Key budgeting areas of focus for technology businesses

Key budgeting areas of focus for technology businesses

Budgeting for Technology Companies

Budgeting is a process that helps you predict your income and expenses during a set period of time. A detailed budgeting process allows you to analyse your whole business into parts and their respective functionality. Technology/software businesses specifically run a risk of cost-overrun in a few areas if not properly researched in detail.

Financial Reporting and its benefits for your software business.

Financial Reporting and its benefits for your software business.

Importance of Financial reporting for software businesses

Financial statements record everything that happened during a certain time period and enables owners to analyse the financial health of their organisation as well as the internal and external processes of the company. Let us look at how financial statements can be key to a company’s growth.

1. Budgeting and Forecasting

Understanding the past performance of a company helps owners understand what worked for them and what did not. Decisions on immediate and future investments can also be wisely made. The budgeting process allows owners to accurately forecast figures.

Financial Management Checklist For Your Software/IT Business

Financial Management Checklist For Your Software/IT Business

Financial Management Checklist For Your Software/IT Business

Process Checklist: The key processes you should keep an eye on as a small or medium software development/technology business owner.

1. Record keeping process

How will you maintain a list of transactions within your company? The process around record keeping is critical to ensure you do not miss out on any transactions that need to be recorded for taxation and audit purposes.