An Individual Expense Report in Business - Essay Example

Business proposal An individual expense report is the business proposalthat I would like to initiate. It enables one to be in charge of his or her money. Moreover, budgeting of money from savings becomes easier and manageable. To solve the problems of the business proposal successfully, one needs to initiate an elaborate plan. The use of SMART (specific, measurable, analytical, realistic and time range) analysis in the business plan can be an effective way of solving the business problems. Some of the specific plans include savings from my wages to help solve the problem of future financial constraints. Saving from the wages enables an individual to have the plans for the future development of the business. To help solve the problem of wastages in my business proposal, an elaborate plan of solving expenditures that entails proper management of savings from household goods will protect any wastage from the business. The expenditure plan needs to have a measurable and quantifiable financial figure that only includes major expenditures. The report helps in managing financial problems by eliminating any possible wastage from the business plan. Saving from wages enables an individual to have the plans for the future development of the business. Additionally, an expense report helps the future of the household expenditure. The individual expense report enables one compare the current household expenditure with the future developments of the same expenditure. Problems at hand are handled easily and solutions of the future using an individual expenditure report (Vona 23-6). Therefore, the development of a business proposal has many varied benefits to a business, which enables prosperity and developments of the company in many varied and effective ways. Existence of an average annual pay of sixty thousand, enables business individuals of households in America to save their money effectively for future use. Savings are from part time business and from an average income of households. The savings are possible using an individual expense report. The act of balancing individual expenditures and sum of the expenses becomes easier with savings at large. Savings grow from average earnings of sixty dollars contributed by savings from part time job because of the development of an individual expense report. This ensures future security and allows for development of the business in many diverse and varied ways. Likewise, embarrassments of future inflation are avoided using an individual expenditure report. The main financier of the business proposal is from wages and savings. The development of an individual expense report curbs the consequence of high price American household commodities such as electricity, food, water and other important household goods. The use of a genuine and realistic plan, which incorporates time frame as stated in SMART analysis helps in controlling the problems developed in handling household commodities. Having a time frame allows for the business to develop attainable objectives within the business plan, which will be incorporated after the elapse of the period. The objectives of the business proposal solve the problems of managing wages and savings. It is vital for my business to have an elaborate objective plan in solving some of the problems. The advantage of the expense report that enables an individual prepare for the future more effectively. The preparation enables an individual to control monetary services in a more mature way, which ensures an elaborate structure that minimizes wastages. Every single cent accounts in the individual expense report (Vona 27-9). The possibility of using money for other different purposes rather than for the establishment of the business is managed using the individual expense report. Additionally, expense report enables business people to manage finance at hand in the savings account, despite the increases in the expenditure of households. Savings in banks will be minimal especially in United States, because of low interest rates. Many people will take up the responsibility of using an individual business expenditure report to manage their finances. The effect of individual expense report is that the government will encourage investors to make great investments in the financial markets with the aim of pushing the economy. The majority of the investors will emanate from business people who have an individual expense report. They individuals are more capable to take the investments since they have more savings developed from their expense reports (Vona 44-7). The possibility of their success in the investments will be high since, they are well acquainted to the financial sways and are more able to manage finances in an effective approach. Investments will be easier in using an individual expense report since it enables an individual to develop plans and portfolios from investment banks. The banks are able to offer clients with all the necessary information based on the investments to protect uncertainties that emanate in the future. The use of an individual expense report enables the banks give investor relevant information concerning the establishments of the investment since they are able to study and develop appropriate structures from the expense report. Consequently, individual expense report allows entrepreneurs to have and develop effective personal portfolios to plan and save for the future. The portfolios ensure the protection of the future using savings that emanate from the expense report. The average American household budget is managed using an individual expense report. The expense report allows the budgeting of expenditures under average earnings and wages. The report encourages an individual to stick to the budget and considers only the most vital needs in the house. It allows for more savings and developments of investments from savings since financial wastages’ take controlled. The American household expenditure rates at lower values and the government regulates prices of the household commodities for future reasons. Therefore, an individual expense report enables governments to control prices and has an effect to the general living conditions. The expenses endured in households’ commodities are controlled and general operating expense reduced using the report (Vona 165-7). Basic commodities like food, fruits and other household commodities are purchased easily in low costs. To use an individual expense report that it enables one plan for the future and save for any uncertainties’ that come along during inflations. Expenditures in the house reduce. For instance, the use of machines in the house is replaced by the use of hands since an individual expense report illustrates better plans. This reduces electricity bill by using an individual expense report. The individual expense report also enables households to make a decision to invest the securities in the future. In recent years, the government published the Quantitative Easing (QE) to boost the economy. Central bank purchases government securities or other securities from the market in order to lower interest rates and increase the money supply. Now, the short-term rates are at or approaching zero, people would not to save the money in banks, to avoid the inflation, many American household decide to invest the retirement plans such as IRAs, 401(k), 401(b). The advantage of the expense report, people could track their spending, budget the income and avoid the uncertainties. With little knowledge of the investment, the report helps people understand how much could spend, how to manage the money, and how to invest their money effectively. The use of an individual expense report reduces household expenditure. It enables an individual to plan effectively without encountering major effects that the future creates. It is vital for individuals to take up the responsibility of developing individual expense report in order to manage properly their finance. Work cited Vona, Leonard W. Fraud Risk Assessment: Building a Fraud Audit Program. Hoboken, NJ: J. Wiley & Sons, 2008. Internet resource. Read More