Small Business Saturday: QuickBooks Holiday Prep Guide for Owners

Small Business Saturday falls right in the middle of the busiest shopping season of the year. For small businesses, it is a major revenue opportunity — but it also puts a heavy load on your bookkeeping. Before the rush hits, taking a little time to prepare your QuickBooks file can save you hours of cleanup in January.

Get Your Inventory Counts Current

If you sell physical products, your inventory records need to be accurate before the sales surge. Run an inventory valuation report in QuickBooks and compare it to a physical stock count. Entering adjustments now ensures your cost of goods sold stays accurate through the holidays and prevents end-of-year discrepancies.

Set Up Holiday-Specific Tracking

Clean data after the holidays depends on how you categorize sales today. Consider creating a specific class, tag, or item type for Small Business Saturday and other holiday promotions. This makes it much easier to pull a report later showing exactly how much revenue the weekend generated compared to a normal weekend.

Clean Up Pending Transactions

The end of the year is approaching fast. Review your accounts receivable and accounts payable. Send outstanding invoices to customers before the holiday distraction sets in, and enter any outstanding vendor bills so your cash flow picture is accurate going into the new year.

Reconcile Your Accounts

If you have fallen behind on monthly reconciliations, catch up before the holiday transactions start piling up. Reconciling your bank and credit card accounts now makes it much easier to isolate any discrepancies that pop up during the busy season.