In a recent meeting with a client, we started off with a review of what a budget looks like. For any one that hasn’t bothered with one in the past, this is an excellent step to increasing the financial process for your business.
|2014 is coming. Is your budget done?
|Why bother spending your valuable time creating a budget?There are many reasons but let start with this one, you want to drive your business not let the business drive you.What are the main steps to creating an annual budget?
In order to execute these steps you will need:
In working with my clients I have found that they sometime face the following challenges that have stopped them from creating an annual budget.
Most business owners rely on their bookkeeper and/or tax accountant to “take care of their books”. What they don’t realize is that the bookkeeper and tax accountant are focused on aspects, which although critical, don’t give you the whole picture. That is where your CFO comes in. Your CFO is the one that should set out the structure of your financials, so that your bookkeeper is creating good financial data, your tax account has what they need to file your annual return AND you have the financial business tools to drive increased profitability and cash for your business.
If this has sparked some questions or needs, just reply to this email or give me a call for a complimentary consultation.