A financial budget can help you analyze the current financial situation of the business as well as plan effectively for the future. By financial planning, we mean preparing statements of income and expenditure and a detailed balance sheet at the end of the year. Since the goal of a business is to maximize profits, these budget template will help you list your sources of income and track unnecessary expenditures.
5 Steps to Create an Effective Financial Budget
Step 1: Calculate Your Expected Income
The first step towards creating a budget is to list your sources of income under one column head. The items under the income heading can be further classified depending on their source. You can place income from the business under one heading and income from funds, donations, and gifts under another heading
Step 2: Make Separate Columns for Each Expenditure Item
The next thing to do is make a list of your expenditure items. Again the expenditure items need to be separated depending upon their nature. Some expenses may be fixed, while others may be different each time. For example, office rent is a fixed monthly expense, while government taxes can be calculated on a yearly or half-yearly basis.
Step 3: Calculate Your Projected Expenditure
The projected expenditure column is created to put down approximate figures for all the items in your expenditure list. These figures can be based on the expenses incurred in the past. You don’t need to be exact but avoid misleading figures. Near exact estimates help you create a strong budget that will be all the more useful when you plan for the future.
Step 4: Calculate the Difference Between the Estimate and Actual Expenditure
Once you have listed the actual and projected expenditure items, you need to deduct the actual expenditure from the projected costs. The difference between the two will help you understand how your business is moving. If there is a sizeable positive balance, you should just continue on the same track. But a negligible or negative balance means that you need to do something about changing the current scenario to make amends.
Step 5: List Your Non Recurring Expenses
Some of the expenses you incur are one time investments. These are nonrecurring expenses because they are not paid regularly. For example purchasing of land, bungalow or expensive machinery. You should include a list of nonrecurring expenditure items in your budget statement for your own reference.
10+ Financial Budget Templates
1. Financial Budget Planner Template
This well detailed financial budget template in Word which will help you manage your finances, whether at home or at your office. Be practical and set your deadlines to increase productivity. This template will help you out with suggestive headings and dummy text so that you can have a perfect budget in the least possible time.
2. Basic Financial Budget Template
Financial planning is very important for your business because of the rising demands of the capital market and the increasing number of competitors. This budget template in Google Docs will help you have a firm hold over your finances. It has an excellent structure, and its user-friendly format makes it easy to customize and edit.
3. Modern Business Financial Budget Template
This is a professional financial budget template that is designed to work together with a cost analysis, so as to help the accountants analyze the current financial climate of the business. It will help in creating near-accurate estimates for future financial planning, thereby ensuring financial success in the future as well.
4. Sample Monthly Financial Budget Template
This monthly budget sample template can help you manage your personal as well as professional budget every month. It will help you organize and plan your resources wisely so that you do not suffer for want of cash at the end of the month. The template comes in a customizable layout that is easy to format on any device.
5. Free Financial Budget Template
With its well-organized layout, this template makes financial budget planning for your so much more easier and faster. By comparing your actual costs with the predicted planned estimates, you can easily analyze your financial situation and work towards making quick amends. Just customize this sample financial budget template which is free to download and print.
6. Editable Financial Budget Template
This is a simple financial budget template that can be used to create a monthly budget statement for your home or business. It can be edited and personalized to suit your budgeting needs. The template is created in PDF pages and is easy to download and print within minutes.
7. Printable Financial Budget
This again is a monthly financial budget worksheet that will help you take stock of your financial situation and make amends wherever necessary. The financial budget template example gives you a list of items under the income heading, similarly, all the expenses are listed under the expenditure headings. By deducting the expenditure from the income, you can arrive at your budget surplus.
8. Financial Budget Worksheet Example
This is a detailed financial budget worksheet which gives you three different worksheets to segregate the income and expenditures of the partnership firm. There is an annual budget summary on the last page which will help you arrive at the exact financial figures by combining data from all the different budget sheets.
9. Financial Budget Worksheet Layout
This template gives you a pre-formatted financial budget template in PDF which will help you plan your personal monthly budget. It helps you ascertain your sources of income and identify the expenditure items. By doing so you can cut down on excess expenditures and keep sufficient reserves for the future.
10. Personal Financial Budget
Developing a personal financial budget is important because it can help you manage your monthly expenditure and keep aside sufficient reserves for future plans. Another benefit of preparing a financial budget is that you can eliminate unnecessary expenses by keeping a check on costs. Download this editable template and make things easy for you.
11. Financial Budget Worksheet Download
This is a professional-looking financial budget template that can be used by students to effectively balance their sources of income or funds for a year or on a quarterly basis. The template is very effective because it has appropriate color highlights in the worksheet to differentiate between the income and expenditure items.