?? Chorus Insights: December Newsletter

2024 is coming to a close and we’re looking back on a fantastic year for Chorus Accounting. We extend our heartfelt gratitude for your support in 2024; it's been our pleasure to assist our clients with all their accounting, tax, and business needs.

As we approach a new year, we're thrilled at the prospect of assisting even more clients in 2025. The team are always keeping up-to-date with the latest updates and insights from the accounting world, so that we can continue to offer top-notch accounting solutions to our clients throughout the year.

In Chorus Insights this month, we've got five accounting tips for a merrier Christmas! We're also sharing tips on how to improve your invoicing and offering advice on overcoming money anxiety, which is especially relevant at this time of year.

5 Accounting Tips for a Merrier Christmas

The holiday season is here, and with it comes not just joy and good cheer but also a surge in expenses that can strain even the best-planned budgets. But fear not!

We’re sharing five essential accounting tips tailored to guide you through the festivities without adding stress to your finances:

1. Budgeting: Set a realistic budget for gifts, decorations, food, and more. Stick to it to avoid financial strain in the new year.
2. Tracking Expenses: Keep meticulous records of holiday-related spending using apps or good old pen and paper.
3. Separate Personal and Business Expenses: For business owners, maintain clear distinctions between personal and business expenses for accurate accounting.
4. Tax Implications: Understand the tax rules for holiday-related expenses, especially for businesses, to ensure compliance and potentially reduce tax burdens.
5. Planning Ahead: As the year closes, review your financial goals and strategies to set yourself up for a prosperous new year.

By being proactive and organised in your accounting practices, it can help you navigate this time with more financial ease – and less mental stress at Christmas!

Want to learn more? Read the full blog here.

How to Overcome Money Anxiety

As much as we love the holiday season, it can often leave a big hole in our bank accounts... with presents to buy, parties to attend, and all that delicious food and drink to purchase.

But don't worry, it doesn't have to be a stressful time!

Watch my video below for some things that you can do to make money less scary and help you manage the stress that it causes. Follow these tips, and you can turn this Christmas time into a season of joy, not financial fear.

Improve Your Invoicing, Reduce Stress!

Late payments can be a real drag, causing stress and disrupting your cash flow. But fear not, there are steps you can take to improve your invoicing process and get paid on time.

Here are some smart invoicing practices to keep your finances healthy:

1. Be Proactive: Don't wait for invoices to be late before reminding a client. Send a friendly email as the due date approaches – a gentle reminder works wonders!
2. Re-send and Remind: If the invoice does become overdue, re-send it and follow up with a reminder. Quick actions can prevent further delays.
3. Pick up the Phone: Opt for a phone call to follow up. Chasing payments by phone often yields the best response. Plus, it adds a personal touch to the reminder!
4. Stringent Measures: If all else fails, take firm steps. Add overdue fees (if that is outlined in your original payment terms), use a statutory demand for a formal request, or temporarily halt orders until invoices are settled.

By following these tips, you can streamline your invoicing process and ensure a steady cash flow. No more late payment headaches for you!

Need help with your invoicing? Get in touch below! We’re happy to help.

Need guidance or advice? Let’s talk.

Call us on 01202 332500, email [email protected], or click here to visit our website. We’re happy to help!