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This important budgeting step could be the key to your company's financial success

by , 22 September 2014
Your budget is your guiding light when it comes to your finances. A budget can make or break your financial success depending on how you draw it up.

Your budget should help you balance your expenses and income so you always come out with a profit. This may sound simple, but many people still get it wrong.

That's why you must never over look this important budgeting step. It could be the key to your company's financial success...

 

Missing this step in your budgeting could lead to serious problems

 
It's a common mistake to simply estimate or round off expenses. When you draw up your company budget you may think 'well I pay about R500 on this expense', when really you pay R475.
 
That means there's R25 you haven't accounted for in your budget. If you do this for all of your expenses, it leads to a lot of little unaccounted for expenses. All of these add up and, before you realise it, there's a large amount of money you haven't budgeted for.
 
That's why this budgeting step is so important...
 
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This budgeting step could unlock the door to financial success

 
When you draw up your budget, check each expense so you know exactly what your company spends. Check your bank statements for fixed expenses that appear there monthly and check receipts for variables.
 
This way, that money you didn't account for before is now clearly part of your profit. This gives you a better idea of what other once-off expenses you can afford and how much you can save that month. 
 
Just by ensuring you never miss this vital budgeting step, you can accurately see what your expenses come to and that'll help you achieve financial success. 


PS. Here is an amazingly simple way to manage your financials, with the Master Budget Series
 


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