5 Ways to Improve Business Accounting and Budgeting [Video]
by Financial Design Studio, Inc. / September 7, 2020
Steps to improve accounting and budgeting process
- Have a system. First off, really simple whether you do it on a notepad, Excel spreadsheet, a software like Quickbooks. Have a system in place and use your system repeatedly month after month.
- Track everything. Put everything into it to know where all your money goes. Because every dollar should have a home. Keep track of everything that is spent so you can review it. What is not tracked isn’t known, and what’s not known isn’t measured.
- Review it. View it periodically, whether that is monthly, quarterly, or annually. Track it, review it, know where it is going, have a better understanding, to know the numbers.
- Plan and Set Goals. Next, have some reasonable goals to obtain. What am I expecting to spend this next year? Is that reasonable? What am I planning on doing with it? This allows you to know where your dollars are going, to know the ROI(return on investment). Know where your dollars are going so you can spend it wisely and expect returns.
- Be flexible and Keep Planning. Finally, things are always changing. A budget isn’t set at the beginning of the year and then never touched. A good budget is touched, reflected, updated, and revised throughout the year. Therefore stay flexible and keep planning. Planning is “ing” its ongoing it’s all the time. It’s not once and done it’s once and over again. Make it better.
These are 5 things you can do to improve accounting and budgeting systems in your business. Try to have these in place. If you need help setting something up like a Quickbooks, setting up a chart of accounts, knowing how to set up a budget, or knowing what is reasonable for my industry or for my business we are happy to help you with that.
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