As the 4th quarter of 2019 approaches, you are likely preparing your 2020 budget. Don’t leave this up to assumptions. Now is a great time to look at hard numbers from the past year. Not only will a thorough examination of your expenses be helpful for budgeting next year, it will also let you see if you have the available budget to make any necessary year-end purchases before the end of this year.
We recommend you schedule an appointment with your bookkeeper or Accountant. See where you are, financially. Evaluate how well you followed your 2019 budget and use that information to plan for 2020.
Meet with your team members to discuss their needs or wants for 2020. This is a great time to strategize for any new software updates, equipment upgrades, or staffing changes. Plan for these items now so that you can include them in your 2020 budget.
Review forecasted revenue changes for 2020. Are you taking on large projects that will increase your income? Are you wrapping up a project that will cause a decrease in income? These details will be helpful when working on your plans and budget for 2020.
We always suggest having periodic check-ins with your financial facts throughout the year. This helps you to know exactly where you are and helps you to plan where you’re going. If you need help with these details, a Purk and Associates team member would love to help you!
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