Creating a budget for a business can be time-consuming and daunting. Budgets are necessary, however, in order to help businesses meet their goals, keep organized, and evaluate their finances. The Budget module of EBMS allows businesses to easily set up budgets from year to year, enabling business owners to achieve their goals and plan for the years ahead.
The Budget module report is an enhancement of the General Ledger module in EBMS, and gives users flexibility in how complex they want their budget to be, as well as if they want it set monthly or annually. The module also includes a dynamic budget that automatically adjusts budgets for a specific amount based on certain data. Some of these formulas include percent of the previous year’s budget, percent of projected sales, percent of total payroll budget, percent of the cost of sales budget, and many more.
The user can calculate monthly budgets by distributing the annual budget evenly, by using the same budget as last year, or by entering a monthly percentage manually. To create more complex budget formulas, there is also an option to use variables. An example of a variable is using a formula to calculate a budget from multiple accounts, or by creating a total sales variable.
It’s very helpful when a program does some of the work for you. Another example of the budget module doing this is its ability to link into a Microsoft Excel spreadsheet and populate the budget directly from a spreadsheet cell. All you have to do is enter the sheet label, the cell row, and column, and the full path of the Excel file.linking to excel.
The ability to customize how you budget your business’s finances is what makes this module such a valuable addition to EBMS. See our online documentation for step-by-step instructions on how to create your own budgets in the Budget module. If you do not currently have the Budget module in your EBMS software package and would like to add it, please contact us today.