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5 Ways to Improve Business Accounting and Budgeting [Video]

by Financial Design Studio, Inc. / September 7, 2020

We are talking to our business owners on ways to improve operations, legal structure, and accounting.  Here are 5 ways to improve business accounting and budgeting processes you currently have. 

Steps to improve accounting and budgeting process

  1. 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.
  2. 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. 
  3. 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.  
  4. 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. 
  5. 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.

Ready to find out more?

Contact us today for a free 30-minute consultation!

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Financial Design Studio, Inc.

We are financial advisors in Deer Park and Barrington, IL. A team with a passion for helping others design a path to financial success — whatever success means for you. Each of our unique insights fit together to create broad expertise, complete roadmaps, and creative solutions. We have seen the power of having a financial plan, and adjusting that plan to life. The result? Freedom from worrying about the future so you can enjoy today.