From the course: QuickBooks Online: Best Practices to Unlock Business Growth
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Build a budget - QuickBooks Online Tutorial
From the course: QuickBooks Online: Best Practices to Unlock Business Growth
Build a budget
How do you know if the plans you craft for your business are going to work? Well, a budget is a great tool to help foresee the results of your plan prior to executing it. I prepare a budget for all my clients. A budget is that important to me After this session. You'll be able to build a budget to test your assumptions about your business plans. Start your budget by making a template. Pull a profit in loss statement by month in QuickBooks and export it to excel. Then add two columns, one for notes and one for the total for the period of the budget, which is the next 12 months. Lastly, add a column for each of the next 12 months. Now you have your template. I've included a template in the exercise files for you to use. Now to fill in your budget. Look at three things. First, review your historical revenue. What are your existing sales and what is the growth rate you are experiencing? In this example, their revenue is seasonal. Then determine what you expect your growth rate to be next…
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