Budget Basics with Sophie de Somerville Webinar

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The Budget Basics webinar will be presented by Sophie de Somerville of Precision Pays. Sophie is a certified MYOB consultation.

During this webinar we’ll look at the basics of budgeting in business, what to account for and how to forecast and review your financial situation.
We’ll show you how to get started and how to create very simple budgets in excel and MYOB
AND we’ll talk about how to compare your actual figures to your budget so that you can manage your financial performance

Sophie’s also prepared a free small business budget template for you.
Wednesday 21 April at 10.30Am AEST for BUDGET BASICS.

For more great webinars, check our website. http://www.abn.org.au/site/events

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  • (I would like to share my screen at this point please, I will be demonstrating how to setup a budget in Excel) Do you need any basic notes for this page or will attendees only see Excel?
  • (Continue sharing my screen as I will demonstrate how to setup a budget in MYOB)
  • (Continue sharing screen please
  • Budget Basics with Sophie de Somerville Webinar

    1. 1. Business budgeting made easy Budget Basics
    2. 2. Stella De Zotti Australian Businesswomen’s Network
    3. 3. Suzi Dafnis Australian Businesswomen’s Network
    4. 4. GoToMeeting Corporate is the most cost-effective, accessible and easily managed online collaboration solution ever. Sponsored by
    5. 5. Sophie de Somerville PrecisionPays
    6. 6. <ul><li>The three W’s of budgeting - W hat to budget for, W hen to do it and W hy </li></ul><ul><li>How much to set your budget for - Conservative is key </li></ul><ul><li>Getting Started - How to create a simple budget in Excel and MYOB </li></ul><ul><li>Unleashing the power of a good budget and minimising cost inefficiencies </li></ul><ul><li>Compare Budget vs Actual figures and manage financial performance </li></ul><ul><li>Your free small business budget template </li></ul>Agenda
    7. 7. <ul><li>Guideline and roadmap </li></ul><ul><li>4 types of Budgets: </li></ul><ul><li>Profit & Loss – Income and Expenses </li></ul><ul><li>Balance Sheet - GST, PAYG and superannuation </li></ul><ul><li>Cashflow - Reconciled to your bank (cash in/cash out) </li></ul><ul><li>Capital - Long term investments </li></ul>The first W of budgeting - What to budget for
    8. 8. The second W of budgeting – When to do it <ul><li>Start of business </li></ul><ul><li>Beginning of each Financial Year </li></ul><ul><li>Review monthly </li></ul><ul><li>Do “mini budgets”, review and revise for the remainder of the FY </li></ul>
    9. 9. The third W of budgeting - Why <ul><li>Manage expenses against budget </li></ul><ul><li>Keeps you on your roadmap </li></ul><ul><li>Plan well, include non standard expenses </li></ul><ul><li>Gets you to where you want to be – PROFIT </li></ul>
    10. 10. How much to set your budget for - Conservative is key <ul><li>Be realistic about profit </li></ul><ul><li>Be realistic about expenses </li></ul><ul><li>Reasonable ratios for your business/industry </li></ul><ul><li>Start with last year’s actuals. </li></ul><ul><li>Fatten up your estimates </li></ul><ul><li>Plan for growth </li></ul><ul><li>Note: CFO’s are judged harshly </li></ul>
    11. 11. Getting Started - Create and manage a simple budget in Excel
    12. 12. Create and manage a simple budget in MYOB
    13. 13. Unleash your budget! <ul><li>Excel - separate tab for actuals, compare </li></ul><ul><li>MYOB – reports </li></ul><ul><li>Make changes, make it a living breathing thing </li></ul>
    14. 14. Use your budget to manage financial performance <ul><li>Start - profit or break-even </li></ul><ul><li>During – reduce expenses, find gaps </li></ul><ul><li>End – look at overall year, plan for following year </li></ul><ul><li>How to be in the right shape </li></ul>
    15. 15. Things to look out for <ul><li>Learn and adjust </li></ul><ul><li>Hit and miss </li></ul><ul><li>Be flexible </li></ul><ul><li>Watch ash flow </li></ul><ul><li>Be conservative </li></ul><ul><li>Create a buffer </li></ul><ul><li>Restraint, not constraint! </li></ul>
    16. 16. Your free Small Business Budget template
    17. 17. Question Time
    18. 18. GoToMeeting Corporate is the most cost-effective, accessible and easily managed online collaboration solution ever. Sponsored by
    19. 19. <ul><li>Review the webinar </li></ul><ul><li>2. Visit Sophie's profile on the directory </li></ul><ul><li>3. Review or create a budget </li></ul>Next Steps
    20. 20. <ul><ul><li>BUSINESS GROWTH WEBINAR </li></ul></ul><ul><ul><li>24 April 2010 </li></ul></ul><ul><ul><li>Start Up Members - $39
Growth Members - $0 - FREE
Non-Members - $59 </li></ul></ul>Managing Business Performance Financial Strategies for the Growing Business
    21. 21. <ul><ul><li>Starts 8 June </li></ul></ul><ul><ul><li>Early Bird specials end 7 May </li></ul></ul>MentorNet Mentoring and Training Program for Women
    22. 22. <ul><ul><li>FREE WEBINAR </li></ul></ul><ul><ul><li>Tuesday, 4 May 2010 </li></ul></ul><ul><ul><li>10.30am – 11.00am AEST </li></ul></ul><ul><li>Online Marketing Optimisation </li></ul><ul><ul><li>Internet trends and effective web solutions for your business. </li></ul></ul>

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