We’re now in the last quarter of the year and one of the busiest times with schools being back, holidays completed, and working life revving-up with activity. This is the time to get ahead of the game in whatever business and field you’re in before things then start slowing down before the end of the year and Christmas.
Therefore here are some top accounting tips to help make the most of the next quarter. They’re not bogged down with accounting detail, but just general pointers to help businesses make the most of the season, whether you’re a direct business owner and managing matters yourself or you’re an advisor for businesses.
We’ve organised these into three different areas, all beginning with the letter ‘W’, and helping to focus on the needs of the season at hand. These will help provide a snap shot of what to look out for over the season:
1. The Weather
As the physical weather conditions change, you need to watch out for how this can have an effect on business activity and costs.
So one example is actual property costs that are often one of the largest expenditure items for any business, for example increased heating and lighting costs with colder and darker periods, and even more repairs of say leaking roofs and window areas.
There are also other costs such as personnel and HR costs, and say increased sick leave from people during colder times.
The nature of the business in question may also be seasonal, so a supplier of barbeques will suffer during these times but a supplier of domestic heating systems will be increasing.
2. The Workability
On a more positive note, the general productivity of people can be high between September and November. People are fresh back from holidays, and knuckling down to work as the weather turns and the work builds up.
It’s therefore worth harnessing this energy, with special attention to new projects or ideas and even preparation for the following year. Working together with clear action-plan and timescales can see a whole lot of work productively completed before things then start winding down for the pre-Christmas period.
3. The Wonga
This should all filter through to the hard fast wonga and money of the business, whether for better or worse, and whether hitting the bottom line profit, top turnover, or essential costs.
Watch out for sudden costs such as special Christmas and social party expenditure and even staff bonuses hitting this period, and the delayed cashflow often seen over the more sluggish Christmas period.
It may also be a natural year-end time to complete accounts and produce budgets and forecasts. Even if these are not technically due, now then it may be worth being proactive and preparing these anyway in order to have rough figures to-hand to go through with others during this productive period or more social wind-down times.
The 3 ‘W’ Ways to Benefit This Autumn
So as we head into the later quarter of the year, these three aspects all beginning with ‘W’ will help focus your mind and squeeze various opportunities from this.
First of all, look at the weather, and whether that will have any affect on your figures, trade, and people. Then look at the workability of the season, and how to channel the often focused energy from people just before the Christmas wind-down.
And lastly, consider the wonga and the actual money during this period. Right from your additional potential sales and turnover, further costs, and of course end-profit.
Get all these bottomed out, and you’ll soon be enjoying a very happy Christmas and New Year at the end of the period.