A budget planning template is one of the tools and components to assist you and your business. Having an excellent budget planning template can help you save time and money. You get to plan your budget and figure out where you will keep or where you may have to invest more.
Creating budget planning templates can be a daunting task. However, it can be simple and easy to use by dividing it into much smaller, more manageable tasks. Read on to see how you can create one for your business.
Create a Sheet for Revenue Sources
This sheet should list the various sources of revenue that the budget is based on. This list will serve as a guide, so you don’t overlook other income-generating aspects of your business besides your product sales and income from services.
Other revenue categories may include investments and income from property rentals. Income or credit from grants and donations should also be included. Even refunds that your business received should be listed down.
Interests generated from bank accounts should also be considered. Income from royalties, licensing fees, membership fees, penalties, and others your business earns from should be on the list.
Create a Sheet for Expenses
The expense sheet should include the amount of money you spend in each category. This can include rent or mortgage payments, food, entertainment, transport, utilities, and debt repayment.
In each category, make sure that you list both expected and surprise expenses. You should also include a miscellaneous category to prepare you for unexpected costs. Once you have a list of all your expenses, divide them into fixed and variable costs.
Fixed expenses generally stay the same each month, while variable costs change depending on the month. This will make planning your budget more accessible and adjust it if something unexpected arises.
Enter Expected and Actual Data
When creating the financial plan, it is essential to have sections for expected and actual values. Expected expenses, or your budget goals, provide a baseline for financial planning and help ensure that costs and revenues are accounted for.
Any sudden changes to expected expenses should be documented in the ‘actual’ section. Any difference between your predicted and actual data should be assessed carefully so you can adequately adjust your budget plans. The budget template should also include a section for notes and additional notes to help capture financial insight or trends.
Create a Sheet to Summarize Your Data
A budget planning template that summarizes your data into graphs and tables will simplify analyzing. By having a graphical presentation of your budget, you can easily spot anomalies without reviewing all the numbers.
Adding a summary of your business financial plan will allow faster action before someone blows your budget. Using this data with a spend management tool will give businesses more control over how people in the company are spending funds. This link has a complete list of features businesses can benefit from using spend control tools: https://bentoforbusiness.com/features/card-controls/. Click to learn more.
Start Using a Budget Planning Template
Creating a budget planning template that is simple and easy to use is critical to financial planning success. Consider income/expenses, savings, and monthly goals to get the most out of your template. Use it to track and plan your financial success! Try it today and see the benefits for yourself.
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