Building a strong business budget is crucial for long-term success, and MoneyMate makes it easier than ever. In just 15 minutes, you can set up your business operating budget, ensuring you’re prepared for expenses and cash flow management.
Step 1: Sign Up for MoneyMate
To get started, create an account with MoneyMate. Once you’re signed up, link your business bank accounts to the system. MoneyMate will automatically pull in relevant transaction data to help build your budget.
Step 2: Let MoneyMate Generate Your Business Budget
After linking your accounts, MoneyMate will generate an operating budget based on your historical data. The system creates an accurate snapshot of your business’s income and expenses within minutes.
Step 3: Compare the Generated Budget with Your P&L Statement
Once the system generates your budget, you can compare it with your Profit and Loss (P&L) statement. This step will help you identify discrepancies or any additional expenses that need to be accounted for.
Step 4: Add Missing Expenses and Categories
If any expenses are missing from the generated budget, simply add them to the Income & Expense Table in MoneyMate. This ensures the budget aligns with your actual business operations. By keeping your budget up to date, you can manage finances with more precision.
Step 5: Use the Personal Budget Feature
MoneyMate doesn’t just help you track business finances—it also allows you to set up personal budgets. This feature lets you see how your business income and expenses impact your personal finances. By seeing the bigger picture, you can plan more effectively.
Step 6: Learn and Adjust
As your business grows, you will encounter new expenses. As you learn about these new costs, simply add them to your MoneyMate budget. This allows you to proactively manage future financial obligations.
Need Help? Schedule a Free 30-Minute Consult
If you’re unsure about your business expenses or need guidance, don’t worry—MoneyMate offers a free 30-minute consultation for new users. A finance manager can assist you in identifying expenses, setting up your operating budget, and ensuring you’re starting off on the right foot.
By using MoneyMate to create and manage your business budget, you’re giving your company a solid foundation to navigate financial challenges with ease. The right budget not only helps you track your spending but also empowers you to make informed decisions that drive business growth.
Source:
Turits, M. T. 2020, Nerdwallet, https://www.nerdwallet.com/article/small-business/how-to-create-a-business-budget
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