Preparing Your Business Finances Before Vacation

Does anyone else hear Summertime and immediately start singing the High School Musical song - or am I just aging myself? Either way, schools out and so many business owners find it hard to take a vacation when they're worried about what might happen while they're away. I live in Charleston, SC which is a a year-round vacation spot, so although we're thinking about the Summer, this advice applies all year! Nobody wants to be sitting on the beach and get a call from their employee saying payroll didn't go through. We've helped many clients prepare get ready for their time off so they can enjoy their vacation without stressing about bookkeeping, cash flow, unpaid invoices or missed bills. Before you leave, take a few minutes to make sure everything is in order. - Is your bookkeeping up to date? - Have you reviewed your bank accounts and checked your available cash? - Have you scheduled any upcoming bill payments that may be due while you're away? - Have you made sure payroll is prepared and fully funded? - Have you prepared all outstanding invoices and either sent them out or scheduled them to maintain healthy cash flow? - Have you followed up on unpaid invoices so they are fewer surprises when you return? One of the most common issues is business owners assuming that because sales have been strong there will be enough cash available. Then payroll, taxes and regular monthly expenses hit while they're away, leaving them in a stressful position with limited cash available to cover upcoming obligations. A quick financial checkup before your trip can help prevent unnecessary stress and give you confidence that everything is under control. The good news is that a little planning doesn't need to take hours but it will help you fully disconnect, enjoy your time away and return to a business that's running smoothly.

The best vacation is one where you're not thinking about bookkeeping (that applies for me as well!). If bookkeeping is still on your vacation to do list, it may be time to delegate. Book a call to learn more about our services and how we can help you stay on organized and on track.