Sullivan & Company - Certified Public Accountants 4709 Montgomery Lane #201 - Bethesda, MD, 20814 Phone: 301-657-8080

       

 

 

Paul Sullivan, CPA

Sullivan & Company

 

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Feature Articles

- How to Pay Less for Your Summer Vacation
- Sell Your Home But Keep the Profits
- The Best Financial Tool for Business Owners

Tax Tips

- Getting Withholdings Right This Tax Year
- Tips on Tips
- Are Your Social Security Benefits Taxable?
- Six Tips for Paying Estimated Taxes

QuickBooks Tips

- Protecting Your QuickBooks Data Against Hackers

Financial Planning Tips

- Review Your Insurance Policies
- Lower Your Utility Costs
- Analyze Budget vs Actuals

 

 

What is the Best Financial Tool for Business Owners?

 

If there were a tool that helped you create crystal-clear plans . . . that provided you with continual feedback on how well your plan was working . . . that told you exactly what's working and what isn't, allowing you to consistently make smart business decisions to keep your business on track for success - wouldn't you want to take advantage of it?

 

Well, there is such a tool. It's called the Budget vs. Actual report.

 

Clarifying Your Plan

 

Clarity is power. The clearer you are with your business goals, the more likely you are to achieve them.

 

Creating a budget forces you to drill down in to the details of your goals. It prods you to think about how one business decision affects all other aspects of the company's operations.

 

Example: Say you want to grow your sales by 15% this year.  Does that mean you need to hire another salesperson?  When will the business start to see new sales from this person?  Do you need to set up an office for them?  New phone line?  Buy them a computer?  Do you need to do more advertising?  How much more will you spend?  When will you see the return on your advertising expenditure?

 

You see, a budget is really a planning tool that makes you clarify your dreams. And planning is the first step in making your dreams real.

 

Navigating the Ship

 

Once you've clarified your goals, you start making business decisions to help you reach your desired outcome. Some of those decisions will be great and give you better than expected results. And some decisions will give you poor results.

 

This is where the Budget vs Actual shines.

 

When you compare your budgeted sales and expenses to your actual results, you see exactly how far you are off your plan. Sometimes you need to adjust your plan (budget) and sometimes you need to focus more attention to the areas of your business that are not performing as well as you planned.

 

Either way, you are gleaning valuable insights into your business.

 

It's like sailing a boat. You are off-course most of the time - but having a clear goal and making many adjustments helps you reach your destination.

 

Just Do It

 

Nike knows the power of the phrase "Just Do It." We often know what we need to do but don't take the necessary action.

 

It may seem like a huge hassle to create a budget and then create a Budget vs. Actual report every month. But as with any new skill, although it's hard at first, it does get easier.

 

Let us help you. We can guide you through the budgeting process. We can ask you questions that help you gain clarity.

 

You'll feel energized after it's done. You may even have fun.

 

So "just do it." Give us a call and we'll help you turn your dreams into reality.

 

If you have any questions about budgeting or getting started creating an Actual vs. Budget report, please give us a call at 301-657-8080.

 

To read more articles on our web site click here or go to www.eSullivan.net and click on the Newsletter section.

 


 

As always you can call our offices if you have any questions about these or any other accounting related issues, at 301-657-8080. 

 

Regards, Paul Sullivan, CPA

President, Sullivan & Company

 

 

 

 

Sullivan & Company, CPAs | 4709 Montgomery Lane | Bethesda, Md. 20814 www.eSullivan.net | email: pSullivan@eSullivan.net

Direct: 240-316-3531 | Main no.: 301-657-8080 Ext 102 | Fax: 301-657-9055