Company Budgeting: 10 Tips
Looking for Company Budgeting: 10 tips to help your company? Company budgeting is a difficult task, especially in these economic times. Below are ten tips on how to make the most of your small business company budget.
- Open source. Any accounting software you need for your company can be found for free as open-source software. Most of the time, open source software closely matches expensive accounting software, but it is available to you for free and it is completely legal.
- Start small. If you have a low startup company budget, try to go slowly. Do not take on more than you can afford to handle. Do not buy expensive office supplies when all you need is a pencil.
- Create a separate bank account. Company budgeting is a lot easier if you have a separate bank account for all your business transactions.
- Filing. Keep all of your receipts on file for taxes at the end of the year. Use a file cabinet to keep track of each client.
- Stay organized. Have a place for everything. If you have papers you use for invoicing, give them a file, and don't put them anywhere BUT that file. This way you will never lose track of any piece of the company budget.
- Advertise for free. There are plenty of ways to advertise for free. This is a growing internet market, so place yourself on every free web listing possible. A listing on the yellow pages website is free.
- Get free business cards. You can get 250 free business cards at VistaPrint.com. All you pay for is shipping, and you can design them yourself. This will help with your company's advertising budget as well.
- Get a free website. Wix.com will allow you to create and host your website for free. It is bar none the absolute best, most user friendly way to make a website we have ever come across.
- Keep track of taxes. The most important part of company budgeting is making sure you keep track of how much you have to set aside for state taxes. Open a savings account and put the tax percentage into savings until the end of the year, that way you will not be broke when you owe taxes.
- Stay on top of good customer service practives. Next to keeping track of your taxes, the other most important part of company budgeting is providing great service. Whatever line of business you are in, do it well and treat your customers right, so you can continue to make money. By keeping your customers happy, you will help your budget by maintaining business. No matter how well you manage your money, if you aren't doing good business, any other money practices won't matter. Keep people coming to you and keep money flowing in.
Posted on: May. 17, 2010