Plan your business budget … and stay in control
Are you a BIG spender struggling to keep up with the demands of #BudgetPlanning?
Hire an Accountant!
What better place to start than the blog of KMT Partners! A reliable accountant can be a valuable asset to restrain your big spending problems. Professional advice from someone who sees a range of clients on a day-to-day basis and someone who is confronted with many similar issues; that’s the experience you need.
Talk to other businesses and see who they use, particularly businesses in a similar industry to you. Some accountants have more experience with certain industries and know their way around the mine field.
Alternative Funding Option!
You can’t stem the spending flow, so let’s get on board raising some additional income to fill the void. For small business, there are a number of options available. One you may not have heard of is ‘crowdfunding’ which has grown in popularity in recent years. This involves very few barriers to getting started and but as with more things the differing models of crowdfunding each come with their own list of pros and cons.
Some of the basic models; donation crowdfunding for a charitable cause;
– Reward crowdfunding, which offers supporters goods or services, usually before they have come to the market;
– Equity crowdfunding, raising finance through the sale of shares;
– Peer-to-peer crowdfunding; and
– Online debt funding (raising debt finance).
The question to ask yourself is; what are you looking to raise money in exchange for? Is it shares, discounts or free merchandise?
If you’re looking to raise shares, here are a few things to improve your chances: don’t ask for too much; prepare an exciting video to help sell your business idea; and consider whether what your business offers is easy to grasp.
Pesky Everyday Expenses!
Of course, before you start raising money, it’s a terrific idea to pin down where it might be going to waste. Periodic reviews of this are also important, because as they say; “a week is a long time in politics,” and with the rate of technological advancement now days – it wouldn’t hurt to review every few months. Let’s be honest there’s always something more you can do, such as e-mailing rather than mailing correspondence, saving electricity, moving to a document free office and many more.
It is often the case that energy costs tend to be the second or third biggest outgoing after rent and yet many small business owners don’t take action. Why wouldn’t you? If you have a group of staff, spend 2 minutes in that staff meeting brainstorming some ways to save energy and encourage a culture that ‘calls out’ anyone that leaves a room without turning off the light or who prints half the Amazon rain forest! Competitions are a great idea, sign posting with some posters and labeling equipment and appliances that can be turned off after use.
We hope you are not one of those people who leave it till the tax deadline is almost here to bring the records into their accountant – usually leaving it until the deadline for filing self-assessment returns approaches, when the accountant is at their most busy. Help us to help you!
Keeping on top of deadlines and staying organised for when you need to submit annual returns and other tax-related documentation will prevent you becoming liable for fees and other penalties. #UnnecessaryExpenses
The ‘tax trap’ that you don’t want to fall into is how some business owners, particularly those in the early stages, try to cut their costs by preparing and submitting returns themselves, but this can be a mistake. Professional help would help to save money in the long run by doing it right first time, providing you with tips on how to improve and guiding you to STAY IN CONTROL.
If you would like to discuss any of the above, do not hesitate to contact us. We would be happy if you’d hire us as your accountant!
#Budgeting #Planning #Accountants #HireUs #Control #Finances
Source: The Guardian