As we hurtle towards the end of the year, most of us are looking forward to taking a break over the festive season. But before then, this is a perfect time of the year to take care of some of the basic admin and housekeeping tasks that get neglected at other times.
Nashua has compiled the following checklist of things to do before you close for the summer holidays, to give your business a head start when you return in 2023:
- Take stock
It’s always a good idea to take stock of your company equipment at the end of the year and ensure you have the right amount of office supplies you need for the coming year ahead. If you are running short of stationary or have assets that are due for maintenance and repairs, you can place your orders and make your bookings now.
- Update employee information
Do an audit of all the information you have on your employees to ensure that it’s up to date. This could include contact details and payroll information. You’ll also have the chance to review and update the status of new and former employees, which might include evaluating whether they have access to computer systems or financial information.
- Consider your staffing requirements
When assessing your company’s performance over the past 12 months and planning for the upcoming year, one of your priorities should be staffing. You might feel as if an extra team member or two would help your company flourish and achieve more goals. This is a good time of the year to recruit, with university and school leavers entering the job market, as well as experienced workers looking for a fresh start.
- Review the past year’s revenue goals
No matter when your tax year is, the end of a calendar year is a great time to establish and review revenue goals for your company. Before you close, check whether your company is on the right track, or if you need to adjust in preparation for the new year. Collaborate with your accountant to draw up forecasts and scenarios for the year ahead.
- Follow up on outstanding payments
Many companies and individuals let payments slide ahead of the holidays. It’s worth your while to check with larger creditors when they will pay their December accounts to avoid a cash flow crunch in January. This is also an opportune time to chase debtors with overdue accounts to remind them to settle.
- Celebrate business accomplishments
The end of the year is always a good time to reflect on what your company has accomplished, be it the onboarding of new clients or gaining substantial revenue. Also consider what each individual employee has accomplished and celebrate their accomplishments with them. It’s a great way of boosting morale amongst your workforce and signing the working year off on a positive note.
