Entrepreneurs and small business owners have different workdays than most people. You don’t get to clock out at the end of every day. Your business is your brainchild. It’s your baby! You’ve been working late hours for a long time to bring this enterprise to fruition, and it’s happened due to your personal dedication. Congratulations!
Budgeting is a necessary evil. You probably don’t get as excited about it as we do at Foster Financial CPA. But it’s part of our job to make sure our Phoenix area customers have the tools they need to accomplish a good budget and stick to it!
Our role is to provide clients with financial statements that include a month over month profit and loss statement you can use to track your finances and create your budget. Getting your hands on financial statements is a big key to the budgeting process! We can sit down with you and help you create your budget. The process goes like this:
• Examine your monthly revenue (income) first.
• Then subtract your fixed costs such as rent, auto payments, insurance and utilities.
• Determine variable expenses like fuel and payroll, as best you can.
• Finally, set aside business savings (we call this a contingency fund).
• Create Profit & Loss statements to lure investors and secure loans.
• Create your sales/income projections for the future.
At Foster Financial CPA we work with all kinds of small to mid-size businesses, but we have extensive experience in the Metro-Phoenix area. We understand that every company is unique, with their own incomes and expenses to master.
All types of businesses make use of CPA firms, like ours, to handle finances. As our website states, Foster Financial is one of the most well-respected firms in the Phoenix market. So don’t hesitate to contact us today!
Tax Tips for the Self-Employed
529 Savings Plans
The Advantages of Being an S-Corporation
Understanding Your Balance Sheet
How (And Why) to Create Your Business Budget
How to Invest Your Business Profits