- Carol Kostachuk
How to Balance Your Fiscal Year-End & the Holidays
4 Tips for a Merry Christmas & stress-free Fiscal Year-End
The holidays are here again, and that means warm wishes, hot drinks, twinkly lights...and for many business owners, fiscal year-end. The end of a 12-month accounting period can actually fall on any date of the year, but many companies choose December 31st, which adds to an already-hectic holiday season.
If you’re juggling your company’s fiscal year-end with festive parties and gift shopping, we’ve got four tips to make things less stressful.
Get organized. Maybe you still have a stack of expense receipts on your desk, or you’ve put off finalizing your cash flow statement. It’s human nature to avoid doing things we don’t like, but that can lead to chaos when it’s time to submit financials.
The longer you procrastinate your paperwork, the more anxious you’ll feel. Do you really want to be sitting in front of the fireplace on Christmas Eve wondering if you’ve forgotten to take advantage of a tax break?
Seek professional help. There’s no reason to spend your valuable time struggling with a pile of financial documents. Focus on your family and business goals, and let an expert handle the rest.
When you work with Carol on Call Office Assistance, we ensure that all entries are posted accurately and that you always have a full picture of your financials at your fingertips—no matter when your fiscal year-end is.
We also send your year-end financials directly to your accountant, and because we offer cloud-based accounting services, he or she can quickly access everything online. Contact us today to see how we can help.
“Do what you do best, and hire the rest”
Don’t neglect yourself. Between preparing financial statements and hosting holiday guests, it’s easy to put self-care last. What does self-care mean to you? Maybe it’s booking a massage or hitting a yoga class with a friend. Or, maybe it’s reading a book with a cup of tea or taking your dog for a long winter walk.
No matter how busy you find yourself, dedicate a few hours (at least) each week to decompress and take care of you. The holidays will be much more enjoyable and you’ll start off 2020 feeling refreshed and relaxed.
Make a list and check it twice. By creating a checklist of things you need to accomplish, it’s less likely you’ll forget an important task. Here are some things you might want to tick off your list:
● Reconcile your accounts receivable and payable.
● Reconcile payroll for yearend T4 time.
● What may still linger on your Balance Sheet?
● Donate to charity (it’s nice to give and you get tax benefits).
● Perform an inventory count if you sell physical goods.
● Make sure your employee records and payroll are up-to-date.
● Review your business goals to get ready for a new year of challenges and achievements.
Contrary to what many business owners believe, the end of the year doesn’t have to mean worries or burnout. By being prepared and hiring a cloud-based accounting service, your fiscal year-end won’t distract from the holiday festivities at all.
Nurturing your business, means nurturing your books!