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!

Accounting & Tax

What our customers say

My worst nightmare was an ATO audit… when it happened, Tom and the Team resolved all the issues painlessly

I recently received the dreaded notice from the ATO that my business affairs were to be reviewed (a nice way of saying audited). As you can imagine I was immediately pretty stressed and anxious as to what would be involved and what the outcome could be. But CapitalQ handled the whole process so efficiently and professionally, they were able to answer all of the ATO questions and requests for information in a manner that meant further questions and requests for information were not required. This meant that the ATO quickly felt comfortable with what was presented to them and that I was doing all the right things and that there was nothing to be gained by digging further (which there wasn’t, but still, you don’t want them digging further if you can avoid it).

Burak

Personal and Business details withheld for commercial confidentiality reasons

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