Do you need help with budgeting?
Budgeting is one of those fairly simple things that can actually turn out to be quite complicated! Essentially a budget is a plan for deciding what money will be allocated for what purpose and at what time.
This may be as simple as £50 a month for advertising, £100 for business rates etc, or, it can be significantly more in depth, depending on the needs of your business.
The budget can include the following items:
– Estimating all sales in the coming year.
– Estimating money in and out for the business.
– Planning for any activities the business may be planning for in the future.
– Detailing all of the above into both income statements and balance sheets.
Once you have a clearer idea of what your future budgeting will be, it gives you a much clearer picture of both what you can achieve with your business and what you need to do in order achieve any goals that you want to complete.