts for clients, seasonal expenses can add up quickly. Keep detailed records to ensure you’re aware of where your money is going.

Pro Tip: Use apps like Expensify to scan and categorize receipts in real time.

4. Schedule Financial Check-Ins

Amid the hustle and bustle, set aside time to review your financials. Regular check-ins will help you:

• Ensure your books are up to date.

• Identify any discrepancies in income or expenses.

• Prepare for year-end tasks, like reconciling accounts and making tax-deductible purchases.

Shelley at ASL Tax can help you set up a system to stay organized during busy seasons. Schedule a consultation today.

5. Plan Ahead for Tax Season

The holidays are a great time to prepare for tax season. Start organizing financial documents, gathering receipts, and updating your bookkeeping to reduce the stress of filing early next year.

How ASL Tax Can Help

The holiday season doesn’t have to mean chaos for your business finances. Shelley at ASL Tax provides tailored support to help you stay organized and financially secure during the busiest time of the year.

Need help staying on top of your finances this holiday season? Contact us today to get started.