Small Business Budget Preparation
New Year, New Budget - Welcome 2021 In With A Plan!
At Next Gen Business Solutions, we work with business owners to create manageable, realistic budget plans! Together, we can help you make wise financial decisions, stay in control of your finances and get on track for 2021!
Smart budgeting is the foundation for all business success. It allows business owners to plan and control the finances of their business so that they can properly grow and succeed in their objectives. Without initiating a proper budgeting process, businesses fail to control their overall spend and could potentially become bankrupt.
At Next Gen Business Solutions, we can help you to prepare for the new year with a smart budget plan that will allow you to achieve your business goals in 2021!
Don’t Let Budgeting Scare You
Preparing your business’s budget can be an overwhelming task. Don’t let it scare you! At Next Gen Business Solutions, we help you prepare a smart, realistic budget for your business expenses.
We can identify your current available capital, provide an estimate of expenditure and anticipate incoming revenue. By consistently referring to your budget, you are able to measure performance against expenditure in order to ensure that resources are available for business initiatives. This is how you will continue to grow and develop your business. With our financial expertise and easy-to-follow budgeting processes, you are able to concentrate on cash flow, reducing costs, improving profits and increasing returns on investment.
Building A Realistic Budget
NextGen Business Solutions strives to provide you with the best financial advice so that you can continue to reach your goals. In order to properly assess the financial standing of your business and create a realistic financial plan with you moving forward, it is essential that we follow the steps outlined below:
- The first step is always to meet with you, the business owner, and discuss your plans, objectives and direction for the upcoming year. In this discussion, we consider factors including:
- New projects
- New sources of income
- Capital expenditures
- Cash flow projection
- Qualification for tax credits or lack of it
- The second step is to collect and analyze the historical financial data of the business. This would include:
- Balancing financial documents for the past couple of years
- Comparing the Profit & Loss (Income Statement) of the past couple of years
- Comparing the past year’s budget against the actual reports to date
- Comparing the past year’s budget plans
- The third step we take to properly assess your financial standing and future budgeting needs would be to take into account inflation rate and recurring expenditures. With this information, we can then:
- Build a contingency fund for unexpected situations
- Classify internal projects that require separate budgets
- Ensure that projects with shared resources are budgeted the right amount of percentage
After we gather all of this information, we can then get to work preparing your official budget plan.
Why Is It Important To Create A Budget?
A budget is essentially a guideline for businesses. They work as a compass to control spending, guide direction and attain objectives. Budgets ensure that businesses stay on track with their plans, however they only work if they are closely monitored and adhered to.
Once the budget is completed and the business is following the necessary guidelines laid out in order to build a successful business, it is important to provide regular reports. When you budget with Next Gen Business Solutions, we can help you analyze the success of your budget, make necessary adjustments and look for new potential sources of income.
Budgeting Allows Businesses to:
• Make wise financial decisions
• Stay in control
• Stay on track
• Achieve their goals
Budget Preparation Tools
There are so many different ways to make a budget, as well as different tools to use! It is important to create a budget that you understand and enjoy working within. Next Gen Business Solutions can help you create a budget that is not only user friendly, but also fun to follow!
Here are some tools that you can use to build a business budget:
• Simple tools like pen and paper to draw or sketch your ideas, future plans and goals.
• Excel spreadsheets are extremely useful for budget preparation as they are flexible, easy to use, visually appealing and cost effective!
• Accounting software, such as Quickbooks (Desktop or Online), Sage etc. These softwares allow for projects and class allocations within your budget. At Next Gen Business Solutions, we are Certified Quickbooks ProAdvisors and can help you create a realistic budget that works!
Is it time to reassess your financial standing for 2020 and create a budget that will not only allow you to reach your 2020 goals, but also provide you with the resources you need to reach your 2021 goals? Contact Next Gen Business Solutions at (416) 250-0148 or fill in the form below for a FREE, no obligation review!