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Thursday, 22 May 2008 |
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By Eddie Lamb
Creating a business budget is very similar to creating a personal budget. However there are some differences. When you own a business, taxes are not directly taken out of your income, which makes your income and any quarterly tax payments extra important to track. Having an accurate and realistic budget will help you make accurate spending decisions and make it easier to predict profits. Which means the more frequently you track you costs, the better.
Here are the recommended steps for creating your business budget:
Step 1: Determine how frequently you want to track your costs and income. Generally, it is advisable to choose every week or every month. At first it may seem like a time-consuming task to track and enter your spending every week, but it will pay off in the long run and as you become accustomed to it, you'll find that it really only takes you a few minutes every week.
Step 2: Determine your expenses. This means your operating costs like your phone and web hosting fees, the costs of your taxes, the costs of outsourcing and the costs for marketing, publicity and so |
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Last Updated ( Thursday, 22 May 2008 )
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Wednesday, 21 May 2008 |
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By Mark Dawson
The base rate of interest has been left unchanged, it has been announced.
In its monthly meeting, the Bank of England's monetary policy committee (MPC) has chosen to keep interest rates at five per cent. The announcement means it is the third time the committee has decided to maintain the rate this year and follows cuts of 0.25 percentage points which were actioned in both April and February.
Following on from the MPC's decision, it is possible that consumers find the pressures which their finances are under does not worsen. And during the current period of economic uncertainty, homeowners may find that their monthly mortgage repayments remain the same. In addition, people could discover that their capacity to manage other monetary demands - such as credit and store cards, personal loans and utility bills - is not put under additional strain.
Commenting on today's decision, Henk Potts, equity strategist for Barclays Stockbrokers, said: "The monetary policy committee is caught between a slow growth rock and a high inflation hard place. UK economic growth is clearly moderating; consensus forecasts are for growth of just 1.6 per cent this year compared to the three per |
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Last Updated ( Wednesday, 21 May 2008 )
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