A guest post contributed by Sue Hirst, Director at CFO On-Call.
A surprisingly large number of businesses don’t have an effective budget in place – if at all!
A budget can allow you to identify overspending in your business and let you take quick action to fix it. Budgets can be entered into most accounting software systems and a ‘Budget versus Actual’ Profit and Loss can be printed so that you can easily see any variances and manage them.
Imagine if you had a small number of items of overspending that added up to say $1,000 per month. If you left it until tax accounts are prepared it could cost you $18,000 in lost profits.
To learn more about how a budget can steer your business in the right direction in 2015, checkout CFO On-Call's short animated video below.