Let's talk Budget and View an Example
Have you incorporated a budget as a key financial tool for your small business?
Budgeting is detailed planning for the allocation of funds in a business. It is sometimes referred to as the financial picture of the business; i.e, how the business plans to spend its financial resources. Whether your business plan is for next year, for the next three years, or for the next five years, budgeting can help you keep on the right road. Deciding to expand your business whether it be by offering a new products or services, a budget is necessary.
Because operating a small business is not a cut-and-dried affair, the first budget you prepare often uncovers problems with your business plan and helps you determine whether or not your financial goals are within reach. The budget will also help you focus and select from alternatives to help make your business plan realistic and achievable.
In a small business, the year end profit should be large enough to make a return on your investment and return on your own work, i.e., pay you a salary. They key word here is, should!
Small Business Notes provides a budget example for you to review.
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.