Our Top Christmas Accounting Tips

Keep reading to discover our top Christmas accounting tips for e-commerce stores and entrepreneurs.

It’s almost Christmastime again and things are quickly amping up for e-commerce stores and business owners. Festivities and Christmas shopping are already well underway with consumers looking to bag themselves a bargain for the big day. For online retailers, this time of year is exciting but it’s important not to forget about your bookkeeping, tax, and payroll obligations during festive rush.

At Unicorn Accounting, we know how easy it is to get swept up in the excitement of Christmas and the boost in sales. We also know how crucial it is to take care of your accounting needs and requirements to ensure a successful new year.

To ensure your e-commerce store is set up for success, this guide will mention our top five Christmas accounting tips. So why not take a quiet moment to see how you can get ready for a happy new year.

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Get organised

The end of the year is a great time to get things organised and in order. After all, there’s no better feeling than knowing your e-commerce store is prepared for a new year. On the run up to Christmas, things are likely to be busy, so make sure you find time to sort out those receipts, chase late payments, get a start on filling out your tax return. This way, you won’t be greeted by late tax payments and penalty fines on your return to work in 2024.

Reward employees

Your employees work hard all year round to ensure your e-commerce business is a thriving success, so why not gift them a little treat when Christmas comes around? Whether it’s in the form of a bonus or Christmas party, a reward and recognition for their work is bound to boost staff morale, wellbeing, and retention.

What’s more, if your e-commerce store is a limited company, the taxman offers a generous tax reduction on seasonal parties.

Review payroll

Reviewing your payroll ensures your business operates efficient and effective processes. Paying your employees, the correct amount and on time each pay period is of maximum importance, especially on the run up to Christmas so they can celebrate the festive season with friends and family without financial worry.

If you’ve noticed this year that payroll is often late or incorrect, streamlining payroll practices should be your priority going into the new year.

Speak to your accountant

Speaking with your accountant is a great way to review your annual financial reports to gain a good understanding of your financial performance. This will help identify any areas where you can cut down costs, as well as any opportunity for expansion.

This is also an ideal time to ensure your taxes and financial obligations are being met and that things are on track for another successful year in business. With this information, your accountant can help you to grow your business and offer tips and advice on how to meet your business goals.

Take time to relax

After the Christmas rush, it is important to take a break so you’re ready to hit the ground running on your return. Make the most of your time away surrounded by family and friends. After a few long and trying years, you sure deserve it.

Why choose Unicorn Accounting?

Ensure you keep on top of your finances and tax obligations by outsourcing to an accountant. This means that you don’t need to worry about your end of year accounts, payroll, or bookkeeping requirements.

At Unicorn Accounting we are e-commerce accountants who help make your online business a growing success. We offer e-commerce accounting advice, financial management, bookkeeping, cash flow statement, and tax filing services to support and scale your business.

Our team of accountants and Xero-certified advisors have experience working with both small start-ups and family-run online stores to large-scale, international retail and e-commerce brands.

If you’ve got an online store, we have the best solution for you. Providing you with a financial arm to your business through our sector experience, and skills with innovative technologies. To see how we can help you maximise the scalability of your e-commerce brand all year roundget in touch with Unicorn Accounting today. Or click here to get a free quote.

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Breakout E-commerce accountants and Xero specialists to supercharge your UK online business growth.