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Planning a Business Budget is a prerequisite before starting any new project or business. The budget preparation process will enable you to work on the lackings. This will help you to grow your business. You can purchase additional inventory and assets. People use MS Excel for many different reasons. We can easily create a business budget template in Excel. But someone may find it hard if they aren’t used to this application. In this article, we’ll show you the easy step-by-step procedures to Create a Business Budget in Excel.
Download Free Template
Download the following template to practice by yourself.
Step by Step Procedures to Create a Business Budget in Excel
A business budget is a summary of a company’s revenue, expenses, and profit over a period. A solid budget plan will show the roadmap of a business to prosperity. Therefore, it’s very important to have a good Business Budget. Preparing this budget in Excel will ease up the process to carry out many operations. You can also make it dynamic. So, learn the following process carefully to Create a Business Budget in Excel.
STEP 1: Prepare Excel Workbook to Create a Business Budget
- First, open an Excel workbook.
- Then, make a clear Headline. It’s shown in the below image.
- After that, save the file.
Read more: How to Do Budgeting and Forecasting in Excel (2 Suitable Ways)
STEP 2: Set Income Section
Here, we’ll briefly specify the Income details.
- Firstly, input the precise and short Headings for all the Income details.
- See the below picture for a clear understanding.
- Next, type the accurate values.
- For this example, input Quarterly Sales, Actual incomes, Budget, and Difference.
STEP 3: Insert Excel Formula to Automate Income Section
In this step, we’ll insert some formulas and functions to make the business budget dynamic. The formulas will calculate the details automatically. Hence, it’ll reduce our loads.
- First of all, select cell F5.
- Then, type the formula:
=D5-E5- Subsequently, press Enter.
- It’ll return the difference between the actual and the budget.
- Afterward, use the Autofill tool to get other difference amounts.
- Now, choose cell D9 to input the below formula:
=SUM(D5:D7)- Next, press Enter.
- Use AutoFill for the two columns on the right side of it.
- Thus, you’ll get the total actual income, total budget, and total differences.
Read more: How to Prepare Annual Budget for a Company in Excel
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STEP 4: Create Expense Section in a Business Budget
This step is about the Expense section. We’ll mention all the Expenses and their details briefly.
- Input necessary details in the Expense section.
- In this example, we choose to input 3 different expenses.
- Have a look at the image below. And type the values accordingly.
- Additionally, calculate the differences.
- Furthermore, compute total expenses as we did in the income section.
STEP 5: Input Additional Components
Moreover, if you have additional information, you can insert them too.
- We input the Funding details in this example.
- You can also add other info as per your necessity.
STEP 6: Calculate Final Balance
After placing all the essential data, we now have to Calculate the Net Balance.
- Select cell I5 at first.
- Then, subtract the Total Expense from the Total Income to get the Actual balance.
- For that purpose, type the formula:
=D9-D15- Afterward, return the result by pressing Enter.
- Consequently, use AutoFill.
- It’ll determine the Budget and the Difference in the Net Balance.
- As a result, you’ll get complete results.
Final Output of a Business Budget in Excel
At last, our Business Budget is ready to demonstrate. The following picture is a finished output of a Business Budget in Excel.
Conclusion
Henceforth, you will be able to Create a Business Budget in Excel following the above-described procedures. Keep using them. Let us know if you have more ways to do the task. Follow the ExcelDemy website for more articles like this. Don’t forget to drop comments, suggestions, or queries if you have any in the comment section below.
