On this blog, we’ve often stressed how important budgeting is for small businesses, and a simple business budget is probably the best because it will be used. This seemingly obvious statement is true of other many tools, whether in your garden shed or computer. If you are a small business owner or freelancer, you probably have a collection of “tools”. These may include spreadsheets, accounting software, time management apps, document management, and project management. While small business owners love software that increases efficiency, they’ll find themselves returning to some more frequently than others. Soon enough, the seldom-used tools are forgotten and you wind up with a small collection of “go-to” business aids. These are often the simplest and easiest to use.
A budget is one such tool. Budgeting applications or a budgeting feature can be complex, requiring experience to use, or simple, requiring no experience. In Flare Cloud Accounting, providing a simple means of budgeting was by design. We are passionate about the importance of setting and tracking financial goals. We also know that the more complex a budget is, the harder it is to use, and the more likely it is to be ignored. We made Flare’s budgeting tool easy so you will use it.
Easy Small Business Budgeting in Flare
Getting started with a budget in Flare takes seconds. In the budgeting form you are preseneted with 12 months of the fiscal year. You enter budget amounts for income and expense categories as shown below.
Once the budget has been created, Flare will compare budgeted income, expense (and resultant profit) with actual income, expenses and profit. After you create a budget, a Budget vs. Actual summary is displayed on Flare’s dashboard. The summary lets you to compare income, expense and profit for the year or for each month in the fiscal year.
You can export the budget as PDF, XLSX or CSV.
The process is simple: enter monthly budget projections then compare them to actuals. If you don’t achieve budget targets, you can then assess why and make business decisions to come closer to your goals. Because a budget is a living thing, you can also edit it (e.g. if projections are unrealistic).
Small Business Budgeting Webinar
The following recorded small business budgeting webinar provides a detailed overview of budgeting in Flare.