The holiday season is upon us, and while many are busy shopping for gifts, planning parties, and decking the halls, business owners also have a few festive financial tasks to keep in mind.
At Oculus Group we believe you can enjoy the Christmas cheer without letting your finances turn into a Grinch!
1. Wrap Up the Year Early
Just like gifts under the tree, it’s always nice to have your accounts wrapped up before the year ends. Use this time to:
- Review your expenses and income – check for any last-minute tax deductions.
- Finalise outstanding invoices – a little festive nudge can boost your cash flow.
- Check your payroll – ensure any bonuses or holiday pay are calculated correctly.
2. Spread Some Cheer (and Benefits)
Thinking of giving your team a little extra this Christmas? There are a few things to keep in mind:
- Employee Bonuses – make sure they are accounted for properly in your payroll.
- Gifts and Rewards – small gifts can be tax-deductible if handled correctly.
- Charitable Donations – consider a festive donation; it’s good for the community and may have tax benefits too!
3. Don’t Forget Your Personal Finances
Christmas can be costly! Take some time to:
- Set a holiday budget – avoid overspending on gifts and festivities.
- Plan for January expenses – don’t let post-Christmas bills catch you by surprise.
- Review your super contributions – topping up before year-end can have tax advantages.
4. Look Forward to a Prosperous New Year
While the tinsel is sparkling, it’s also a great time to plan for 2026. Review your business performance, set goals, and make financial resolutions. A strong start to the new year begins with a little preparation now.
At Oculus Group we love helping our clients finish the year on a high note. Whether it’s advice on tax planning, budgeting, or holiday bonuses, we’re here to make your festive season as stress-free as possible, so you can enjoy more mince pies and less paperwork!
Merry Christmas from all of us at Oculus Accountants!
