Posted on Nov 7th 2023
The holidays are nearly upon us, and with it comes the excitement of decorations, parties and delicious treats to share. It also means more work for you and your team as customers prepare for their celebrations. While an increase in business during this time of year is great for reaching business goals, it can be stressful if you’re unprepared! Paramount is here to offer tips on how to stay on top of your small business needs this holiday season, as well as provide accounting services for small business. Contact us today!
Now is the ideal time to stay on top of tasks that may have been put off or delayed over the slower months of business. Take some time with your team to pre-plan and project your needs based on consumer shopping habits. The last thing you want is to run out of inventory or essential supplies required to keep everything running smoothly. Look at your data from last year compared to this year as a good starting point. Make note of any weak spots in your data collection from the previous year and plan how you can better gather that information this time around.
If you’re planning on having any sales or special deals, plan ahead so you have time and budget to market those offers to your email list and on social media. Having everything that needs to be done listed and calendared in front of you can help the upcoming season be less panicked. We recommend giving yourself some wiggle room with any deadlines in the event of unforeseen disruptions to your work.
As you head into the end of the year, it is vital to keep accurate records. Accurate records will set you up for success in the upcoming tax season when you seek out accounting services for small business. It will also help you out a year from now when you’re in the midst of another round of holiday events. Include collecting on any outstanding invoices in your records so you can round off your year neatly before January.
Don’t forget to have some fun! With long hours of work ahead, you and your employees will have a more enjoyable season if you do a bit of celebrating as well. Decorating the back rooms of the store, having snacks and beverages available to help everyone maintain energy, and hosting parties are all inexpensive but significant ways to help your employees know that you value the work they’re doing. Having silly dress days, playing fun music, and being as flexible as you can with scheduling will also go a long way to motivate your employees and support their well-being.
If you choose to have a party to celebrate the end of the year, keep track of those expenses, too. A holiday party may be a deductible expense! If you host an event for your employees, their families, and the general public, the party is 100% deductible. If you have a substantial discussion about the business itself, then 50% of the event is deductible. It is also a good idea to personally connect with your customer base to thank them for their loyalty — another deductible expense.
Many companies will offer bonuses at this time of year as well. If you’d like to monetarily reward your employees for the work they’re doing but aren’t sure how much you can afford, the accounting services for small business at Paramount can help!
Here at Paramount, we want all our clients to have the confidence they need to reach their business goals. As you make your plans for the end of the year, we are here to help you find success. Schedule a free consultation to see how our team can help you better manage your inventory, strategize for manageable growth, stay on top of payroll, and more! There’s no need to manage it all on your own. Contact Paramount today and enjoy a holly jolly holiday season.