How to manage your New Year budget in 3 simple steps

Every successful financial strategy always begins with a substantial budget. While adequate preparation is crucial to business success, handling and planning your finances ensures that you’ll have complete leverage over your financial performance and development.


So to help you manage your 2021 budget effectively, here are three simple steps to follow:


1. Set your financial targets right

Set a reasonable and realistic financial target on the products or services that you are offering. Once you can set the mark, carefully evaluate your target and tie it on your key objectives. After your assessment, what you came up with will then serve as a roadmap to help you realise your goals. It’s also important to have alternative plans because if you manage to achieve your objective early, you will know where to go next.


2. Establish a strategic budget plan

While coming up with a plan may sound too basic, many companies still fail to establish a solid financial strategy. Managing your budget in such a way that you know what you’re investing and what you’re gaining puts you in the right spot and helps you to estimate your sales and revenues. Not to mention, small business owners who have been successful usually have a sound financial strategy in place.


3. Seek professional help from your accountant

You may not know it, but your accountant is a tremendous asset to your company. Therefore, don’t just speak to them when you’re in the brink of a possible financial failure, or when it’s time for your tax returns to be lodged. When it comes to effective budget management, your accountant should be your go-to person. If you’re still struggling to find one in Western Australia, Prosperity Accountants can help you get started! Call us today on 08 9443 5199 or fill out our contact form.

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Business success program

from $249

  • Help you set business goals & developing and implementing strategies to achieve them
  • Prepare budgets and input into Xero so you can track how you’re going
  • Quarterly meetings to help reach your goals
  • Ongoing support and mentoring

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Xero bank reconciliations

from $199

  • Review and code your bank feed receipts and payments
  • Unlimited phone and email support
  • Reconcile balance sheet items
  • Advise on best practices and improvements

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New business starter pack

from $170

  • Initial consultation to discuss your needs
  • Provide a Statement of Advice on the recommended structure
  • Set up your business structure including all tax registrations
  • Assist with opening business bank accounts
  • Provide guidance and support on commencing and running your business
  • Set up your Xero file

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Xero setup and training

from $499

  • collate your business information
  • crosscheck it against the ABR & ATO
  • set up Xero
  • bring in any opening balances
  • set up your bank accounts
  • customise your invoice
  • activate the feeds and import missing transactions
  • provide you with training on Xero
  • advise on best practice and improvements

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