Finish the year right with these 5 financial must-do’s

Ensure a solid start to 2025.

Key financial tasks to tick off before the break:

1. Chase outstanding invoices: The holiday season can bring unexpected costs. Pursue outstanding invoices now to ensure steady cash flow and avoid chasing payments in the New Year.

2. Pay your taxes: The silly season can be hectic! Don’t let key tax dates slip:

• PAYE: due for large employers on 15th and 20th January 2025. For small employers it's due on 20th January 2025. You’re a ‘large employer’ if your gross annual PAYE and ESCT total more than $500,000, and a ‘small employer’ if the amount is less.

• GST return and payment for November is due on 15th January 2025, and for December on 28th January 2025.

• Provisional tax: due on 15th January 2025 if your business has a March balance date.

• FBT return and payment for the December quarter: due on 20th January 2025.

Pin up the dates somewhere you won’t forget.

3. Review your 2025 budget: A well-planned budget can help you start the New Year on solid financial footing, so take time to assess revenue streams, expected costs, and potential capital expenditures.

4. Set aside funds for January: A drop in customer spending after the holidays can mean poor cash flow.  Setting aside funds to help cover January’s expenses can prevent financial strain when business resumes.

5. Look ahead to 2025: Check to see if changes on the horizon impact your business and bottom line. We'll keep you posted.ng, and just getting things done. Should this be a priority?