4 steps for creating a business budget


Running a profitable business is not an easy task, as evidenced by the high failure rate of new businesses. According to the Bureau of Labor Statistics, 18% of new businesses fail in the first year, while up to 65% fail by their 10th year. 

An important factor in building and maintaining a profitable business is using an accurate budget. A budget carries a lot of weight, so as an accountant, building one might seem daunting. This indispensable duty does not have to be intimidating, however, as long as you know where to start and if you approach it the right way.

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