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Service Providers: The Services worksheet is a simple business budget that separates income and business expenses into categories that closely match those used in an income statement.The categories are fairly comprehensive, but it is also easy to add, remove, and modify the categories.In other words, a red value means you ought to take a closer look at it.
This is helpful for budgeting quarterly expenses and other business expenses that occur at specific times of the year.
The Goods worksheet lets you record sales and cost of goods sold for multiple products.
It's possible to modify a personal budget spreadsheet to apply to a business, but if you are using our Income Statement Template, you'll want to use the business budget spreadsheet so that you can create a budget that is parallel to your income statement.
For those who are just starting a business, or thinking of starting a business, you might be interested in the free Business Start Up Costs template.
This version allows you to perform a detailed analysis of your business expenses and cost of goods sold (COGS) if you are selling multiple products.
Columns are also included for calculating the Percentage of Total Sales for each product and the various expenses.
If you have any taxable expenses make sure to subtract those values from the Net Income Before Taxes before estimating your income tax budget.
One of the reasons for budgeting is of course to help you determine whether you will be able to afford upgrades, new construction, asset purchases, etc.
These business budget templates are pretty simple to modify and customize.
However, here are some things you should know and keep in mind as you use these templates: If you add or move categories around, make sure to double-check the calculations, especially the SUM() formulas that calculate the totals and subtotals, to make sure that the right cells are summed. Conditional formatting is used to highlight the Difference red if income is less than the budget amount or if business expenses are more than the budget.