Let’s be honest, with holiday parties left and right, your family coming into town, and the secret Santa you still haven’t shopped for, accounting tips are probably the last thing on your mind.
However, if you’re a small business owner, the holidays are some of the most crucial times for you and your business. As accountants we strive to ensure that businesses stay informed and organized to help themselves stay on top.
Fortunately, we have a few small tricks you can use in order to save yourself a lot of time and money during the craziness of the holidays.
In Retail Keep Track of Sales and Inventory
Take a look at last years sales in order to determine what you’ll need to success this season. Looking at previous records will give you an idea of what your customers are looking for and will help you prepare to have what they need in stock. This works all year round but is especially helpful during the holiday season.
Write Off Your Holiday Party
Did you know that staff parties are 100% tax deductible? It’s true, but there are some rules if you want the full 100%. The main requirement is that the party must be open to all employees and not just a small selected group. Additionally, your expenses must not exceed $100/person. So if you’re planning a staff party for the holidays invite the whole team and keep a reasonable budget in mind!
The more prepared and organized you are during the craziness of the holiday season, the less clean up you’ll have to do when it ends. Keep track of every expense and make sure to document everything properly. Proper planning and tracking will lead to a successful and less stressful season!
Although there’s no escaping the full calendar that the holidays bring, you can avoid a lot of the stress by being organized, looking at last years results, and staying on top of everything!