As we start nearing the end of the third quarter, this is a good time to start thinking about the budget for next year. Too often I myself have put this off for my personal finances, but, as wiser people than I have said, it's not how much you make, it's how you use it. So, the following is a list of items, not created to cover every possible topic, but more as a reminder and to spark ideas.
Budget Items to Consider:
- Rent and Utilities
- Fees for Training
- Office Supplies
- Benefit Expenses
- Basic services like internet, cell phones, subscriptions, etc.
- New Equipment and Maintenance on Existing Equipment
- Staffing and General HR
There's obviously many more things to consider, but, again, now is good time to start thinking about these topics, how they might be different next year, how you might increase some and decrease others.
What to remember: Budgets, in a lot of ways are very generic in the business world and in many ways very specific to individual companies. Design one that works for your company and its specific scenario and don't be afraid to ask you CPA for advice.