Taking Care of your Finances over Christmas Break
- 15 December 2022
Lots of UK businesses are gearing up for a well earned break. However, we must spare a thought for the owners of these businesses. They will constantly be thinking about how to keep the finances in check over the holidays, even as they munch on pigs in blankets or Quality Street and watch King Charles’ first Christmas speech.
If you are one of these souls, keep reading to discover the best advice our Newcastle accountants have on Christmas business finances so that you can have some much needed relaxation this Christmas too.
Make sure you’re up-to-date
One of the best ways to get some peace of mind over the holidays is knowing your business has dotted the i’s and crossed the t’s financially. Usually, this will mean doing the utmost to pay any outstanding invoices and chase up any payments that you are expecting.
It might also mean ensuring that any payments due over the break are pre-scheduled or that you have agreed with the other party for the payment to be made earlier or later.
Plan for the year ahead
Now that the World Cup and Spotify Wrapped hype has started to calm down, it’s the perfect time to take stock of how your business finances have been for the past 12 months.
More importantly, you have the opportunity to work out how the next 12 can be even better.
Why not think about your company’s financial goals for the next year before the Christmas break if you can? It means that when you and your staff return in the new year, you will be able to hit the ground running faster than a dog that’s spotted an unattended Christmas turkey.
Save energy in the office
You might have noticed that energy prices have been a little financially draining lately. We therefore recommend avoiding excess energy consumption while the workplace is locked up for the holidays. Check that all of the electricals are switched off at the plug but tread carefully when it comes to the heating.
Ideally, it would be great to completely switch off the heating when nobody is in the workplace over winter. Unfortunately, when the weather is this cold you do have to keep the pipes from freezing and potentially bursting. British Gas recommends keeping the thermostat in the building set to at least 7°C to prevent this.
Although keeping the heating on might cost a bit, it will certainly be cheaper than fixing a burst pipe and repairing any other damage it causes.
Arrange a catch up with your accountant
If you need further advice about taking care of your business finances over Christmas, it’s time for you to seek professional help– from an accountant.
It’s a busy time of year for us accountants but we can always be lured out of hiding if there is a mince pie up for grabs and a client to help! If you have a chat with us, we can provide you with tailored advice that will help your money go further over Christmas and beyond. If that doesn’t help you to feel some festive cheer, we don’t know what will.
Don’t have an accountant for your business yet? Why not get yourself one as an early Christmas present? Unlike most gifts, the services of an accountant will save you money in the long run and you will feel the benefit of our services for years to come. If you want to work with an accountant who has the expertise to get things done but also the charisma to make the boring numbers interesting choose us at Forbes Young! We’re ready to help– all you need to do is pick up the phone and call us on 0800 840 4014.
