Talking Cents

6 simple tips for building a better budget, by your small business accountants in Sydney

Have you been trying to improve your budget over the past few years but see no progress? Well our small business accountants in Sydney have come up with a few simple tips that will assist in building the ultimate budget for your business.

Did you know that the generic short-term goal for any business is to spend less than 90% of their income? Here some of the steps that our business accountants want you to follow:

• Be sure to add up your business’ income
• Track your monthly spending
• Don’t forget the little things that tend to take a few dollars from your business (ATMs, transfer fees etc.)
• Always be sure to expected the unexpected, as there may be times that you won’t be able to manage certain situations if you haven’t been budgeting accordingly
• Look for items to cut, some of which aren’t essential to the business. Especially a few that items that you don’t use in your business anymore
• Get professional help from a business accountant in Zetland, or could invest in a program called Xero

It is important for you to understand as a small business, that putting money aside for the business is essential. This ensures that your business is ready for anything that it may face and our small business accounting team in Sydney wants you to be ready for any challenge.

As always, feel free to get in contact with our small business accountants in Sydney if you have any questions.