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You are here: Home / Business / Bookkeeping Tips / How To Make Your Budget More Effective

How To Make Your Budget More Effective

February 20, 2020 By Sabrina Quairoli Visit our "Disclosure Policy and Cookies" Page. Our blog earns income from ads. This post may contain affiliate links. As an Amazon Associate, I earn from qualifying purchases.

How to make your budget more effective | Sabrina's Admin Services #budgeting #tips

Control your small business through budgeting is crucial to manage any small business.  Every small business needs to check their incomes and expenses to make sure they have enough funds to do everything they want to do AND that needs to be completed.

This is how I started an effective budget for my business.

First, decide what software to use, like QuickBooks or Quicken or an online app that is reliable. 

There are many software applications out there so be sure to pick one you are willing to learn and isn’t too complicating. Check out the reviews for the products before purchasing. 

Then, setup the file. Follow the instructions. 

Whichever application you decide on, be sure to follow the instructions. The apps usually have a tutorial session when you first start using it. Be sure to follow along. They usually have step by step questions they ask when setting up a new account.

Then, decide what areas to track and make up categories also known as accounts.

QuickBooks and Quicken setup a list of accounts already so review them. Not all of them apply to your business.  Delete the ones that don’t apply right away.  The fewer accounts you have the easier it will be to manage them.

Below are a list of examples I use over and over again with different clients. 

Here is a list of account examples that are most frequently used in your chart of account lists:

  • Accounting/Professional fees
  • Advertising/promotions
  • Bank charges
  • Commissions and sales expenses
  • Continuing professional education
  • Dues and subscriptions
  • Employee benefit programs
  • Insurance
  • Interest paid
  • Internet domain names and hosting
  • Legal fees
  • Licenses
  • Maintenance and repairs
  • Office expenses
  • Office supplies
  • Postage
  • Printing
  • Rent
  • Salaries and Wages
  • Payroll Taxes Paid
  • Software
  • Material Supplies
  • Taxes
  • Telephone
  • Travel and meals
  • Utilities
  • Income (If you use Quicken, use client names as subcategories will allow your report to give you a grand income total, as well as, a breakdown totals for each client.
  • Income: Interest

If you have other employees that are involved in the spending, getting their opinion in the budgeting process is also valuable. They may handle areas that you are unaware of and will need to be added to the budget.

Accounts to use for your small business bookkeeping

Some additional tips to make your budget more effective.

And to make the budget more effectively, make sure the accounts are used consistently. There are features in QuickBooks and Quicken that track the payee names and associate it with particular accounts.  Check out this page from QuickBooks on Memorized Transactions.

Then, check the budget every month for income and every quarter for specific expenses and yearly for the ‘big picture’ overview. When I reconcile the Checking, Savings, and Credit Card accounts,  I usually check my budget accounts to see what categories were used or needs to be added or hasn’t used.

Staying in control of your small business will help you see where you are spending too much and where you need to refocus your time.

These products above are from Amazon and they are affiliate links. That means that if you click through and buy on Amazon, I will receive a small commission at no extra cost to you.

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Filed Under: Bookkeeping Tips, Business, Small Business Tagged With: Budget, Expenses, Financial, Income Tips, Money, Organizing Your Business, Revenue Reports, Taking Control of Your Business Tips, Tips

About Sabrina Quairoli

I love to help small business owners make their work and home life more organized and effective to speed up actions and minimize costs. I own and write for Sabrina's Admin Services and Sabrina's Organizing Blogs.

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