A number of people hate the whole idea of budgeting. They mistakenly believe that budget would limit their spending power and usually avoid it. This attitude would not help you to grow in any type of business. In reality, budget gives you full control of your hardly earned money and financial future.

Firstly, change the way you think and plan. Stop seeing budget as a restriction on your spending; instead it is a tool that can help to do better than ever before. You have to follow a monthly budget rigidly as it a fast and not a tough system. It is considered to be highly liberating process that helps you to grow and adapts as your needs are changed.

In business, the monthly budget is responsible in forming the foundation of the finances. If a budget is kept on a monthly basis then it is easier to make plans, contract with the right services or people, stay out of debt, to make important and solid decisions, also to stay profitable. There are number of techniques to create a monthly budget, following are some ideas:

  • Choose the Right Planning Tool: How do you generally prefer to do your budgeting? By using some accounting notebooks? This is an old way of doing it in this today’s advance world. If you prefer to use a computer, then one of the best way to do your budget and planning is by using business intelligence software. You can find these through Internet and one the most reliable name is Qlikview throughout Australia. This software enables you to properly plan your whole budgeting.

 

  • Determine the Sources of Your Income: For any accounting process, income is the first category to be considered. There is a need to think out of the box or in other words, you should think differently to find the ways to make money. For example, if working in information marketing sector you have commissions, sales, affiliate marketing etc. if you are still unsure about the ways you make money then have a look at the payment processor or monthly statement of the bank. Figure out that from where your money is coming and then properly categorise it.

 

  • Make a list of Your Monthly Expenses: A number of things supposed to be put in the monthly expenses come only once in a year, therefore there is a need to think by considering in terms of all the expenses. For instance, payment for website hosting is done once in a year. So you can take the total amount spent and divide it by twelve to find out how much it is costing you on a monthly basis.

 

  • You should set a time in the schedule at the end of month for reviewing all the data and information to find how well you planned. This information or data would surely help you in creating budget for next month.

 

  • Implement the Monthly Budgeting plan: By creating a system to keep the expenses and income organised, to put the monthly budget plan into action. Keep a track of all the receipts and invoices, also try to stick with the plan.

 

Since 2003 we’ve been equipping over 100 leading organisations to make the best decisions possible through smarter use of their data. Inside Info are specialists in business analytics, financial reporting and enterprise performance applications – passionate about client relationships, empowering people and turning data into possibilities.

We’re the experts in QlikView, the #1 Data Discovery enterprise business intelligence platform, as Australia’s only top Elite Partner. Our best practice QlikView applications have won awards and are used by some of Australia’s leading companies, with deployments ranging from 10 to over 600 users across many operational processes.  We also work with finance teams to systemise and improve budgeting, planning, financial consolidation and reporting processes, using Host Analytics.  Host Analytics is recognised by Gartner as the leader in cloud-based financial applications, encouraging more continuous planning, improving accuracy, accountability and reducing budget preparation time by half, in a system that finance can easily manage.

Inside Info offer end-to-end QlikView solutions including software, scoping, design, delivery, training and ongoing support services.  Our focus is on delivering results and tangible outcomes for our clients. Our engagement methodology is based on an iterative design and delivery approach, that’s carefully project managed to deliver results and outputs within a few weeks.Our experiences have allowed us to develop a number of pre-packaged business intelligence solutions to significantly expedite BI projects in areas like sales & margin, retail, finance, supply chain and for core systems like SAP, Lawson, JDE and others.

As specialists in business analytics, financial reporting and enterprise performance applications, we understand that improving decision making is about more than technology. Our consulting team consists of seasoned BI & CPM professionals, each with over ten years’ experience, all with extensive industry, process and system expertise gained from multiple client engagements with many of Australia’s leading organisations.