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Business Budgeting: 4 Steps to Create a Company Financial Plan

Business Budgeting: 4 Steps to Create a Company Financial Plan

  • January 16, 2023
  • CFO Tips

Creating a budget is an important part of running a successful business. However, creating a budget or company financial plan can be difficult. That’s where Next Level Now comes in; our outsourced financial services will help you get your spending in check to optimize business growth. Learn four steps to start budgeting your business.

How to Create an Effective Budget

Here are four tips to help you create an effective budget:

  1. Start With a Purpose. A clear purpose will help you create an effective budget. Begin with an overall goal for your business. Then determine how your budget can help you achieve that goal. For example, you may decide that your goal for this year is to grow your sales by 10%. In order to accomplish that, you will need to spend some money on advertising or marketing. So your first budget line item should account for those expenses.
  2. Do Your Research. Gather as much information as possible before you start drafting your budget. Use the previous year’s sales figures as a starting point. Compare this year’s numbers to last year’s figures to determine any increase or decrease in sales. Find out how much each department contributed to last year’s sales and how much of that contribution is expected to continue this year. This will help you determine which departments will receive the biggest share of the budget. Once you have finished your research, you can draft a first draft of your budget.
  3. Consider Your Employees and Their Needs. An employee spending policy is an essential part of every business’ budget. It outlines the rules for employee spending and helps companies avoid potential legal issues down the road. Make sure you outline clear guidelines for employee spending in your budget. For example, you may want to specify that employees should not use company funds for personal purchases such as new clothes or electronics. You will also need to set a maximum limit on individual spending and provide guidelines on how bonuses and other compensation should be distributed throughout the year.
  4. Be Realistic. Know your numbers and stick to them. In other words, don’t fudge the numbers just to get more money in the budget. A successful budget is based on accurate data, not wishful thinking. If your revenues are less than expected, you may need to revise the budget to reflect your current financial circumstances. On the other hand, if your revenues are higher than expected, you will want to adjust your budget to account for those extra funds.

Determining a Company Financial Plan Is Important For Business Growth

When a company begins to expand it will need to determine what it needs for expansion and what its current capital requirements are. The budget for running a business should include all costs related to daily operations as well as the costs of expanding operations. This includes everything from salaries to utilities to travel costs to office equipment and everything in between. Businesses should prepare annual budgets to make sure they are getting the most from their financial resources while staying within their set budgets.

How to Make Your Business SOAR

Setting a budget and a realistic company financial plan is just an initial step towards business growth. Next Level Now’s SOAR+ will help you gain financial expertise at a fraction of the cost of hiring internally. Our experts handle the financials while allowing you to nurture the other vital areas of your business. This winning formula will boost your company’s profitability and success. Contact us to start today!

What to Look for in an Outsourced Accounting Relationship

What to Look for in an Outsourced Accounting Relationship

  • May 6, 2022
  • Executive Series

Handing over your company’s financial books and records to a firm can sometimes be intimidating. You’ll want to make sure the outsourced accounting firm is trustworthy and dependable. Plus, there are other qualities that you’ll want to identify beforehand. To help you get the most out of your outsourced accounting relationship, we’ve put together some tips and tricks that we’ve learned over the years.

Set Clear Expectations

Identify your company’s top priorities before you take the plunge that can ensure you’re partnering with a financial provider that will meet and exceed your requirements. To do so, you will need to be clear and upfront about your expectations. When you are building this relationship, make your priorities clear. Discuss your company’s business strategy, roadmap, and what role you would like the accounting team to support those goals. Also, describe your company’s top priorities and what needs improvement. Don’t be scared to share details of your business’s financial health. The more background and accurate information you provide, the better they understand how to help.

Communication is Key for Outsourced Accounting

To be successful with an outsourcing accounting firm, you will need to build a strong line of communication and be sure to check in on a regular basis. Clear and direct communication is essential for any strong business relationship. Make sure to schedule routine conversations for you to stay up-to-date on all operations. Don’t hesitate to reach out any time you have any questions or concerns. Furthermore, make sure the outsourced provider is providing clear check-ins and lines of communication for you to utilize.

Protecting Sensitive Information

Another key aspect of a strong accounting relationship is security and dependability. During your vetting process, try to identify if they are reliable and how they will protect your information. Before you hire an outsourced accounting firm, check their references to help see if they meet your standards. You’ll also want to investigate their network security and data monitoring to ensure that they can keep your company’s financial data secure.

Outsourced Accounting Data

Accurate, reliable data will enable you to properly make decisions regarding your organization’s future plans. Outsourced accounting firms should be able to provide and explain the information you need to make informed decisions. This data is crucial so you can understand how your company is doing and make projections. This will also help you identify opportunities for improvement to further your business and meet your goals.

Next Level Now: Your Trusted Partner

Next Level Now is a trusted partner that will go above and beyond for your company. We serve as a reliable resource for business owners to lean on in times of uncertainty. We will outline a road map for your upcoming year and work with you to hit your company’s target goals. Let us provide a personalized business plan that supports your management team.

