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Budgets

With the 2018 financial year now completed, now is the time for you to take a glimpse into the future of your business with your 2019 financial year budget. Many people unfortunately get caught working in their business but not on their business, limiting the success they can achieve.

Rubiix understands this and therefore places an emphasis in assisting not just your tax planning but all your business planning. Budgeting gives a you a great opportunity to not only reflect on the past year but also position yourself well for the year to come.

The advantages of Budgeting include:

  • Estimating your Income: Budgeting sales helps you identify your profit levels and track your monthly performances. This allows you to take action to generate more income or implement different strategies during the periods where your income reduces.
  • Keeping track of Expenses: Budgeting your expenses allows you to get a better understanding about how each expense affects your business. It illustrates what expenses can be better managed or reduced and if there are cost effective alternatives.
  • Cash flow planning: Cash flow is the blood line of your business. It dictates what can be paid and when. Therefore it is important to have an accurate illustration of what position your business will be in and when.
  • Performance of Employees: Budgeting is a good way to determine staff performance by comparing it to the actual figures. It assists in determining the efficiency and staff required to meet your budget.
  • Measuring Efficiency: Budgeted figures can be used to generate business rations which can be benchmarked against similar industry standards or your own previous year’s figures. This allows you to measure your efficiency and as a result make improvements.
  • Measuring variance between actual and budgeted figures: As you progress through the year you can record the difference between your budgeted figures and what actually occurred. This then allows you to identify what factors affected your business’s ability to meet the budgeted figures and as such the remaining budget can be updated to take into account these factors.
  • Financing: In some cases, in order to receive financing you need to provide an estimation of the business’s performance for the following year. Preparing a budget allows you to have this information ready to be provided.

There are many programs that you can use which can automatically generate budget reports such as MYOB, Xero or QuickBooks. These are good tool but may not always give you the full picture of your business.

Budgeting is not something that is exclusively for business owners. Individuals can also benefit from budgeting such as estimating the performances of their investments, identifying the best opportunities to sell your investments or even what steps can be taken to best position yourself from a tax perspective.

If you are interested in preparing a budget for your business, Rubiix offers its own budgeting services in addition to a well thought out tax plan for your business. Rubiix works with you to ensure that you are optimising your business potential and aligning yourself to the most tax effective strategies.

If you wish to go further than just preparing a budget, Rubiix can also use our software to assist you in preparing various management reports.  These reports can easily compare and summarise your businesses performance across different years, budgets vs actual performance and forecasts of future performance.   

If you would like to discuss any of the above further please do not hesitate to contact us.

 

 

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