We recommend business owners prepare a cashflow budget or projection to ensure that you are able to pay for your commitments as and when they fall due. It can be easy for business owners to lose track of upcoming commitments, and it is important to ensure that record keeping is kept up to date. These days good controls around banking, accounting software, accounts payable and receivable and keeping up with date with tax, superannuation and other future obligations is very important.
By preparing a cashflow budget or projection, business owners will be able to achieve;
- Understanding of a business cash position at any time;
- Predicating and planning for fluctuations that may occur in the future;
- Have a plan for tax, superannuation and other monthly, quarterly or annual commitments;
- Be able to budget for major expenses or unusual transactions.
- Keep banks and other financial institutions happy with up to date information.
If you need assistance with budgeting, cashflow forecasting and real time accounting software, we are available to assist.