Do you want to know how to work out how much money you’ll have in your business in advance? It’s simple once you know how.
A great way to start for your income is to look at your historical sales data. Look at how much you made in the last few months. Chances are you’ll probably make a similar amount over the next few months. Then look at your bank statements and see what you’ll need to spend money on over the next few months.
If you get a positive number, woohoo! You’re making money and will have spare money coming in to the business. If you get a negative number, eek! You’re losing money and need to find a way to either increase your sales or decrease your spending.
Ell Evan Bookkeeping are not Tax Advisors and so our advice and suggestions on the application of tax rules cannot be construed as tax advice.
