4 Holiday Bookkeeping Tips You Might Have Missed
I know that the holidays can be a stressful time of year, but they don’t have to be! That’s why we’re sharing some tips that will help you get through all of your holiday bookkeeping so everything is nice and organized by the time New Year’s rolls around.
Holidays are a special time of year, but they also come with their own set of responsibilities and anxieties. As you plan your holiday finances, it’s important to remember that the best way to stay on top of everything is to keep an organized system in place. Keep your receipts and paperwork together. The more organized you can be at this time, the easier it will be by mid-year.
Keep your work and personal finances separate
Keeping your work and personal finances separate is a good idea for many reasons, but it’s especially useful during the holiday season. It’s easy to forget about work expenses when you’re out of town for the holidays, but if you don’t keep track of your purchases, it will be difficult to claim them on your tax return.
Keeping your finances separate also prevents any awkward situations where co-workers or clients see each other at different events and wonder why they never hang out with one another outside of work.
This is especially important if you’re traveling with colleagues on an expense account trip; remember that everything goes into those receipts!
Hold onto your petty cash receipts
The first thing to do is keep a separate petty cash jar. The main reason for this is that it’s easier to keep track of the money in your wallet and on your desk if everything is in one place. This will help you avoid overspending, and it will be easier to reconcile at the end of the day or week.
Review and reconcile
Now that you’ve got a handle on what’s where, it’s time to review and reconcile every transaction on your books. This is also the time when you’ll want to make sure all transactions are entered correctly—if you’re missing something or if there’s an error, now’s the best time to address it.
The holidays are a busy time of year. Make sure you're keeping track of all your financial details, so you can focus on the important things in life.
The holidays are a hectic time of year, and it’s easy to lose track of how much you’re spending. If you don’t keep an accurate record of your expenses, you could end up with a nasty surprise when tax season rolls around.
There are a few things about holiday bookkeeping that can make it seem overwhelming. But as long as you know what to expect, you’ll be able to stay on top of your finances without getting stressed out about it. Take care of yourself during the holidays and enjoy!
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