With most small businesses already entirely immersed in the holiday season, it is important to start preparing for the new year. The good news is that financial optimism is rising and small businesses should expect to see continued financial improvement over the following 6 months, according to Capital One's Spark Small Business Barometer. However, the same study says that over half of small business owners consider their current business conditions to be fair or poor. If you fall under the latter, read on to see some of the best financial tips that I've gathered to help your new year kick off with a good start.

The new financial year is just around the corner so this is the best time to review the year before and prepare for the year to come. Here are some tips that you can already implement to start saving money for the new year!

Terminate Recurring Payments

Attentive businesses will check their credit card statements every month to check if you are getting billed for recurrent payments that should be discontinued. Doing this once a month is ideal, if you can't check it each month, make sure to look at your statements at least once every 3 months to hunt for stale payments. It's not uncommon to have a double payment or a stale payment that still is billed your your credit card. Getting rid of these billings in time can help you save lots of money each year!

Contribute To Charity

Since we are in the middle of the holiday season which is known as the season of giving, now is the best time to contribute to charitable causes. Consider making a business donation of money or other goods - you can use this to claim a deduction for the good's fair market value. Make sure to keep the receipts and proper documentation of your donation for your tax claim.

Get Rid Of Paper

Offices usually spend lots of money on paper - many times unnecessarily. Nowadays with computers, Cloud services and backup services, the need to print has dwindled to the point of becoming almost obsolete. Encourage your workers to use digital ways of storing information instead of printing things out (unless strictly necessary). This simple step can help you save large amounts of money per year and can even help you keep things better organized.

Credit Card Processing Fees

If your small business accepts credit cards, you should ask for an annual reduction in fees. If this is not possible, you can still contact your processing company's representative to look into other ways of getting the cheapest rates. Sometimes it helps to work with two credit card processing companies so that you can push both of them to offer better rates than their competitor. Plus, if you work with two companies, you can cut one off any time if their rates are no longer competitive.

Provide A Retirement Plan

Giving your employees a retirement plan is a great way to recognize them for their good work. According to the Spark Small Business Barometer, only one fourth of businesses offer a 401k plan. Apart from giving your employees a great incentive, you may also qualify for tax credits that will help you save money.

Use The Right Credit Card

When it comes to spending, make sure to use a credit card with a good rewards program. Some of the best business credit cards let you earn rewards easily with no rewards expiration. Some of the things to look for in a rewards credit card include no limits to earning amounts, no redemption tiers, and large amounts of points or other rewards on your spending.