End of Year Shutdown Considerations

End of Year Shutdown Considerations

If your business is temporarily closing for the holiday period, there are several steps you need to take to ensure a smooth closure period for your team and your customers.
End of Year Shutdown Considerations

Customers – Firstly, you should communicate to your customers of the dates your business premises will be closed. You should choose the method most appropriate for your customers. This may be by email, social media, on your website, by phone or by mail.

Online – If your business has a Google My Business account, you should also temporarily update your opening hours to reflect your closure period. This will prevent potential customers or people unfamiliar with your business from making contact which would go unanswered.

Suppliers – You should also notify any suppliers who would be scheduled to visit your business in this time period. Consider newspaper delivery services, exterminators, cleaners, rubbish pickup among others.

Stock Levels – If your business involves physical products, carefully manage your inventory before the closure. Avoid overstocking perishable items and plan for any promotions or sales to clear excess stock. Proper inventory management ensures that you start the new year with a fresh stock and minimises waste.

Compliance – Ensure that your business adheres to all legal and compliance obligations during the closure. This may include tax-related tasks, regulatory filings, and other legal responsibilities. Failing to address these obligations could lead to penalties or legal complications in the future.

Billing – The holiday season can disrupt your billing cycles, so plan accordingly by factoring in holidays and sending invoices well in advance. Consider offering online billing and payment options to streamline the process. To build stronger relationships with your customers, establish a rapport with their accounts department and communicate with them directly. Determine which clients have a history of delaying year-end payments until January. Does this align with your tax strategy? If not, consider reminding them of your payment terms and preferences. Additionally, explore alternative payment methods that might better suit your clients’ needs.

Security – Finally, ensure that your business premises are secure during the closure. Implement security measures such as alarms, surveillance systems, and secure locks. If your business relies on digital platforms, update and strengthen cybersecurity measures to protect sensitive data. Additionally, inform security personnel about the closure and provide them with emergency contact information.

While not all of these steps will be applicable to every business, you need to consider and action what is most appropriate for your situation.

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Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Armada Accountants Pty Ltd – ABN 79 009 298 542, Armada Financial Planning Pty Ltd – Corporate Authorised Representatives of Armada Wealth Management Pty Ltd AFSL 535978, Armada Lending Pty Ltd – ABN 20 603 067 983 – Authorised Corporate Credit Representative (470054) of BLSSA Pty Ltd (ACL 391237), Armada Audit Services Pty Ltd – ABN 39 151 015 002, Armada Business Services Pty Ltd ABN 29 008 762 481 are members of the Armada Group. Each member of the Armada Group is a separate legal entity in its own right and is not in partnership with any other members of the Armada Group. Liability limited by a scheme approved under Professional Standards Legislation.


Armada Accountants & Advisors acknowledges and pays respect to the past, present and future Traditional Owners and Elders of this nation and the continuation of cultural and spiritual practices of Aboriginal and Torres Strait Islander peoples. Armada also acknowledges the Traditional Owners of the land where our Perth and Port Hedland offices are located, the Whadjuk Noongar People (Perth) and Kariyarra People (Port Hedland).

Copyright © 2022 Armada Accountants & Advisors.
ALL RIGHTS RESERVED 

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