Why Updating Your Accounting Records is Critical During the Last Quarter of the Year
The months of October, November, and December are crunch time for most retailers, where consumers usually spend money for the Halloween, Black Friday, and Christmas seasons.
At this time, it is not only the marketing and inventory aspects that need to be your priority for the busiest time of the year. As a retailer, you need to stay on top of your books even during the last quarter for these reasons.
1. Budgeting
As you reach the fourth quarter, customers will likely flock to stores to shop, especially during this holiday season. As a retailer, you need to meet the demands by planning your inventory ahead of time. Aside from that, you need to have enough finances to cover your utilities, rent, wages, and other aspects to run your business. Having an up-to-date book can give a clear picture of how to budget your future expenses to avoid overspending.
2. Organizing
Definitely, the last three months of the year require keeping your focus on inventory and sales. You do not want to stress out about not having your financial reporting accuracy at this time. You want to be sure that you have an organized system of recording revenue and expenses so that you can have confidence in the numbers showing up on your financial statements.
3. Preparing for Filing Taxes
Every business has to meet its tax obligations to the state and federal governments. Your books will serve as your financial information to predict how much you owe from the government, keeping you prepared for the tax season.
4. Creating Future Plans
Business growth is what most retailers want to achieve, but it is unlikely to happen when you do not have a proper record of your finances and costs. As you are about to welcome another year, your bookkeeping records will help you know your business health. This guides you in setting plans and goals, such as having an expansion, hiring more employees, or even forecasting your future sales.
As the holiday season starts, give yourself the chance to spare some time to enjoy.
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