HomeHome SearchSearch MenuMenu Our productsOur products

Use three tips to effectively implement your company's budget and manage your money like a pro

by , 21 October 2014
For your company to make money, you must manage the money you have correctly. This is where budgeting comes in.

Budgets help you work out what expenses you need to spend money on and which you don't. They also help you ensure you don't run into a loss so you can make a profit.

Unfortunately, most business owners create budgets, but they don't know how to use them correctly. This means their money management fails.

That's why we're revealing three tips that will ensure you use your budget correctly so you can manage your company's money effectively...


Use these three tips to ensure you use your company's budget effectively

Tip 1: Colour code your budget
Colour coding your budget will help you determine urgent expenses from once-off ones. This way, you can prioritise your expenses quickly if you need to make changes to your budget.
You should also create a colour code for expenses you've covered. This will help you see what you've paid for and what you still need to pay.
Tip 2: Keep track of exactly what your company spends during a time period
This way you can compare your budget with what your company actually spent and see if there are any deviations. This will help you find problems in your company's financial management and create better budgets in future.
*********** Best seller  *************
Do you want to save the trouble of writing and developing you own tax forms, templates and checklists? 
Click here for printable documents standard with your Digital Practical Accountancy Guide
Tip 3: Be flexible with your budget, but not frivolous
You must be willing to adjust your budget if necessary expenses pop up. But this doesn't mean you can just add and subtract expenses without thinking about it. 
Only adjust your budget for necessary or urgent expenses. 
Using these three budgeting tips will help you manage your company's finances with ease so you can bring in a profit every month.
Recommended product: The Master Budget Series
It contains ten budget templates that will turn you into a budgeting professional.

Related articles

Related articles

Related Products

Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance

Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today

Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism

This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands

Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>