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More small business owners and entrepreneurs are of not great concern about budgeting . They view annual budget confines the desire of business growth and limits the flexibility. However, they are wrong!
Here are three reasons:
It will help you avoid running out of money. If you’re like most entrepreneurs, you’ll fluctuate between a conservative reality and an aggressive dream state, which keeps you motivated and helps you inspire others. When you build your budget, start with expenses -this will keep you grounded and reduce your risk of running out of working capital.
It will help you to become a better manager. When done properly, budget can be extremely useful in testing and refining your ability to forecast and manage. You can deploy budgets to hold managers accountable or use budgeting to test whether the drivers of your business hold true. One simple way to start off is to set an annual budget with a set of key assumptions, then reforecast every quarter by updating the assumptions with the latest development
It will help you raise money. You will realise the importance of budgeting when you are raising fund from angel investors or institutional investors. One of the conditions of the investment requires the management to provide the investors with annual budget. Developing a company culture that tracks results to budget will help you meet and exceed the expectations of your investors.
Ms Lee Weiying is a professional and serious accountant. Be it about our accounts for Asia Tong International Group or personal tax issues, she has been able to provide very useful help and advice. Especially when it comes the Group finances, she has always been able to respond in the fastest time and the advice given is practical and effective.
The 1Accounting & Consulting Services team has always worked very hard and knowledgeably with us during the preparation of accounts and taxes. Due to the international nature of our business, this involved at times complex questions and knowledge of the implications for personal and U.S. tax and accounting requirements.
We particularly wish to single out their Executive Director Lee Weiying for her invaluable contributions to keep us up to speed on matters ranging from management account presentation, group consolidations (in different currencies), financial audit, income taxes, GST and accounting practices.
We are extremely happy with their services. Their knowledge in accounting & taxation is very good and they finish Filing of Returns on time with all necessary follow up. We have already recommended their services to our business partners.
They have a professional setup, thorough in depth knowledge of the accounting & taxation system and most importantly we believe that they keep our information confidential. Our experience with 1 Accounting has been great.
The support they give us not just make our singapore business grow, but also make a crucial part of our survival, because we are a wholly overseas stake-hold corporation. 1 Accounting & Consulting Service helps us to set our firm and business firmly in Singapore, and help us save a lot of trouble and cost, so we highly recommend and trust them.
I have personally experienced seeking financial advice during the weekends and also late at night, and have yet to experience any unpleasant encounter. This has enabled us to focus on our core business as a Private Education Institute.