Banking

Tips For Managing Your Budgeting Process

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Executive Summary

Before even beginning your business, you will need to create a budget. This is a part of the business plan required to get business financing. After your business is running the budget will become the centerpiece for making operating decisions so it is important to make a good budget that allows for a healthy net profit. One of the most important things to realize is that a budget not only balances the debits and credits, an effective budget should also include your goal for a net profit during the year. Your goal is not just to break even is it? If it is, you will do better to invest your money in a low risk and low interest money market account. If you have gone into business, your goal is probably to make money. So, a big portion of your budgeting process should be accounting for net profit.

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