Your Small Business Needs a Budget

five stacks of silver coins increasing in height from left to rightSmall businesses need budgets, but too often, they don’t have one. The staff at David Mills CPA, LLC can assist with your budgeting needs.

Creating a business budget can seem overwhelming. One survey found as many as two-thirds of all small businesses don’t have a budget.

Without a budget, though, your company’s financial health is at risk. Small businesses face challenges every day. A budget helps mitigate those difficulties.

The experts at David Mills CPA will show you how budgeting can grow your profits. Interpreting the numbers is key, but we understand making sense of those figures can feel overwhelming.

We can help you answer the critical questions:

  • Do you really know where your money is going?
  • What does it cost you to open the doors each day?
  • What are your most profitable services or products?
  • When you have vendor price increases how much more do you need to sell to remain at the same profit levels?

A smartly planned budget will include flexibility to help you navigate any troubled waters your business may face.

close up of black calculator keysA budget should be more than just a yearly chore. It’s a tool to help you tackle short-term obstacles while planning for the long-term future.

Experts can help answer budgeting questions

We will teach you the questions to ask when looking at your budget versus actual numbers. In this way, your budget becomes a valuable tool to manage cash flow and build your business.

Budgets help make your business more efficient. They can help keep your company out of debt while developing a roadmap for future growth or expansion.

Planning your business budget will make it more efficient to operate your company.

Let the staff at David Mills CPA assist you with all your business budgeting needs. Contact us today for more information.

David Mills CPA: East Peoria Location Now Open!

Exciting news! David Mills CPA has officially opened our East Peoria location. We can provide your business with accounting and financial services. Our office is open Monday-Friday from 8:00 AM until 5:00 PM.

David Mills Services Offered David Mills East Peoria location

In order to best serve our customers, we offer a wide variety of services. We can assist your business with the financial aspects so you can focus on what is most important to you. A list of our services include:

  • QuickBooks
  • Bookkeeping
  • Family Office Services
  • Trust & Estate Taxation
  • Income Tax Planning
  • Daily Money Manager
  • Financial
  • Tax Preparation
  • Controller/CFO Services
  • Payroll
  • Business Structure
  • Cash Flow & Budgeting

Now Booking Appointments

Our East Peoria location is now booking appointments. For all of your financial needs, contact David Mills CPA today. We look forward to working with you and serving our customers in East Peoria.

 

Spring Clean Your Finances

Spring Clean Your Finances

With April right around the corner, warmer days will be here before we know it. While many people associate spring cleaning with cleaning and organizing your home, have you thought about spring cleaning your finances? Spring cleaning your finances is a great way to get back on track with paying off any debt, getting organized, and evaluating your overall financial situation. By following our five spring cleaning tips, you will be on your way down a more stable financial path.

Spring Clean FinancesEvaluate Your Debt

Take a look at how much total debt you owe. To truly understand your debt load, you will need to calculate how much debt you owe compared to the amount that you earn. If your total consumer debt is less than 20% of your net income, you are in fine standings. But, if your total consumer debt is above 20%, it is time to assess your debt load. Don’t let it overwhelm you though as there are many solutions to becoming debt free such as cutting expenses, creating a debt-free plan, setting goals each month, getting a second job and numerous of additional solutions.

Get Organized

Organizing your finances is a vital part of being able to gain control over your financial situation and to make sure that additional wealth is going to be created. A few ways to organize your finances can include consolidating accounts, filing important documents, determining your personal net worth, estate settlement, and shredding documents that you no longer need. All of these tasks will help you be on your way to better-organized finances.

Save MoneyTweak Your Budget

Your budget is one of the most important parts of your financial planning. Without a budget, you could be at risk of overspending on items that could cause you to go into debt, or further into debt. The best way to tweak your budget is to look back at the past couple months and analyze what you spend the most and least money on. From there tweak it accordingly if you see any trouble spending areas or areas that you’re budgeting more than you need to.

Check Up on Insurance

It is always a good idea to check up on your insurance policies, whether it be health, property, casualty, or any other insurance policies you may need to evaluate. There are many benefits by doing this such as catching any mistakes, finding better rates, or realizing it may be time to bundle. As your life changes over the years, it is always best to ensure you are not paying for insurance you no longer need or that you are not underinsured.

Evaluate Your 401K

Evaluating your 401k is important for a number of reasons. Many people make basic mistakes such as overlooking retirement plan fees, getting scared by market volatility or getting overly aggressive. Reasons like these are why it is important to think about retirement sooner than later so that you are able to take on an appropriate level of risk all along.

If you are looking for financial services to help get your finances in order this spring, contact David Mills CPA LLC. David Mills offers financial and accounting services to small and medium-sized businesses, as well as individuals in Peoria, IL as well as the surrounding areas. To learn more about the services we offer, or to learn more about David Mills CPA LLC as a company, contact us here. We look forward to speaking with you!