Perhaps one of the most important ingredients to a successful business is planning and budgeting. It is not too late yet, to do the 10/11 financial year.
It has been said “Failing to Plan is Planning to Fail” and with tools and a bit of thought, it is easy to plan and measure your business results.
QuickBooks has a Budgeting and Planning section that allows you to budget your Profit and Loss and or Balance Sheet for years into the future by the month.
You can enter 3 scenarios or a blend of the 3.
· Fixed amounts per month, ie $20.00 every month for postage
· Increase or decrease by a % per month ie sales up 2.5% per month
· An amount very month that is different or seasonal ie July is higher in insurance
You can start by exporting your Profit and Loss or Balance Sheet report from the great suite of reports for last year, totalled by column and then export it into Excel. Here is a historical starting point, that you can change figures in and see the outcome.
QuickBooks budgeting function can be entered at Class level so you can measure your actual income and expenditure against your budget for each department or business operation dissection.
So… Are you planning your business financials? Use QuickBooks to make it happen.
Glenn Anthoney
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