Bookkeeping Tips for Christmas

business expenditure

We are just a week away from Christmas. Businesses everywhere are expecting that slack period whilst employees and clients take the time to celebrate the festive season. It also means that revenue will dip somewhat, and may not pick up again until January, when the New Year celebrations stop. With staff celebrations, your in-house business expenditure is likely to go up, and it becomes time when many small businesses lose out from not planning out their finances.

If you are a small business owner and feel like you need help, Pebbles Bookkeeping Services in Manchester has some helpful tips so that it won’t be a blue business Christmas.

Know the Flow

Do you have it figured out on what is coming in and what is going out from your business? Have you designated a place for your business receipts to go to so that they are safe?

Ideally, you will have a designated online folder where your receipts can be stored rather than distributed into random places such as emails, desktop folders, and cloud drives. If you are running Xero, you can photograph your expenses and send them straight to your XERO account. Understanding your cash flow is more than simply keeping track of your office bills – it involves knowing precisely what products and services you have sold to your customers.

Track Those Expenses

It is natural for a small business to have unexpected expenses, but the more you try to forecast your business expenditure each quarter, the better you stand.

One way to do this is by keeping accurate records of all expenses – supplies, payroll, insurance, rent, utilities, etc. – and budgeting for an emergency fund that can be accessed whenever unexpected bills surface.

Get Onto Those Late Payments 

Sometimes you have to resort to a friendly nudge for certain customers who are behind with settling their bills. Don’t be shy about following up on late payments, especially if they have a habit of not paying when prompted.

If you use XERO, leverage its built-in reminder system and ensure customers realise they are falling behind. If you have to, add a late payment fee for delays beyond a specific date. Also, be sure to pay off your creditors promptly – or inform them if you struggle to make payment on time.

Get Help If Needed 

If you are struggling to manage your ins and outs when it comes to your business bookkeeping, you can consider outsourcing this area to bookkeeping services. At Pebbles Bookkeeping Services in Manchester, our certified team works to save you time and money and advises on making the most of tax returns for your business.

Contact us today to handle your bookkeeping tasks and enable yourself to enjoy the holidays.

What our clients say…

I just wanted to thank you both for the help you’ve given me thus far in setting up my new cloud-based bookkeeping system ‘Clearbooks’.

Having used Microsoft Excel for more years than I care to admit, I had more than a few reservations when considering changing the way I managed my books, yet understood that I had to make the change sooner or later.

After an intense training session with Sean, (where I probably asked 101 questions), my fears quickly dissipated and I can honestly say that although it’s likely to take me a little while to really get to grips with the new interface, I’ve no doubt that this simple system will save me so much time and hassle in future.

And less time spent doing my books, almost certainly means more time with the family and an end to rushing around like a mad woman at quarter-end!

Thanks again and I’m looking forward to working with you again soon.

Anne-Marie Armstrong, Amberry Marketing

“Pebbles have provided professional and personal approach to all our accounts needs from processing invoices to management accounts. Based in-house they have become a valuable asset to the business and have given us a more strategic and analytical approach to our finances.”

 

Robert Flinn, Director, The Drawing Room

A massive thank you to Diane at Pebbles Bookkeeping & HR. You took the huge stress away from where do I start, with employee policies etc. You have created us a great, informative employee handbook, covering all necessary policies and risk assessments in a matter of no time and from the other side of the world too. I will definitely be in touch for any future help our company needs.

Lisa Heggie, The Gunnery

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