It is now 3 months into the 2014/15 financial year and the hours you spent setting your annual budget are probably a distant memory, but now it’s time to get your budget out again and review your progress since 1 July.
A budget is a living document. It is the underlying tool that sets the direction of your business… your guide to success.
Printing off your Profit & Loss report at the end of each month and doing an actual-to-budget comparison will help you focus on areas that might need your immediate attention. Maybe revenue on a certain product or service is down, or your expenses have blown out in a particular area. Being aware of this on a monthly basis means you can deal with it immediately and employ strategies to remedy any variations. Leaving it until the end of the quarter, the half year or the year will not give you as much control, placing extra stress and strain on you and your staff.
If you have been putting it off, don’t waste another minute… get your budget out of the drawer, print off your current financial statements and start comparing.
Take control and guide your business to the success you deserve.
Our accountants and financial advisors are at hand to discuss any budget and business enquiries you may have.
Phone (02) 4926 2300 or email us.
If you would like to discuss your business budget, please do not hesitate to contact the team at Leenane Templeton.