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Use these eight tips to turn your company's budgets into super financial controls

by , 13 October 2014
Budgets are a vital part of managing your company's finances. But you should never just compile all your budgeting into one document and hope it works.

You need to create specific budgets for the different financial areas in your business and you need to create them correctly.

This may sound complicated, but it doesn't have to be.

We have eight tips that will help you create perfect budgets and achieve superior financial control...

Eight budgeting tips that will improve your financial controls

The key to creating good budgets is to make them specific. And not just specific to the area of your finances, also specific and detailed to your expenses.
 
This will help you effectively control your finances through your budgets.
 
Use these eight tips to ensure your budgets reach this goal:
 
Tip 1: Use these eight budgets.
 
Tip 2: Create an operating budget in seven steps.
 
Tip 3: Consider these two factors when creating your sales budget.
 
Tip 4: Use this checklist to spot problems in your production budget.
 
Tip 5: Use your direct labour budget to manage your finances.
 
Tip 6: Create your cash flow budget in just 13 steps.
 
Tip 7: Create a General and Administrative Expenses Budget in six steps.
 
Tip 8: Include these five elements in your financial budget.
 
For even more help creating effective budgets, we recommend you check out the Budget Master Series. It contains templates for all the budgets.
 
If you have any questions about creating budgets, ask our experts on the Accounting and Tax Club. They'll give you the advice you need. 


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