![]() ![]() If you know what your cash flow is, you can accurately plan for upcoming expenses, such as payroll and inventory. Cash Flow PlanningĬash flow is the flow of money into and out of a business in a specific amount of time. This is one huge reason why a budget is so important. Nobody likes that sinking of the stomach when you realize that the money you thought you had has been frittered away because of a lack of financial control. However, i n business that’s a bad idea because you may have a lot of money coming and going through your business accounts and you can very easily spend too much without realizing it. In your personal life, you can sometimes get away with just look ing at your bank balance to get an idea of how much money you have before you spend it. 3 Reasons Why You Need a Budget for Your Small Business Financial Control This blog is based on our eCommerce Budgeting Template, which you can download for free. You can also view our YouTube video that covers the topics in this blog more in-depth and takes you through the screenshots provided. This blog will give s everal reasons why you need a budget and walk you through the steps of how to build one. Together, this is the core of good business accounting. ![]() Your financial statements then tell you where it went. In a nutshell, b udgeting is simply deciding where your money is going to go. Creating a budget for your small business can seem constraining and time-consuming, but it is super-important for building a strong, healthy business that can grow and sustain itself over time. ![]()
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