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Last week, RACCA Australia published an article on the first part of Business.gov.au’s series Managing Your Business Finances, which focused on using financial professionals and organising business finances.
Now Business.gov.au have published the second part of the series, this time focuses on creating a budget and sticking to it.
The second part of the series emphasises that there are a number of things that business owners need to know in order to put a budget together–time frame for the budget (monthly/quarterly/yearly), fixed costs (salary, rent, insurance), variable costs (utilities, cost of materials, tax), income and actuals.
Business.gov.au also emphasise the need for business owners to constantly keep an eye on how the business is tracking against the budget.
The second part of the Managing Your Business Finances series can be read in full here.