How to Create a Business Budget for Your Small Business

When you have your own business running like an unbeatable warrior, you feel the power, you feel the entrepreneurial surrealness […]

When you have your own business running like an unbeatable warrior, you feel the power, you feel the entrepreneurial surrealness at the very core of it! But, at ground reality, all of it might just sound fancy until you pass the initial phase and succeed in the overwhelming experience of the first few years. Find ways to create a business budget for your small business.

Save Time, Reduce Errors, and Improve Accuracy

Dancing Numbers helps small businesses, entrepreneurs, and CPAs to do smart transferring of data to and from QuickBooks Desktop. Utilize import, export, and delete services of Dancing Numbers software.

So, what exactly gets you through the first few years of the testing period when starting as a small business owner? A well-planned strategy that details out your budget in the most legit way.

Survey reveals that 20% of small businesses succumb to their first year due to the absence of a pre-schemed business budget; and certainly, you don’t wish to be in that count.

As a business owner, one of the primary prudent decisions is creating a business budget, and what else can stand out as a solid chance to do that on one of the finest accounting software used by global corporate, QuickBooks.

How many Types of Business Budgets are there While Working out on QuickBooks?

The different types of business budgets that are while working out on QuickBooks:

  • Static Budget
  • Master Budget
  • Operating Budget
  • Cash Flow Budget

Why do I Need to Create a Business Budget for My Business?

Creating a business budget for your small business comes with an array of merits:

  • Gets you the flexibility for running the business smoothly and confident
  • Helps you to locate the amount of cash flow and expenses
  • Puts you in much control of all financial decisions and challenges
  • Makes you take better and informed decisions for cash flow and expenses predictions

Ways to Create a Business Budget for Your Small Business

Craft a secured and better future for your small business by creating a step-wise, and pragmatic business budget which meets your financial goals suitably.

Here’s a great start for reaping monetary benefits by learning about how to create a business budget for your small business:

Step 1: Measure all Forms of Income

Aggregation of all forms of income is the foremost step that must be taken for creating a business budget for your small business. Whether you optimize each of the spending for personal purposes or make a business budget, this step is very crucial.

Once you have clarity on your net income, you would have a path on which you can walk safely with your expenses. Also, the tally of your net income and expenses helps you to put your business performance under clear lenses.

Refer to your P/L statements to check how much income is flowing in and how well that is syncing with your business model and strategies that have been incubated. Include every revenue stream in this process so that even the smallest of income channels isn’t missed out.

Step 2: Minus Fixed Costs

When you have added up all the income that your business is bringing in, you can take out the expense costs from it which are consistent for the annual term.

It might be the bills, salaries, mortgages, loan payments, all of it can be clubbed under your recurring fixed costs of expenses and needs to be subtracted from the overall income your business is making.

Fixed costs include:

  • Loan payments
  • Commercial rent/mortgage
  • Employees’ salaries
  • Operational utilities
  • Insurance bills

Step 3: Minus Variable Expenses

When you are subtracting your fixed costs, another important cost to add is your variable expense. These expenses are the monthly operating monetary leaks which differ in amount for every month.

It might be difficult for you to predict these expense costs, but a small dig up of your previous invoices and receipts would give you a fair idea to estimate close to accurate.

Once you have your estimated figure, subtract that from the overall income your business is making.
Variable expenses include:

  • Material Costs
  • Billable Staff Wages (i.e. outsourced work, freelancers, etc.)
  • Commissions

Step 4: Allocate Funds for Emergency/one-time Expenses

As a responsible and aware business owner, you must know that unforeseen circumstances can hit you at any time, sometimes a small blow and other times might tear your business like a tornado.

And we all know, walking into the eye of the storm unprepared is not just a foolish act but a step for which many behind you might need to pay the price as well.

Always, allocate and preserve a safe fund of costs for one-time expenses or unforeseen emergencies. Make sure to have a healthy fund value so that at times of crisis it would serve the purpose of having it in the first place.

Step 5: Profit and Loss Statement Creation

At this point, you have already estimated and segregated your income, fixed and variable expenses along with expenses for risk mitigation as well and surely, it has given you way more clarity on understanding your business finances than before.

To make this process even better, create a P/L statement and have a bird-eye view of the entire organization’s track in terms of its income and expenses.

Have a better understanding of how to create a business budget for your small business? If yes, well surely, this article has paid off its effort.

However, if you still seek detailed advice and professional consultation on how to create a business budget for your small business, Then you can connect with Dancing Numbers team who are here to ensure you have informed decisions about your business with the help of the software at your easy disposal.

Accounting Professionals, CPA, Enterprises, Owners
Accounting Professionals

Looking for a professional expert to get the right assistance for your problems? Here, we have a team of professional and experienced team members to fix your technical, functional, data transfer, installation, update, upgrade, or data migrations errors. We are here at Dancing Numbers available to assist you with all your queries. To fix these queries you can get in touch with us via a toll-free number
+1-800-596-0806 or chat with experts.


Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

Easy Process

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Error Free

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

On-time Support

We provide round the clock technical assistance with an assurance of resolving any issues within minimum turnaround time.

Pricing

img

Importer, Exporter & Deleter

*See our Pricing for up to 3 Company Files

$199/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Unlimited Export
  • Unlimited Import
  • Unlimited Delete

img

Accountant Basic

*See our Pricing for up to 10 Company Files.

$499/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer,Exporter,Deleter
  • Unlimited Users
  • Unlimited Records
  • Upto 10 companies

img

Accountant Pro

*See our Pricing for up to 20 Company Files.

$899/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

img

Accountant Premium

*See our Pricing for up to 50 Company Files.

$1999/- Per Year

Pricing includes coverage for users
  • Services Include:
  • Importer, Exporter, Deleter
  • Unlimited Users
  • Unlimited Records
  • Up to 50 companies

Dancing Numbers: Case Study

Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

Get Support

Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

Close X
Call Now+1-800-596-0806
Top