Are you getting ready to launch your business, but in need of some expert guidance? Or could you use some insight about how to manage and grow your existing small business?
People often ask me how they can project basic numbers for a new business that hasn’t started yet. I’ve done some things already, in this space, on how to do that for a new product and a sales forecast (links in the last paragraph). In this post I’m offering the same kind of advice for projecting expenses.
If you’re new to business or are out-growing your current spreadsheet-based accounting system, it might be time to look at establishing a more formalized accounts receivable process. In part one of this two-part series on bookkeeping basics, I covered the steps you need to take to set-up and manage accounts payable (i.e. the bills you need to pay) and using it as a tool to help you manage cash flow and inform your overall budgeting management process.