Like most business owners, you’re always looking for ways to save money and streamline your operations. That’s why we’ve created this free business budget template for Excel. With this template, you can easily track your expenses and revenue to stay on top of your budget and make informed business decisions.
Why do you need a Business Budget Template?
A business budget template is an essential tool for any business owner. It allows you to track your monthly income and all the expenses, and it can help you make informed decisions about your spending.
It can be too easy to overspend on unnecessary items or undersave for future needs without a budget. But with a budget in place, you can better control your finances and ensure that your business is on track for long-term success.
A budget template can be a helpful tool for small businesses when money is tight. It can help you identify where you can make savings and reduce costs. It can also show when the company is making a loss. A budget template can help you track your income and expenditure to see where your money is going.
So if you’re not already using a business budget template, now is the time to start. You’ll be glad you did when you see how much easier it is to stay on top of your finances.
Is there accounting software with business budget templates included?
If you are looking for a professional business budget template, some accounting software packages include the feature.
Both have a monthly fee and a free trial. Using accounting software to produce annual business budgets will ensure that all the accounts are in one place and use the figures within the software.
Below is an example of Xero Budget Manager. The report shows the actual figures from the accounts and has columns to enter the budget. The report is available to download in Excel and save for future use.
Why use our Business Budget Template?
Our business budget template is designed with a small business owner in mind. Below are the reasons you should use our template in Excel.
Set the account codes – Set income and expense codes to the best ones for the business. There are five income codes and 13 expenses.
Budget all on one page – Enter the budget figures on one page; it makes it easier to see the differences from month to month.
Enter actual figures – The spreadsheet includes a page for each month to enter actual figures.
Compare actual expenses and income to budget figures – Once the budget and actual figures are entered, a sheet shows actual v’s budget figures and the differences. It will allow you to see any overspending.
Gross profit and net profit – It shows the total gross profit and the net profit or loss on the budget and actual figures.
Free – The business budget template is free to download.
Easy to use – We have made it easy to use with instructions and a demonstration.
What to Include in a Small Business Budget Spreadsheet?
The budget spreadsheet should include all of the company’s business expenses and an estimate of its income. It includes Variable costs, such as materials and labour and fixed costs, such as rent and utilities.
If the business has been running for a while, a good starting point is to use previous figures to estimate the budget.
Below is a brief outline of what to include.
Business income is hard to estimate, but look at the actual income from last year and estimate it. If you have a seasonal business, ensure you show this in the figures.
Business expenses are split into two parts fixed costs and variable costs.
These costs are the same each month; they are the easiest to record. They include things like rent, rates, software plans, and salaries.
Variable costs are much harder to estimate as they might include unexpected costs. Unexpected expenses might include materials, contractors, commissions and marketing costs. It is essential to have as much as possible and the best estimate.
Startup Budget Templates
If you are starting a business, there are some additional expenses that you may need to account for. These can include the cost of renting office space, hiring staff, and marketing your business. Estimating income and expenses can be difficult, but it is essential to do your best to get an accurate picture of your startup costs. You may also have small business investments to include as income as a startup.
A business budget will help you ensure that you have enough capital to sustain your business in the early stages. Additionally, it is essential to review your expenses and adjust your budget accordingly regularly. This will help keep your startup costs under control and prevent your business from falling into financial difficulty.
What’s the difference between a Business Budget and a Cash Flow Forecast?
Cash flow forecasting is the process of estimating the cash that will come in and go out of a business over a period of time. A cash flow forecast can help a company manage its cash flow and avoid running into financial difficulties.
A budget is a plan for how a business will spend its money over a period of time. A budget can help a business to control its spending and save money.
Instructions for Excel Budget Template
The free download is available at the bottom of this page, and full instructions are available here.
A quick instruction list is:
- Enter the business name, bank opening balance, and bank opening balance on the instructions sheet.
- On the categories sheet, enter the different income and expense categories.
- Look at previous profit and loss reports to get an idea of budget figures and enter them into the budget sheet.
- Enter the actual income and monthly expenses.
- Compare the budget to actual figures.
Excel Small Business Budget Template Example
An example of the small business budget template is available for download at the bottom of this article.
Using the example allows you to see it in action and enter some figures before completing it for your business.
Below are a few frequently asked questions about business budget templates.
Do I need an Annual Business Budget Template?
Every business should have a business budget template to help them keep track of their income and expenses. A business budget can help you stay in control of your spending and save money. The free download is available at the bottom of this article.
Does it work with Google Sheets?
The business budget has been developed using Microsoft Excel 365. It will also work with Google Sheets and other spreadsheet platforms. If you are using an older version of Excel, the drop-down list might not work.
How to Budget if you are Self-Employed
It is challenging to stick to a budget and make savings as a self-employed business. Read our article on how to budget if you are self-employed.
Can I make my own small business budget templates?
If you have experience in Excel or want to learn, you can set up your own budget template. There are lots of tutorials on YouTube.
Download FREE Small Business Budget Template
By downloading our free templates, you agree to our licence agreement, allowing you to use the templates for your own personal or business use only. You may not share, distribute, or resell the templates to anyone else in any way.
Conclusion for Small Business Budget Templates UK
A business budget is an essential tool for any business. It helps to control spending and keep track of income. Using a business budget template can make the process much easier.
The example we have provided is easy to use and allows you to enter your own figures. Make sure to review your budget and adjust it as needed regularly. It will help you keep your business on track and avoid financial difficulty.