Whether you are a small organization or a large one, budgeting is the foundational key to your overall success. Budgeting allows you, the business owner, to plan out and control your finances so that your business is able to meet both its short term and long term goals. Without working with a smart budgeting process, businesses have the potential of overspending, which could result in bankruptcy. At Next Gen Business Solutions, we have the tools and expertise that can help!
Contact our team (link to anchor at bottom of page) of budgeting professionals for a FREE consultation on your business’s budgeting needs.
How To Budget Your Business
Planning and preparing your business’s budget can be an overwhelming task. Each business is unique - requiring a unique budget that fits their needs, growth plan, expense rate etc. At Next Gen Business Solutions, we can help you prepare a realistic budget for your business.
At Next Gen Business Solutions, we can:
- Assess your current financial standing
- Identify your current available capital
- Provide an estimate of expenditure
- Anticipate incoming revenue
Once you have a budget created, you can consistently refer back to it in order to measure performance against expenditure. This will allow you to properly assess the available resources for current and upcoming business initiatives. Understanding where you stand now and where you plan to stand in the future is a huge factor of growing and developing your business. It’s one thing to KNOW what you spend, but it’s another thing to be able to CONTROL what you spend.
With our financial expertise and easy-to-follow budgeting processes at Next Gen Business Solutions, you are able to concentrate on reducing costs, improving cash flow and increasing profits and ROI (Return On Investment).
Building A Realistic Budget
At Next Gen Business Solutions, we strive to provide you with the best financial advice and budgeting expertise so that you can continue to reach your business goals. One of the ways we do this is to assess the financial standing of your business and help you to create a realistic financial plan moving forward.
Creating A Realistic Budget For Your Business:
- Our budget experts at Next Gen Business Solutions always meet with our clients in order to discuss current and future plans, objectives and direction for the upcoming year. In this discussion, we consider:
- New projects
- New sources of income
- Capital expenditures
- Cash flow projection
- Qualification for tax credits or lack of it
- We then collect and analyze the historical financial data of the business in order to project realistic goals. This would include:
- Balancing yearly finance documents to date
- Compering the Profit & Loss (Income Statements) to date
- Comparing yearly budgets and reports to date
- Comparing yearly budget plans
- We then assess your current financial standing and future budgeting needs against account inflation rate and recurring expenditures. With this information, we can then:
- Build a reliable contingency fund for unexpected situations
- Classify internal projects requiring separate budgeting plans
- Ensure that projects with shared resources are budgeted the right percentage
Once our team has gathered and analyzed this information, we can then begin preparing the official budget.
Why Is It Important To Create A Budget?
A budget is essentially the guideline that a business should follow in order to reach business objectives and financial stability. Budgets, when properly followed, have the ability to control spending, guide direction and attain objectives.
Once the budget has been created and the business is following the necessary guidelines, it is important to provide regular status reports. When you budget with Next Gen Business Solutions, we can help you analyze the success of your budgeting - making the necessary adjustments and looking for potential sources of income.
Budgeting Allows Businesses to:
- Become Financially Stable
- Reach Business Objectives
- Stay in control
- Stay on track
- Achieve Goals
Budget Preparation Tools
There are so many different methods and tools used to create business budgets, but the most important thing to consider is the accessibility of the system. It is important to create a budget that the user understands and enjoys working within. Next Gen Business Solutions can help you create a budget for your business that is both user-friendly and easily-accessible!
Here are some tools that you can use to build a business budget:
- Simple tools like pen and paper are great for jotting down your ideas, future plans and business goals.
- Excel spreadsheets are extremely useful for budget building. They are flexible, easy to use, visually appealing and cost effective!
- Accounting software, such as Quickbooks (Desktop or Online), Sage etc. are great tools for budge building as well! At Next Gen Business Solutions, we are Certified Quickbooks ProAdvisors and can help you create a realistic budget for your unique business needs.
Is it time to reassess your financial standing and create a financial plan moving forward? Contact Next Gen Business Solutions at (416) 250-0148 or fill in the form below for a FREE, no obligation review!
Do you have a question?
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