Small Business Accounting Through the Holidays

Accounting Practices to Help Your Small Business Thrive Through the Holidays

We are at the peak of the holiday shopping season, which means that it is probably a great time of year for your small business. The increase in shopping habits can help your business expand so that you can end the year on a great note. Are you going to make it through the holidays without running into major problems in your business?

A few small changes and important business tips will ensure that you avoid some of the common roadblocks that are encountered by business owners during this time of year.

Keeping Up with the Busiest Time of Year

Have you found that the holiday season is the busiest time of year for your business efforts? Not only is there a spike in business activities, but you also are trying to keep up with the personal and family responsibilities at home.

It is important to maintain a good balance between work and home so that you can keep up with everything that is going on. Work hard when you are in the office, but make sure to take time for yourself and your family. Finding this balance is important so that you don’t miss out on the best things about this fun time of year.

Set a schedule to ensure that you can complete everything before the due dates. Then, stick to that schedule so that you dedicate the time that is needed in the office. Don’t be afraid to make adjustments to your daily habits if you can see that things need to be changed. For example, you might arrive at the office an hour earlier, giving you time to get ahead of emails and messages before the rest of the staff arrives. Then, you have the flexibility to leave on time at the end of the day to be home for dinner with the family.

Lean on Your Support Staff

As you are working in the office, know that you don’t have to manage everything by yourself. Lean on your team of employees and outsourced staff to ensure that everything gets done promptly. It is important that you have a group of people that can offload some of the work.

As the business owner, you shouldn’t be caught up in the daily tasks of answering customer service questions or entering the invoices. Instead, you need a team of employees who can address these issues so that you can stay focused on the bigger issues. In some cases, it might be a good idea to bring in temporary help so that you can get through the holiday season.

What tasks can you offload to your employees and contractors? Look for anything that is mundane or busy work. For example, all bookkeeping tasks can be handed off to your accounting team. We can handle details of incoming and outgoing invoices, bank reconciliations, payroll and more. Other examples of outsourced tasks might include office cleaning, customer service, stocking shelves, and anything else that can be handed to someone else easily.

If necessary, you might need to take time to train your support staff on the best practices in the industry. A little bit of training can go a long way to ensure that everything is handled to match your standards. When the team isn’t performing as you want, then it means that there was probably a discrepancy in the training practices.

Inventory Tracking During the Holidays

One of the biggest mistakes that you can make it getting behind on inventory tracking during this time of year. Products are moving off the shelves faster than ever, which means that you need to make sure that you have the inventory and resources to restock when needed.

Know what your customers want, and then make sure that you have those products or services available when the customers are ready to buy. This key factor will have a long-lasting impact on your business success during the holiday season, and throughout the rest of the year.

Look at the sales numbers for last year, then consider options to adjust current inventory as needed. These trends can help you identify anticipated sales for the season so that you can keep up with demand. Keep detailed records of sales and trends this year, so that you can use the information to prepare for next year as well.

Also, make sure that the inventory numbers are matched up with the details in the system. For example, it can be a problem if the website shows more inventory than what you really have on hand. Don’t sell products to customers unless you can deliver the items before Christmas. Backorder issues could result in angry customers if they were hoping to have the product to use as a Christmas present.

Minimize Busy Work to Manage Your Schedule

Back-office work is never-ending, but you need to look for ways to minimize these activities. It might be all right to put in extra hours in the office when there isn’t a lot going on at home. But, long hours at the office can be crushing if you need to attend holiday parties and events with the family.

Be aware of the way the back-office busy work is detracting from the experience that you can offer the customers. Instead of sifting through paperwork all the time, you need to be looking for options to focus more on the customers and less on the other tasks.

Software solutions are great options to consider if you want to reduce the time that you are spending in front of the computer. Talk to our team about the accounting systems that can be implemented to automate processes and speed up the time to complete specific tasks.

Take advantage of the technology that is available! Don’t get caught in the trap of doing accounting calculations by hand when there are tools that will do these calculations for you. Talk to the experts to learn more about apps, automation, billing, customer data management, and more.

Don’t Get Lax with Accounting

It is easy to assume that you will get caught up with the books when the busy holiday season is over. But, if you wait to take care of important accounting tasks, then you will end up with a bigger mess in the future. Instead, make it a priority to keep a good system so that you can stay ahead of the sales and expenses that are moving through your company this month.

Things are moving at a fast pace during the holiday season. But, that doesn’t mean that you can’t take a few minutes to see how the numbers are pulling together. The most effective solution is to have a trusted accounting team who can offer the assistance and support that you need to stay ahead of these details.

These accounting practices need to be in place throughout the year, regardless of how busy you are during a certain season. Maintain the books, and you will be glad that you put in the effort when you need to run reports in the future.

Keep Up with the Momentum

It is exciting to see the momentum that can be created when sales go up during the holidays! Look for ways that you can maintain this momentum in the upcoming months. For example, you might start thinking about your goals for the new year, and look for options to keep going with the strong sales in January.

Proper accounting and planning is an important part of this process. If you are keeping up with the busy work, then you won’t get bogged down trying to get caught up on everything after the holidays are over. Instead, you can look at the ways that you can implement new marketing practices which will boost sales and keep your business going strong in 2018.

Focus on the Bigger Picture

Remember that December is just one month in the year, and you need to implement business practices that will carry your company through every month. Consistency is more important than the short bursts of activity. While these short bursts during the holidays can help to boost the bottom line, it is more important to make sure that your customers continue coming back when they are ready to buy again.

A good accounting system can give you the data and information that you need to assess the success of your company. These details will help you make the right decisions that will lead to future success. Small and big decisions create the foundation of a successful business, which is why you need to lean on the support of experts in the industry.

Here at Easier Accounting, we have the experience that you need to support your business goals. Our team understands the nuances of running a small business, and we can adjust your accounting practices accordingly. Learn more about our services, and you will see that we are here to help with anything that you need during the holiday season and throughout the rest of the year: (888) 620-0770

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