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Pru T.
Pru T.
Terrigal, NSW
1 Likes
1 Followers

Hi,
I started my own beauty salon 6 months ago and would like to ask what budgeting tools people find helpful. I am finding it difficult to manage cashflow with suppliers and orders, thank you

10 months ago

Responses

Hi Pru,

A budget is only going to be of use to you when you can accurately measure your performance. Step 1 for you is to make sure that whatever you ARE using to record your income and expenses is accurate and timely. Then you can set up some targets to aim for based on 1) estimates of expected income and expenses.....and 2) actual historical data.....(which is where the ability to accurately record what you do.

It is probably a great move to get face to face with someone who can advise you on what tools are available. Almost certainly a cloud-based accounting system that allows you to get up to date data recorded "live"will be a massively useful tool

If it was me, I would be looking at MYOB Essentials or something similar. Someone else would recommend maybe Xero, or QuickBooks, perhaps Invoice2Go or any number of other products. Whatever you use, you MUST make sure that it will actually give you what you want:
1: accurate historical figures
2: ability to set targets.

You COULD do all this yourself in an excel spreadsheet, but this will take up a mountain of time, and nobody setting up a new business has that much time on their hands.

Find someone you can get access to, who can advise you and also help you along the way. Get references from that persons other clients. Ask you friends and family who they use and talk to more than one advisor before you make up your mind.

good luck
bc

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