Financial Planning
Don’t Neglect Financial Planning
Whether you’re starting a business for the first time, or you’ve run your own operation for years, you likely know the importance of financial planning. Unfortunately, we don’t all have the time or money to take accounting and finance classes to ensure we’re doing everything right. If this is the case, Bookkeeping Done Right, LLC. can help. We assist businesses throughout the Phoenix Metro Area with bookkeeping, financial planning, and asset management. Our CPAs would be happy to take a look at your past finances and help you come up with a budget to get you through the year.
Our Team Can Organize Your Finances
Organizing your finances and creating a solid spending plan is an excellent way to start on the right foot when it comes to your business. However, many business owners don’t know where to start in terms of financial planning. If this is the case, Bookkeeping Done Right, LLC. is at your side. We’ll work with you to ensure you reap the benefits of sound financial planning. Some of the top advantages include:
- Increased savings
- Peace of mind and less stress over money
- Employee and stakeholder confidence in your business
- Better ability to set and attain financial goals
Get Help Creating Your Budget
When you need help building a budget for your small business, look to the professionals at Bookkeeping Done Right, LLC.. We’ll walk you through the budgeting process and make sure you’ve considered all your cost-saving options. If you don’t know where to start, our team will point you in the right direction. Start thinking about your budget using these easy steps:
Figure Your Income
List all your sources of income and figure out how much money your business is bringing in each month, quarter, or year.
Identify Fixed Costs
Read through your bank statements and add up how much money you spend on fixed costs each period. These could include expenses such as payroll, rent, and the internet for your office.
Estimate Other Expenses
Some expenses aren’t the same every month. Take a look at past reports and estimate how much you spend on these line items each month. Travel, utilities, and commissions could all fall into this category.
Factor in One-Time Purchases
Are you in the market for a piece of machinery, new desks for your office space, or another major expense? Record these expenses and anticipate any future one-time purchases you may need to make and factor them into your overall operating costs.
Add Up Your Expenses
Add your fixed costs, fluctuating expenses, and one-time purchases together, and subtract the total from your income. If you have lots of leftover, you may be able to expand your spending in one or more areas. If your expenses are more than your income or you break even, you could consider cutting costs somewhere.
Filing Your Yearly, Quarterly, and Monthly Reports
Filing reports every month can feel like a hassle. Check those reports off your to-do list when you reach out to Bookkeeping Done Right, LLC.. We’ll collaborate with you or your finance department to file accurate yearly, quarterly, and monthly reports.