Ah, December — the season of peppermint lattes, snowflakes, and year-end financial flurries! Between wrapping gifts and wrapping up your books, it can be easy to let the numbers slide like a toboggan down a snowy hill. But don’t worry! With a little holiday spirit (and a dash of discipline), you can keep your books as neat as a fresh sheet of ice on a backyard rink.
So, sing along with me as we count down The 12 Days of Bookkeeping — a cheerful reminder that small, consistent habits can make your business merry and bright!
🎁 Day 1: Reconcile Your Accounts
🎵 On the first day of bookkeeping, my ledger gave to me… one reconciled bank statement!
There’s nothing like peace of mind that comes from knowing your books and bank agree. Reconciliation helps catch errors, double charges, or missing deposits before they snowball. Take ten minutes each week to ensure your accounts are balanced — it’s the financial version of checking your list (twice).
🧾 Day 2: Review Your Payroll
Two timely paycheques… and a team that’s feeling jolly!
Payroll errors can sour the season faster than stale fruitcake. Reviewing your payroll before each run ensures everyone gets paid correctly and on time — including those year-end bonuses. Confirm CRA deductions are accurate, and if you use software, like Wagepoint, make sure updates haven’t altered any settings. Your employees (and their stockings) will thank you.
💳 Day 3: Check Your GST/HST Filings
Three GST/HST filings… and no letters from the CRA!
Nothing says “holiday stress” like realizing your sales tax return is overdue. Keep tabs on your filing deadlines and ensure your input tax credits are properly claimed. For extra cheer, set a recurring reminder to file early — so you can sip cocoa instead of crunching numbers come deadline day.
📚 Day 4: Update Your Expense Categories
Four new categories… and a cleaner chart of accounts!
If your bookkeeping categories have become a tangled string of lights, it’s time to tidy up. Review your expense categories and ensure they still reflect your business’s needs. A clear, organized chart of accounts helps you see where your money’s going — and makes tax time feel a lot less frosty.
📅 Day 5: Schedule a Monthly Review
Five gooooolden minutes (well… maybe 30).
Set aside time each month to review your financials. Look at revenue trends, expenses, and profit margins. Are sales growing? Are costs creeping up? This regular check-in helps you make informed decisions before year-end surprises hit — and it’s a perfect excuse for a peppermint mocha meeting with yourself.
🧮 Day 6: Track Your Mileage
Six kilometres counted… and receipts neatly stored!
If you drive for business, tracking mileage is an easy win at tax time. Use an app, like MileIQ, or a simple spreadsheet to log trips and remember — “to the client’s office” counts, but “to the coffee shop just because” doesn’t. Consistent tracking ensures you’re claiming what’s rightfully yours — no sleigh required.
💡 Day 7: Automate a Repetitive Task
Seven clicks replaced… by one smart automation!
Automation is the elf that never sleeps. Whether it’s syncing bank feeds, scheduling invoices, or auto-categorizing transactions, today’s bookkeeping tools can save you hours (and headaches). Choose one task you can automate this season and give yourself the gift of time — it’s like wrapping up efficiency in a bow.
📎 Day 8: Organize Your Receipts
Eight tidy folders… and no shoebox in sight!
Receipts fade, get lost, or mysteriously vanish into snowbanks. Go digital: snap photos, upload them to your cloud software, use Hubdoc and tag each expense properly. Many apps even sync directly with your bookkeeping system. You’ll thank yourself when your accountant asks for that $37 business lunch from last February.
💬 Day 9: Communicate with Your Professional Bookkeeper or Accountant
Nine questions answered… before year-end stress begins!
Bookkeeping isn’t a solo act — it’s a duet with your professional bookkeeper or accountant. Reach out before the year wraps up to discuss anything unclear: deductions, equipment purchases, or new tax credits. A quick chat now can prevent a January panic later. Remember, proactive communication is the secret ingredient in every well-balanced ledger.
📈 Day 10: Review Your Reports
Ten profit margins… looking mighty fine!
Your balance sheet and income statement aren’t just year-end chores — they’re roadmaps to your business health. Reviewing them monthly helps you spot opportunities and challenges early. Look for trends: Are your expenses up? Are certain products outperforming others? The more you know, the better you can steer your sleigh.
💰 Day 11: Set Aside for Taxes
Eleven dollars saved… for every hundred you earn!
Tax season always arrives faster than a snowstorm in Saskatoon. Avoid the scramble by setting aside a portion of every payment for taxes — ideally in a separate account. When tax time rolls around, you’ll be calm, collected, and ready to file. That’s financial self-care at its finest.
🎄 Day 12: Celebrate and Reflect
Twelve months of progress… and one proud business owner!
Take a moment to reflect on your financial year — what went well, what could improve, and what habits you’ll carry into the next. Bookkeeping isn’t just about numbers; it’s about the story of your business growth. Pour yourself some eggnog, toast your accomplishments, and know that you’re entering the new year on solid footing.
✨ Bonus Verse: A Partridge in a Balanced Sheet!
🎶 On the twelfth day of bookkeeping, my ledger sang to me…
A partridge in a balanced sheet!
There’s no better feeling than closing your books with confidence. Whether you’ve tackled one habit or all twelve, these small steps can bring lasting clarity and calm to your financial world. Remember: bookkeeping doesn’t have to be boring. With a playful spirit, a cozy playlist, and maybe a few gingerbread cookies, it can be fun — and a powerful tool to keep your business thriving all year long.
So, from your professional bookkeeper: may your ledgers be balanced, your receipts be organized, and your holiday season be filled with warmth, joy, and just the right amount of spreadsheet sparkle. Happy Holidays — and happy bookkeeping!
