The fourth quarter of the year is usually the busiest time of the year for Philippine SMEs and startups because it’s the holiday season.
As a business owner, it’s essential to consider how you’ll keep track of every expense done during this busy quarter. Here are simple accounting tips for businesses in the Philippines to take note of this holiday season.
Tip #1: Track Your Sales and Inventory
One of the worst-case scenarios to welcome the holiday season is the lack of or no available stock of your best-selling items. It’s not a good start.
The business’ capacity to provide what customers need is what makes a sale. Without it, how will you earn a profit? As a business owner, it’s crucial to set aside time and keep track of your inventory. Look at your sales on both last year and this year. Getting to know your sales data will help you identify what products to showcase this holiday season.
Tip #2: Monitor Your Expenses
Aside from the business’ sales and inventory, one factor that should also be checked is your expenses. Keeping track of costs allows you to accurately budget money as you enter Christmas.
A budget doesn’t only include the products to restock. Of course, your budget should also include employees’ wages and bonuses, bills, decorations, marketing, and more. Do note that keeping track of your money flow can significantly affect your business operations—and one scenario is not to be able to pay for restocks or new items.
Tip #3: Create a Holiday Marketing Plan
There are many ways on how to promote your stocks and deals. However, not everything is effective and in line with your business.
It’s a must for a company to create a holiday marketing plan to get started in promoting your products. One of the best platforms you can leverage is social media, especially when on a tight budget.
First and foremost, a lot of people are using social media, giving you chances of gathering leads. Through social media, you can reach more people and spend less than TV and radio commercials. Secondly, social media costs less, easy to control and monitor, and it’s measurable.
Tip #4: Hire Additional Help
There’s no denying that the Christmas season will leave you little room to focus on your business. There are many aspects that need your full attention, with finances as one example. That’s why, as a business owner, you need to learn how to delegate tasks. With this, you are able to free up time and plan more efficiently for the incoming season.
Looking at firms that offer philippines accounting services and hiring one is a huge relief in handling daunting tasks. Number crunching has been notoriously known as an exhausting task that requires full attention to computations and detail, which is why business owners often neglect it.
If you’re a business owner who wants to free their hands from accounting and bookkeeping, JCSN Accounting is an accounting firm with over a decade of experience in the industry. The firm specializes in handling day-to-day accounting transactions, such as payroll processing, filing of your taxes, and keeping an accurate record as well as business from registration and more.
Get in touch with us to know more about our services. For more information, contact us through the following:
Landline: +63 2 8247961
Mobile: +63 906 5586469
Email Address: firstname.lastname@example.org