Talking Cents

Christmas spending tips brought to you by our small business accountant in Sydney

With Christmas being only a few weeks away, the burden on small businesses and the amount of money that gets spent can be detrimental to its financial health. As your small business accountants in Sydney, we find it crucial to be on top of your spending throughout the holiday season to avoid any negative impacts.

Taking on board some Christmas spending tips to help your bank account might let you avoid that new year bank balance hangover. Here are some tips to help your small business’ accounting or personal bank account during the holidays:

• Set a budget for the total amount you are going to be spending during this period
• Try to avoid using your savings
• If you use your business credit card to make these purchases, it is wise to ensure that you pay off the debt as quickly as possible as you may be hit a large sum from interest
• Check your overdraft details, if you overdraw your accounts what will be the repercussion?
• Use your business to get discounts from major stores or brands that you already shop from
• Always hold onto your receipts, you may be able to claim some back during tax time
• Don’t forget to keep a running total for the amount of money spent during this time

Christmas spending is the most fun for people, but also one of the most dangerous times for those low on funds. As a small business accountant, we see too many business owners “shop till they drop” and put themselves and their business in debt.

If you need help keeping track of your Christmas spending or getting yourself out of debt, then our small business accountants in Sydney are here to assist you.

Feel free to get in contact with us if you have any questions!