Recently I showed you how to create a stellar QuickBooks Online Budget. That process works really well, but today I am going to do one better. I am going to show you how our small business budget template will save you time and money.
Access the template here (click File, then Make a Copy): Killer Small Business Budget
There’s a Catch!
You’re going to be able to access the template created in this video (above), however, you won’t want to use that one for your own. I’m providing it so that you can follow along, and for those who are inclined, you can audit the formulas so that you can understand how things flow from one place to another.
What you will find in the video is that this template is based on your own company’s chart of accounts. The chart of accounts is how your assets, liabilities, equity, revenues, and expenses are all categorized—and every company has a different chart of accounts. I could give you a generic template, but that would never line up with your unique chart of accounts.
The key to making a budget work for you is to actually use it. That means you must revisit and update it monthly.
It’s a simple process:
- Make the plan.
- Execute the plan.
- Expect the plan to go off the rails.
- Adjust the plan.
When it comes to budgets and budget templates, that is the process you want to follow. By revisiting the plan, and comparing actual results to what you’ve budgeted (or forecasted), you can catch when your plan has gone off the rails. And it will go off the rails. That’s a guarantee. The key to success is how quickly you catch issues and adjust your plan accordingly. Do this, and you’ll have a much better chance of reaching your goals and, perhaps, exceeding them!