How To Keep Up With Your Bookkeeping This Holiday Season

The holidays are upon us! And like many small business owners, you're probably wondering how in the world you're going to keep up with your bookkeeping this season. Between shopping for gifts, attending holiday parties, and spending time with family and friends, it's easy to let your business slide.

But don't worry! There are plenty of things you can do to stay on top of your finances during the holidays without sacrificing any of the fun.

To make your life easier, we've put together advice on how you can keep up with your bookkeeping so you can fully enjoy this wonderful time of the year.

Know Your Cash Flow

Cash flow is one of the most important aspects of running a business — especially during the holiday season. If cash isn't flowing into your company, then cash can't be flowing out either.

The best way to make sure you have enough money in the bank to cover all your expenses is to know your cash flow well enough that you can tell how much money is coming in and going out every day of the year — even during the busiest season of the year.

How do you do this? Start by keeping track of as much information as possible about every transaction: who bought what, when they paid, and how much they paid. You need to know this so that if a problem arises (or even better, before it does), you'll have all the information needed to quickly fix the situation or make adjustments to prevent future problems.

Track Your Business Expenses

It’s easy to get caught up in the excitement of the holidays and start spending money on gifts for customers and clients. But if you don’t track these expenses carefully, you may end up losing money instead of making it.

When it comes time to write  cheques or put them through your bank account, do a quick review of what was spent so far and make sure it makes sense. If there are any discrepancies, investigate them right away so they don’t slip through the cracks later on!

Chase Late Payments

If you have clients who are late paying their invoices, it's important that you pay attention to these payments. If they are not paid on time, it could affect your cash flow and possibly even hurt your credit score if there is a large balance due.

Change Your Payment Terms

The best way to make sure you don't get behind on bills is to make sure they're paid in full as soon as possible. If you can't pay them off in one payment, consider changing your due date so that bills are paid when they come due instead of waiting until the end of the month or quarter. That way, if something comes up unexpectedly, you won't have to worry about late fees or penalties because everything has already been paid off before the holiday rush hits!

Use Cloud Accounting Tools

If you've ever tried to balance your books by hand, then you know how time consuming it can be. It's easy to lose track of entries or forget about them altogether. In addition, if you run an eCommerce business or have multiple locations, it's hard to keep track of everything at once.

Cloud accounting software like QuickBooks Online allows you to access all of your data from anywhere with an internet connection. If a transaction occurs on one end of the country, it will show up instantly on the other end. In addition, cloud accounting software makes it easy for employees from different locations to enter data into their systems simultaneously without having to copy and paste files back and forth between each other's computers. With cloud accounting tools, there is no need for double entry because everything happens automatically in real-time!

Outsource What You Don't Have Time For

If you're looking for a way to free up some time during the busy holiday season, consider outsourcing some of your bookkeeping tasks. With a bookkeeping professional, you can outsource everything from payroll processing and accounts payable processing to reconciling bank statements and managing credit card charges.

Remember to keep up with your bookkeeping during the holiday season, as it can be easy to lose track of time when you are busy shopping and making plans for holiday parties. Have fun, but also take a moment to think about your finances and how to keep them in order during this hectic time of the year. This will make 2023 a much easier year for you and your company's finances.

From all of us at C. Campbell Agency to all of you, have a wonderful and joyous holiday season.