Budgeting - An Essential Management Tool with Jay Holmes
Episode Summary :
Budgeting is essential for business success. It helps in the planning and control of the finances of any business. It enables business owners to manage money effectively, allocate sufficient resources to projects, and monitor performance. Budget is needed in creating a road map for financial success and business expansion.
In this episode, we will do a deep dive into budgeting, why it is important, and some of the best practices your business can implement to ensure success. Our very own Jay, our finance expert, is here to help us learn more about this topic.
Jay covers the importance of preparing the budget for the year, the importance of connecting the different parts of management, the main components of an operating budget, and revenue. He also talks about one of the roles of a practice manager and to understand where the business is going through the budget.
This conversation is packed with insights and learnings on budgeting so please tune in!
Today’s Guest: Jay Holmes
Jay is one of the Principals at MedMan. As a CPA, he spent most of his career working with small businesses and the healthcare industry. He is a QuickBooks online expert and is currently also serving as Intuit’s accountant counsel leading innovation in the small business accounting arena.
Today, Jay spends his time as a visionary and Chief Financial Officer of MedMan, helping medical practices thrive. Jay received his Bachelor’s degree from California State University – Chico.
Budgets are one of the best tools a manager has because it forces us to think about how our organization interacts with certain things, income, and expenses.
Budgeting helps in making better business decisions.
Everything in management is interconnected.
Putting the budget in the accounting software makes it easy to compare to the actual.
You need to know and understand the business better to make better and more accurate (budget) forecasts.
There are things you couldn't plan for that are going to make a significant change in your financials, but these things are rare.