Budget tips for business

Re: Budget tips for business

Hello Friends,
Creating a business budget is very similar to creating a personal budget. However there are some differences. When you own a business, taxes are not directly taken out of your income, which makes your income and any quarterly tax payments extra important to track. Having an accurate and realistic budget will help you make accurate spending decisions and make it easier to predict profits. Which means the more frequently you track you costs, the better.
Here are the recommended steps for creating your business budget:
Step 1: Determine how frequently you want to track your costs and income. Generally, it is advisable to choose every week or every month. At first it may seem like a time-consuming task to track and enter your spending every week, but it will pay off in the long run and as you become accustomed to it, you'll find that it really only takes you a few minutes every week.
Step 2: Determine your expenses. This means your operating costs like your phone and web hosting fees, the costs of your taxes, the costs of outsourcing and the costs for marketing, publicity and so on. Make a list of all categories you anticipate having costs and all areas where you already know your expenses.
Step 3: Now the fun stuff! You get to predict your income. The best bet is to predict on the conservative side. That way if you have a bad month, your budget isn't blown; however, when you have a good month, and you will have many good months, you'll have extra money to work with.
Step 4: Track your expenses and income and review your budget often. Your budget isn't set in stone. It is a living breathing thing that will change as your business changes. If you find you're spending more in one category, make the adjustments in your budget. A business budget isn't a diet or a strict regimen, it is a spending plan.
Thanks.

Re: Budget tips for business

Hello Friends,
Business travel is under greater budget scrutiny than ever. Cost-cutting CEOs want their workers to take fewer trips. They also want expenses on the trips that are absolutely necessary kept to responsible minimums. Unfortunately, some of the cost-cutting measures that leisure travelers employ are impractical or even impossible in the business travel world. Here are some tips that will help you turn out a more pleasing expense report.
1.A budget must be a realistic and based on destination costs rather than an arbitrary per diem figure. Don't send someone to New York and Cedar Rapids with the same expense account. You can know how much it will cost to send an employee on a given trip before he or she leaves for the airport. If you must travel to expensive destinations, don't despair. Many of the largest and costliest cities also offer money-saving advantages. Paris, London and New York, for example, all offer highly developed and efficient subway systems. It's possible to travel within these cities very inexpensively.
2.Did you know that there are at least five Internet tools you can use to track airfares, including one that will tell you what people paid on a particular route over the past few days?Having this kind of information bookmarked can help someone at your small business become a sort of in-house "travel bureau." Get that person familiar with Priceline, car rentals, and transportation passes, too. Then let your expert make arrangements for everyone.
3.Innkeepers will grimace, but you can often negotiate with hotels on rates. If you'll be staying at a given hotel 10 nights in the next few months, that's 10 nights about which they no longer have to worry about an empty room. That should be worth a special rate if you pay in advance. It never hurts to ask. Hotels give breaks and "corporate rates" all the time...they just don't advertise the fact. If they can get you to pay full price, they're happy. If you can tell them it's between their property and another down the street for your 20 nights of business this quarter, they'll frequently offer some kind of discount.
Thanks.

Re: Budget tips for business

Hi

Here are the recommended steps for creating your business budget:

Step 1: Determine how frequently you want to track your costs and income" Generally, it is advisable to choose every week or every month" At first it may seem like a time-consuming task to track and enter your spending every week, but it will pay off in the long run and as you become accustomed to it, you'll find that it really only takes you a few minutes every week"

Step 2: Determine your expenses" This means your operating costs like your phone and web hosting fees, the costs of your taxes, the costs of outsourcing and the costs for marketing, publicity and so on" Make a list of all categories you anticipate having costs and all areas where you already know your expenses"

Step 3: Now the fun stuff! You get to predict your income" The best bet is to predict on the conservative side" That way if you have a bad month, your budget isn't blown; however, when you have a good month, and you will have many good months, you'll have extra money to work with"

Step 4: Track your expenses and income and review your budget often" Your budget isn't set in stone" It is a living breathing thing that will change as your business changes" If you find you're spending more in one category, make the adjustments in your budget" A business budget isn't a diet or a strict regimen, it is a spending plan"

Thanks