This Monday morning tip is about the importance of budgeting. Now, the reason why I thought about doing a tip on budgeting is because tonight, the Australian federal government are releasing the budget. Now this happens every year and you know every year it is very important that we pay attention to the budget this year, especially because we have come out of one of the worst things that has happened to our country with the pandemic.
So the Australian government budget is very important to each and every Australian whether we are in business or just as the layperson listening to the budget and what the government has to say about tax savings is very important. So my tip is that we all should really pay attention to what the budget holes are for each and every one of us, but the tip is actually about doing your own budget.
Now that might be your budget for your business or for your budget for yourself personally. However this specific tip is all around setting budgets in your business, and as we’re coming up to a new financial year now is the perfect time to set your budget.
If you have XERO, MYOB, or QuickBooks you can actually set budgets for specific items in your business, and if you don’t know how to do that, then giving your bookkeeper a call so they can actually help and advise you on how to set budgets.
And we all know if we don’t have a budget, we tend to overspend if we don’t have a budget set. And look let’s be real even if we set ourselves the budget we do sometimes overspend, but it won’t go as south if we have a budget set in place.
So just quickly you can let’s say for instance in your business you want to set a budget for how much you spend for marketing for the year in your super package you can actually fit the budget, and it will bring up warnings when you’re getting close to spending that budget.
And we can do reporting on actual versus estimates There’s loads of reporting you can do. Round your expenses, especially when we set budgets in place, so for more help on setting budgets give us a call at Flexible Bookkeeping Solutions. Just make contact with us through our social platforms, anyway.
I’m going to say that budgets are very important so get in contact.