New Business Budgeting - CapitalQ

New Business Budgeting

Most know the importance of a budget before venturing into a new business enterprise.

But the problem is if you don’t have real experience running a business, or even if you feel you do, if you don’t have hands-on experience with the financial side of things in a business like the one you are about to enter, it is very easy to miss things.

A budget is a decision tool. It helps you decide –

  • How much capital you need to get started
  • How much working capital you will need to fund the business on an ongoing basis
  • How much you can afford to pay your staff
  • What your product or service pricing needs to be
  • Your break-even point
  • How long you can stay afloat if things aren’t working as well as you hope

So it is vital you cover every possible expense and outgoing and don’t miss a thing.

Because if you don’t get it right, then your decisions will be flawed before you even start.

Of course, we all know a budget is our best prediction of the future, so it rarely if ever will be 100% accurate. But you must do the best you can, and keep it conservative with room to move.

The most common expenses we see new business owners miss include –

  • Variable Outgoings on your Business Premises
  • Managing Agent Fees on your Business Premises Lease
  • Full Award Wage Entitlements
  • Payroll Tax
  • Fringe Benefits Tax
  • Workers Compensation Insurance
  • Income Tax (especially in the second year of operation)

But the biggest one consistently missed is …

  • Sufficient Advertising and Marketing to actually get customers or clients to your door!

More about Accounting & Tax

Yep, Its tax time….so don’t put off lodging your returns.

Those who want to legally pay the absolute minimum tax know how important it is to choose the right tax accountants and advisers.

CapitalQ are your local, highly qualified and experienced Chartered Accountants who guarantee you will receive the maximum refund legally possible.

Book your FREE, No Risk, Initial Consultation today and receive a FREE gift

What our customers say

Logo for Amy Rosato
Working with CapitalQ business accountants in Perth helped to take some of the pressure off what was a very stressful time. They have always been patient and helpful, and explain things in terms we can understand. They have helped us to take our complicated business structure and make the accounting side of it manageable and much more efficient. We look forward to continuing to work with CapitalQ in the future and to the benefits that this will bring to our business and our peace of mind.

Amy Rosato

Stratosfunk (Perth)

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