The holiday season is here, which means it’s time to balance celebration with thoughtful financial planning.
Here are a few financial tips to help your business finish strong and step into 2026 with confidence.
Download the Financial Resilience Checklist to help you stay organized and financially strong throughout the holiday season and into 2026.
- Set a holiday budget. Plan for additional expenses, such as team gifts, bonuses, or marketing promotions. A clear budget helps you stay festive without overspending.
- Track your cash flow closely. Holiday spending can throw off your cash flow. Keep an eye on what’s coming in and going out to avoid surprises during slower weeks.
- Take advantage of deductions. Employee gifts, holiday parties, business meals, and year-end purchases may be deductible. Remember to keep receipts and make sure they’re business-related.
- Review outstanding invoices. Follow up on unpaid invoices before the holidays. Receiving those payments now can boost your cash flow heading into the new year.
- Manage your inventory. Take stock of what you have, what’s selling fast, and what’s not moving. This helps you avoid overordering and plan smart for the new year.
- Plan for vacation coverage. If you or your team are taking time off, make sure schedules and responsibilities are clear. A little planning ensures your business runs smoothly while everyone enjoys a well-deserved break.
- Work closely with your bookkeeper or accountant. Your bookkeeper can help you spot deductions, tidy up your books, and prepare for tax season. Stay connected so you start the new year on solid ground.
- Plan for taxes. Don’t wait until January to think about taxes. Set aside money now and review your books to make sure everything’s in order.
- Review pricing and profitability. The end of the year is a smart time to assess whether your pricing reflects rising costs, labor changes, or market trends. A slight adjustment now can make a big difference in your 2026 margins.
- Evaluate vendor contracts and subscriptions. Review recurring expenses, like software, insurance, or vendor contracts, to identify what’s no longer essential or where you might renegotiate terms.
- Maximize retirement contributions. If your business offers a 401(k) or SEP-IRA, ensure that contributions are up to date. You might also consider adding or expanding retirement benefits for employees.
- Assess year-end bonuses and payroll compliance. Before issuing bonuses, confirm they’re properly documented and compliant with the One Big Beautiful Bill Act (OBBBA) changes to compensation deductions and payroll credits.
- Revisit your 2026 goals and budget. Take what you’ve learned this year, wins, misses, and surprises, and build next year’s financial roadmap. Align your budget with growth goals and upcoming tax or regulatory changes.
- Review technology and automation tools. Evaluate your accounting software, payroll systems, or CRM integrations. Streamlining now can save hours come tax time.
- Verify business insurance coverage. The holiday season can expose individuals to risks, including property damage and cyber threats. Ensure your coverage aligns with current operations and assets.
Stay Organized, Compliant, and Confident
Need help cleaning up your books or planning for year-end? Partner with us to stay organized, compliant, and confident as you head into 2026.
Check in with us!
If you haven’t already had your year-end review, now’s the time. Let’s discuss OBBBA updates, R&D deductions, and any credits that might apply to your company.