End of calendar year accounting

Deduct this amount from your income for the last month of the year to get a good idea of how much you really have to spend on the holiday season, without debt financing your fun.

The end of a calendar year is also a great time to shop around for deals from utility providers, insurance providers and other businesses you have subscription services with.

Take advantage of any Christmas or new year deals that might interest you and impact your bottom line in a good way.

• Review your debts

It is demotivating to start the new calendar year off feeling as if you’re drowning in debt.

Before the Christmas season takes hold, review where your personal debts are sitting.

Do you have a credit card balance you’re happy to start the new year with?

Have you recently asked your bank if the interest rate on your mortgage is the best possible option for your circumstances?

• Review your emergency fund

Have you saved enough for a rainy day?

Everyone needs an emergency fund, and if you don’t have one yet, the start of a new calendar year is a great time to set one up.

Use your review of your expenses to determine how much you can afford to save and set up a direct deposit into this account to kick off the new year – this time next year you’ll thank yourself for starting to save when you did.

If you’re an experienced saver, review the amount you’re putting away and decide if you can up this in the new year to kick your savings into a higher gear.

• Set a budget

With the above steps taken care of, you have everything you need to set a realistic budget for the new year.

Doing this before you enter the holiday season allows you to spend on non-essentials with the knowledge that you have a certain amount of money to spare only, meaning you’re less likely to overspend.

• Set some goals

We all need something to look forward to, whether it’s a holiday, a home upgrade or an investment option you’ve been wanting to pursue.

Armed with your budget and a good understanding of where your finances are at, the end of a calendar year is a great time to set some goals for the new year.

Talk to your accountant about the incremental steps you can take to build your wealth.

At North Advisory we understand and value your life goals.

We know the importance of feeling confident about your financial position and we can help you achieve positive outcomes with our tailored personal wealth management advisory services.

Ask us how we can partner with you today so that you can be excited about the future.

If you’d like to discuss your business’s tax and compliance issues with our team, please contact us today.

• Gather outstanding invoices and receipts

Before the year ends there are likely people you still have to pay money to and people you need to collect payment from.

Gather your outstanding invoices and make sure they’ve been actioned before you jet off on holidays.

Ensure you keep the receipts for goods and services you’ve purchased for the business, ready to hand over to your accountant in the new year.

• Consider grants and entitlements

A lot of government and industry grants are re-set at the beginning of each calendar year, so the end of each year is a good time to consider if there are grant applications you should make in readiness.

Taking the time before you end the year to apply for a grant or entitlement that could offer up a tidy little windfall to kick off your new business year.

• Review your marketing and structure

The end of a calendar year is a good time to take stock of your business structure and your system of marketing to ensure your output in this area aligns with your business goals for the coming year.

Consider how your business has worked towards goals in the last 12 months.

Are you where you’ve hoped to be?

If not, what do you need to change to get back on track?

• Plan your first week back after holidays

It might seem tedious to consider, but there isn’t a business person alive who isn’t happy they’ve done it when they get back behind the desk after New Year celebrations are done and dusted.

As you close off for the year, spend some time creating a list of the tasks you will tackle when you get back from your holiday break.

It can take a few weeks to get back into the swing of working life when you return from a holiday period, and in the future you will be eternally grateful that in the past you took the time to create a mud map of the important things you need to do to kick off your new year.

• Set new year goals

Another one to sit down with your accountant and discuss.

Where is your business headed next year?

How far have you come in the last 12 months and what needs to change to keep your business growth tracking?

At North Advisory, we know it’s easy to get stuck in the micro details when you are running a growing enterprise.

You spend every day completing small tasks that, while important, aren’t necessarily driving your business forward.

For you to reach your goals and for your business to flourish, you need to be able to see the big picture – and that is exactly what we can help you with through our business operations and CFO services.

We know we can help you achieve your objectives.

If you want more insight into your performance and the guidance of our business CFO services, contact us to arrange a preliminary meeting.