How to prepare your business for the holidays
What a year it’s been – so many ups and downs for the country! Hopefully you’ll be able to take a much-deserved break, but before you do, here are a few important things you’ll need to get sorted to prepare your business for the holidays.
Send out invoices early
In order to tie up all of your loose ends before Christmas, send your invoices out early. If any clients have payments due during their closedown period, have a chat with them and see if it can be paid earlier. This will allow for both of you to have your accounts sorted before you shut up shop.
Take note of your team’s holidays
This one’s particularly important if your business is operating throughout the holidays. But even if you’re closing down, it’s good for you to know who will be away when. Make a note of when each staff member will be taking leave so you’ve got enough hands on deck when you need them.
Check your team’s leave entitlements
While you’re looking into your team’s schedules, check through each of their contracts to remind yourself of their entitlements over this period. Keep an eye on the calendar for any ‘Mondayisations’ – when a public holiday falls on a Saturday or Sunday – as employees who don’t normally work get the following Monday as their paid public holiday.
Chase up outstanding payments
It’s a good idea to get all of your outstanding payments sorted before the end of the year. Is there one particular client who has been delaying payments for a while now? Given the year we’ve had, you might have offered a bit of flexibility, but you need to put your business first too.
Know your expenses
Don’t forget that you can claim Christmas functions or client gifts as business expenses. You can claim half of the cost of food, drink or entertainment in your income tax return. If you’ll be making a charity donation this Christmas, you can deduct 100% of the cost of this.
If you’re preparing your business for the holiday break, get in touch with our friendly accounting team. We can help you get everything sorted so you can take a well-deserved break!