Procrastinating about Budgeting?

Budgets can be as simple or complicated as you need them to be. The simplest budget takes 5 easy steps….

  1. Nominate a time period: For a beginner start with the next month from beginning to end.
  2. Decide on what information is important: Total sales and materials are a good start.
  3. Using your bookkeeping software write down the value of your important information for the same period last year (if it is not available make a guess)
  4. Use last years figures to estimate this year. Eg last year my Jan sales were $10k and I have had good growth, therefore if I work hard my sales this jan may be $15k. Materials last January were $5k and I am making more materials rather than buying them, so the cost should not have increased as much -$6k
  5. THE MOST IMPORTANT PART – At the end of the month and compare your estimated figures to the actual. How did you do? Why did you get this result? What can you do to improve?

Our customised reporting solutions will help you to get the best out of the budgeting process by  designing custom reports for your specific business needs. We can extract your live information or fine tune your input and customise it to analyse it in any way you need.

Example:

  • Long and short term budgets,
  • Profit & Loss by Department Centre,
  • Vehicle Cost Summaries, and
  • Detailed Debt Collection Reports.

In the current environment, information is key; yet there is no need to over complicate it. By having the information in your system up-to-date, you can use the information to make better decisions, for your accountant to provide better advice and to reduce the cost of compliance. Vital Business Solutions will help you implement a sound and informative set of Customised Reports for your business. Your services will be set up to give you feedback on what matters to you.

Whilst focusing on working with our clients, we encourage you to learn about your business and interact with the bookkeeper. We provide Online Learning Solutions to ensure you stay well informed.