Starting your own business means you’ll likely have to manage your finances in ways you never had to before. If you want to know how to create a business budget spreadsheet, we’re here to help! Follow these 5 steps and you’ll be able to create one yourself in no time.
Download and Install Microsoft Excel
Before you can create a business budget spreadsheet, you need to have Microsoft Excel installed on your computer. You can download the software for free from the Microsoft website. Once it’s installed, open Excel and create a new spreadsheet. Next, enter your name at the top of the spreadsheet as Budgeter.
Open the Template File
In order to create your business budget spreadsheet, you’ll need to open the template file. This can be done by going to File and then Open. Once you have the template file open, you’ll be able to input your own information. First, fill out the header row by typing your company name and date at the top of column A. The next row should include any expense that is considered fixed (e.g., rent).
The next rows should be for expenses that are variable (e.g., internet) or non-monthly recurring (e.g., utilities). You may want to include items such as payroll or auto-payments in these rows as well because they will not occur on a monthly basis. Fill out all of these rows with as much detail as possible including dollar amounts, dates, etcetera before moving on to step 3!
Read about: How To Format a Business Plan For Success
Enter Your Monthly Business Expenses
To get started, open up a new spreadsheet and label it Business Budget. Then, create columns for each month of the year. In the first row of each column, enter your monthly business expenses. These may include your rent or mortgage payments, car payments, insurance premiums, utilities costs and any other recurring monthly cost that applies to your business. The important thing is that you list these one at a time so you can keep track of how much money is being spent on each one every month
Enter Your Sales Figures and Income
You can find your sales figures by looking at your sales reports or invoices. If you don’t have any past reports or invoices, you can estimate your sales based on how much you think you’ll sell in a month.
To find your income, look at your profit and loss statement from last year (if you have one) or estimate your monthly income. For this spreadsheet, we’re estimating that our sales will be $2,000 per month and our income will be $1,000 per month.
That means we need an estimated start-up cost of $10,000 ($8,000 for inventory + $2,000 for other expenses). For each item in the Investment column below where it says estimated, insert the dollar amount for that investment. The number next to it is the total of all those investments so far
Read about: The Complete Guide To Franchising Your Business
Review, Save and Share
Now that you have all your numbers entered into the spreadsheet, it’s time for a final review. Make sure all your formulas are working correctly and that there are no errors. Once you’re confident everything is accurate, save the file and share it with your team. Congratulations – you’ve just created your first business budget! The next step is to start collecting more data by tracking every purchase as you make them.
When reviewing your expenses, make sure they match up with what was previously spent on food & supplies. If any figures seem out of place or incorrect, find the right spot in the spreadsheet and double-check if needed.
Include anything else that might be important when preparing budgets like insurance costs or car repairs because these will factor into future spending too.
Don’t forget to use conditional formatting so that certain cells will stand out from others (highlighted cells) which can help keep track of expenditures easily!
Conclusion
A business budget is an essential tool for any size business. By tracking your income and expenses, you can make informed decisions about where to allocate your resources. Creating a budget spreadsheet is easy and only takes a few minutes. To create one, follow these five steps
