How budgeting could help your business to limit costs and achieve its potential
Budgeting simply means planning and controlling how your business spends money, explains David Hubbard of Middlewich-based management accounting services provider Jugglers (“the accounts department for companies that don’t have one”).
“Creating a spending plan – or budget – allows you to determine in advance whether you can afford to buy things your business needs or wants. But your budgets must be based on reliable sales forecasts. If you keep on spending more than you can afford, you’ll soon run into cashflow difficulties,” he warns.
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Source: Guardian