Corporate Budget Template
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Corporate Budget Template – According to the US. Bureau of Labor Statistics, 20% of small businesses fail within the first year. And while the reasons vary, their failure is often due to cash flow issues.
Don’t let your business become another statistic. To give your new small business the best chance at survival, you’ll need to learn how to take stock of your income and expenses—your cash flow—and track what you’re actually earning and spending. In other words, you need a budget.
Corporate Budget Template
Creating a budget that works for your small business doesn’t have to be difficult. All you need is a spreadsheet tool like Microsoft Excel to create your own budgeting tool. Better news? We’ve created a free small business budget template for you.
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Instead of creating your own budget calculator, use our budget template calculator to start your budget plan. We’ll show you how in four easy steps.
You can’t make a budget without describing your income. Why not? Because your income determines how much you can afford to spend.
To see how much you’re contributing, you can look at a profit and loss (P&L) statement, also known as an income statement. An income statement shows how much your business made or how much you lost. It consists of three components:
For this first step, we are most interested in your income. Depending on your business model, you may have multiple revenue streams, such as a subscription service or online classes. Be sure to include all revenue streams in your inventory to get an accurate budget.
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You’ll notice that we’ve interchanged the terms income and revenue here. That’s because income and gross income mean the same thing—all cash inflows from your primary income-generating activities. Your income can further be divided into two categories: operating income and non-operating income.
Operating income refers to your income before interest and taxes. Non-operating income includes any money you earn from activities unrelated to your core business, such as interest or rent.
The bottom line? If you make money from it, add it to your income streams. See the image below for an example of what it looks like in our template:
Once you inventory your income, you can deduct your fixed expenses. Fixed costs include annual or monthly costs such as rent, insurance, membership fees, subscriptions, or anything else that you pay the same amount over and over again. Planned costs are easy to predict because they are constant.
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But variable costs are a different story. This includes costs such as utilities, marketing, materials, wages and travel, and the cost may change from month to month. You can look at old receipts and invoices to estimate their total budget.
Note: When it comes to travel or any other expenses incurred by individual employees, it is helpful to have a business expense template that you can distribute so that you can include these expenses in your budget. We’ve included one in our free download for you to use.
Once you have identified all your fixed and variable expenses, subtract them from your income. Now you have your net income.
You’ve calculated how much you think you can afford to earn and spend, now it’s time to track the actual dollar amounts.
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This is where you can view our business budget template every month so you can track how much you actually spent on each line item you entered in step 2. You will do this to see if your estimate reflects the actual cost of leaving a bank account.
Why is this step so important? Because it is like a mirror for your finances. You may have good intentions when it comes to what you’re talking about
Expenses, but if you don’t adjust them in practice, you won’t find much benefit in the budget. This brings us to the fourth and final step: use this information to make better decisions for your small business.
Now that we’ve covered how to track your income, expenses, and actual expenses, you can better understand your finances and make better financial decisions for your small business by creating an income statement.
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As we mentioned earlier, your income or profit and loss (P&L) statement shows how much your business made or how much you lost. It’s useful to have when you’re creating a business budget because it’s your starting point. Below is an example.
After completing steps 1 and 2 above to calculate your net income, you will have all the information you need to create your income statement. If your net income is positive, congratulations! Your business is profitable.
You will lose money if your net income is negative, but don’t panic. Knowing is half the battle, and getting a handle on your finances will put you on the road to better budgeting practices.
If numbers aren’t your forte, or if working with Google Sheets instead of Excel is more your speed, we’ve got you covered. Here are some resources that can provide additional help with budgeting:
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While the steps we’ve discussed are a good place to start, they should form the basis of your budget. When you feel comfortable, you can explore the safety net or review your expenses to eliminate non-essentials. Accounting software can help you manage your operations and provide real-time analysis of your financial health, including cash flow and expense management.
Lauren Spiller is a Senior Content Writer at Capterra covering customer management, customer service and customer experience with a focus on customer acquisition through SEO. She holds an M.A. in Rhetoric and Composition from Texas State University and has presented her work at the European Association of Writing Centers, the Canadian Association of Writing Centers, and the International Association of Writing Centers. He is currently developing content for a workshop series on SEO writing. She enjoys cooking and spending time outdoors in Austin, Texas. We’ve rounded up the most useful free annual business budget templates, including ones designed for companies, startups, and marketing teams. You’ll also learn more about what goes into creating an annual business budget.
On this page, you’ll find an annual business budget template, a first-year budget calculator, an annual business startup budget template, and an annual marketing budget template. In addition, we offer helpful tips on how to use the annual business budget template.
Use this easy-to-fill annual budget template to gain annual insight into your business expenses and income. Enter planned employee, office, marketing, training and travel expenses and use the appropriate tabs to track actual expenses and calculate cost variances (the difference between planned and actual expenses). A unique cost analysis tab provides a dashboard view of your planned and actual costs, variances, and variance percentages.
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If you are looking for budget templates for nonprofit organizations, check out this article for a variety of budget templates suitable for any nonprofit organization.
Use this simple first-year budget calculator to determine if your startup has enough resources to meet its financial obligations. Enter operational costs (such as operations, marketing, employment, inventory, etc.) and employee salaries to compare initial costs to monthly costs. This first-year budget calculator includes a section dedicated to personal financial information and how it can affect your organization’s overall budget outlook.
Use this annual operating budget template to see how your organization’s expenses relate to revenue. Enter your total income, total expenses, and total savings to get your net monthly income. Add salary or details, all interest income, reimbursements and reimbursements, and any other miscellaneous expenses to help identify budget gaps and ensure your business is on solid fiscal footing.
This template is perfect for start-ups who want to compare their funding with their costs to avoid financial shortfalls. Use this template to make sure your first-year budget calculations (start-up costs, operating expenses, expected and actual income, and all personal expenses) are as accurate as possible. Save this calculator as a one-time file with custom entries or share it as a template with team members to standardize budgeting practices.
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Get a year-to-year perspective of your annual income and expenses with this annual business budget template for beginners. Enter revenue (sales, commissions, investments, etc.), expenses (salary, operations, marketing, etc.) and utilization
Tab dashboard view to see your current budgeted expenses and actual income. Get bottom-line insights with all expenses and source of income. Then use this data to track your proximity to profitability.
Get valuable insights into your company’s overall budget health with this printable monthly and annual budget report. Enter income (salaries, dividends/interest, etc.) and expenses to determine the actual annual income of the organization. You can share this annual budget report template as a one-time budget report or use it as a template to meet all of your annual budget reporting needs.
This annual budget template is designed specifically for marketing organizations – use it to compare estimated marketing campaign costs with actual costs. Enter expenses (national and local marketing, PR spend, content marketing, social media, advertising, etc.) to get an overview of where you need to spend to meet your marketing budget goals. With line-by-line pre-specified marketing costs, this template takes the guesswork out of calculating total costs. You can also customize this budget template according to your needs.
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