Choose Next Level Now for all your outsourced accounting needs and let us help your business SOAR. Our knowledgeable, experienced team can help your business grow and improve profitability. We would be happy to answer your questions and help you with your needs. Contact us today to see how Next Level Now can help get you on track to financial success.

Next Level Now’s 2021 Conference Schedule

Next Level Now’s 2021 Conference Schedule

  • May 21, 2021
  • Breaking News

Next Level Now will be attending a variety of conferences this year to network, learn, and take part in the ever-evolving discussions around finance, applied behavior analysis, and information technology. We are excited to see everyone virtually and in person! Check out the conferences we will be attending below:

Finance Conferences

We’re excited to take part in finance conferences this year that will allow us the opportunity to connect with others and learn additional tools that inspire us to continue driving client success.

Sage Partner Summit

We will be there from May 25th to the 27th. The virtual event will provide information and tools to better build businesses. Their program centers itself around the pillars of learning, community, alignment, and inspiration. Plus, the event will take advantage of the virtual space by allowing flexibility in pacing and offering an assortment of tracks hosted in a variety of languages. Let’s schedule a time to meet up! Connect with us here.

Digital CPA Conference

Digital CPA is for practitioners that are curious about technology. It will take place in Nashville, Tennessee from December 5th to the 8th. Their on-site and online conference will explore how firms can stay ahead of the curve. If you will also be attending, let’s plan a Nashville BBQ dinner! Contact us now.

ABA Conferences

Our Accounting team will be attending ABA conferences to further provide insights and solutions that support the complex decisions ABA service organizations face.

SEABA Conference

The Southeastern Association for Behavioral Analysis Conference will be held at The Courtyard Columbia Downtown in Columbia, South Carolina from October 14th to the 16th. SEABA is a regional affiliate of the Association for Behavior Analysis International that promotes scholarly discourse within the field. We are excited to meet all the ABA professionals that serve the Southeast; schedule a meetup with us!

Information Technology Conferences

Our CFOs and accounting team will be taking part in the dynamic dialogue surrounding IT and MSPs to showcase our innovative financial strategies that improve project and company profitability.

IT Nation Secure (Connectwise)

The IT Nation Secure will take place from June 21st to the 23rd in Orlando, Florida and virtually. The cybersecurity training event will teach attendees how to reduce risks and streamline service delivery to offer transformative cybersecurity solutions to their clients. The sessions will cover different aspects of cybersecurity including the human element, security operations, partner-led thought leadership, and more! If you’ll also be there, we’d love to meet up! Contact us now.

MSP EXPO and ITEXPO

Both events will take place at the Miami Beach Convention Center in Miami, FL from June 22nd to the 25th. MSP EXPO will have two conference tracks to assist MSP business owners and technology specialists. ITEXPO will demonstrate solutions and trends to innovate communications and technology tools. Both events will be an incredible network opportunity with 59% of attendees meeting new companies at ITEXPO and over 400 MSP companies present at the MSP EXPO. Contact us to connect with us at the expo!

DattoCon

We will be attending DattoCon21 from October 11th through the 14th in Seattle, WA. The MSP conference plans to exhibit the company’s expansion from data protection appliances, remote monitoring and management, professional services automation, and cloud-managed networking. Are you attending too and want to meet up with us? We’d love to buy you a drink! Let’s plan a date and time.

ASCII Success Summit Orlando

We will be attending the summit at the DoubleTree at SeaWorld in Orlando, Florida from October 27th to the 28th. The ASCII Summits are organized to assist MSPs to develop best practices and network while learning new opportunities. The keynote speaker, Mike Michalowicz, will discuss his latest book “Fix This Next” which divulges strategies businesses can use to grow. Let’s plan a meet-up down in Orlando; contact us now!

Sage Transform

The Sage Transform conference will take place from November 8th to the 12th in Las Vegas, Nevada. The technology conference will feature online and in-person experiences that will showcase Sage solutions and their latest innovations, product roadmaps, and best practices. Let’s plan a dinner in Vegas, contact us to get started!

IT Nation Connect (Connectwise)

The 3-day event will be in Orlando, FL from November 10th to the 12th. IT Nation Connect is designed to aid business owners and leaders to grow their companies while continuing to motivate and empower their teams. Let’s plan a get-together at the show; connect with us here!

We’re thrilled to attend these conferences this year and connect with a variety of businesses and professionals. Contact us to learn more about our conference schedule or how our outsourced CFOs and accountants can help your business succeed today!

Meet Accountant Melissa Walker

  • December 11, 2018
  • Uncategorized
Melissa Walker

We love featuring our team members, the heart and soul of our business. We welcomed Melissa (Missy) Walker, a highly-skilled accountant in our outsourced accounting program over a year ago. Missy brings two decades of experience working for diverse industries and is a specialist known for accuracy and attention to detail. She won’t shy away from a big challenge and gets the job done right and on-time. We are lucky to have Missy here to help our clients SOAR! 

 
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