In my 10+ years as a financial/management accountant and CFO for public companies it was these reports that consumed most of my time and for good reason - they are VITAL to the success of your business.

Often these reports are overlooked by small businesses or the idea of creating them gets dumped in the 'too hard basket', but if you run a household, you're already a pro at budgeting so why should your business be any different?

A budget is a clear financial plan for your business that outlines your expected sales & expenses, usually for a 12 month period - and with FY22 only just beginning there is still time to get one in place. It's as simple as looking at your historical data in your accounting software, making a few decisions about your business goals & rolling out a plan for the next 12 months.

Once done, you'll have a month by month plan that you can track your progress against and this will help highlight areas you are performing well (or not so well) in so you can make informed choices for your small biz!

Plus, if you ever want to borrow money from a lender or entice an investor - along with wanting to see your historical results, they'll also want to know what your forecast looks like!

Contact FUEL if you'd like a hand setting up a budget!