A small business budget is a financial plan that provides businesses with important information about the financial health of revenue, capital and expenditure. Budgets offer the knowledge and insight that allows you to eliminate wasteful spending and create profit, whilst keeping a record of the financial health of your business over a period of time, such as monthly or annually. They also help you determine how and where to spend your money, so you don’t end up with a deficit or cashflow problem because you’ve outlaid too much in the wrong place.
A budget holds you to account by asking for a legitimate reason behind every penny you spend, and showing you whether your spending plan is meeting your spending reality.
Whether you are an SME, self-employed or freelancer, a business budget is crucial to the continued success of your business. However, it is only as useful if you frequently and accurately record information in it. It should be regularly re-evaluated to ensure it aligns with your business goals and is still working to create a profitable business.
Sounds like too much hard work? That’s where we step in.
If you are working hard to get your business off the ground, budgeting accounting will be one of the last things on your mind. If your SME is already up and running, it probably isn’t big enough yet to warrant employing someone full time to look after your budget.
At AK Tax we are seasoned experts and can create and manage your budget for you. This removes the stress and hassle from your life, whilst giving you the peace of mind of knowing that someone is keeping a close eye on the financial health of your business.
Our business budget experts in Kent will compile a budget that provides you with a clear picture of your finances so you can decide how much money to spend at the right time, and in the right way. The budget will also enable you to set goals for your business, and prioritise which goals to achieve in which order, based on the realistic metrics we have researched for you. Our budget plan will also help you identify problem areas in your spending, which will help you remove any wasteful spending and improve your profit margins.
As well as creating and monitoring your budget, we will also use our wealth of experience in budget accounting to suggest improvements that will help make your business even more successful in the months and years ahead. Our team will help you understand where your business currently stands and give you the tools to make sure it goes from strength to strength.
A business budget gives you an overview of past, present and future spending, which enables you to:
The process of planning a budget involves listing your business’s fixed and variable costs and then deciding on how to allocate funds to help you reach your goals. Fixed costs involve expenditures such as building or office leases or mortgage costs, insurance, vehicle leases, equipment payroll and utility bills. Variable costs include spending on materials, shipping and delivery costs, advertising and marketing, maintenance and repair of equipment, buildings and vehicles, and commissions for salespeople. Budgeting allows you to be realistic in how much you can spend and gives you a pot of contingency money in case of unforeseen circumstances, such as losing a major client or having to replace expensive equipment.
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