Christmas means many things to many people and for business owners it can mean disruptions to cash flow. Take some simple steps to manage it and save yourself a headache going into the new year. Talk to us about how we can help you with managing your cashflow.
Avoiding a cashflow crisis
Christmas can cause a cashflow crisis for small businesses, but you can prevent problems from spilling into the New Year. Here are ilumin’s top tips.
1. Get your invoices out early
Ensure December and January invoices go out well before Christmas to give your customers the chance to pay before the break. Encourage customers to pay before Christmas if they are closing over the summer.
2. Chase up your invoices
Don’t let unpaid invoices linger over the summer. Politely ask your customers to settle overdue bills before the break to prevent further delays.
3. Be prepared for incoming invoices
Plan for incoming invoices from suppliers. You'll be on their list to call as well.
4. Don't forget about provisional tax
Consider your tax obligations for both December and January! We know you'd rather be on the beach on 15 January but don't let your tax due dates slide.
ilumin's holiday hours
To help you plan, the ilumin offices are closed from 22 December 2023 and will reopen on 15 January 2024. Contact us if you'd like to go over the tax you have due or to work on your cashflow plan.