Controlling company expenses can be quite a challenge if you don’t have an adequate structure or well-organised processes. However, with this special budget control spreadsheet, you can take note and organise the entire balance of the employee expenses in your company each month.
- Budget Control System
- Budget Control Excel
- Budget Control Techniques
- App For Expense Management
- Expense Form Template vs HR Software
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Budget Control System
Controlling expenses is extremely important. Amongst other things, having a specific balance on expenses in your company allows you to acquire more security and comfort when making new investments. Keep reading if you want to learn how to get your company’s finances in order with our excel spreadsheet!
It should be noted that the main difference between cost and expense is that the former indicates the investment necessary to produce a particular product. This is an appreciation that not everyone knows how to differentiate. This is why we want to make the differences clear. However, on the other hand, the expense is the disbursement of money that is made to carry out each of the activities that are needed for the production of said product.
Many people have already realised how important it is to control your budget, organise financially and invest in the future of your company. However, this is only possible when we manage and monitor all the money that enters and leaves your account. That is when we have a rigorous balance on the control of expenses in the company.
If you’re reading this article and think perhaps you don’t have rigid control of your finances, we can help you know more or less how much you spend per month. You may be shocked when you discover you’re spending a large part of your income on transport or food shops, for example.
Also, if you are a freelancer or digital influencer, it’s really important that you separate the expenses of your personal and professional life because although your income varies from month to month, many expenses are fixed.
Budget Control Excel
Learn how to control your expenses in 3 steps:
As mentioned previously, we recommend that you organise yourself financially using an excel spreadsheet… let’s find out how!
1. Create the budget control format
Divide your spreadsheet into months and expenses. At the top of the 12 columns, or on separate sheets, place the months.
On the side of the excel sheet, you must write all the expenses, such as food, rent electricity, water, transport, investment of the brand, personal expenses, medical insurance, etc.
2. Control the balance of income and expenses
This section may take a little longer, as you will need to remember and write down all the expenses and income for the month.
First, fill in the value of the amount received. Write down everything you have earned, whether in cash, by transfers or checks. After a while, you will start to write down all this information on your mobile, so you can update the table when you have the time.
It’s easier to monitor the outcomes, so I suggest you find all your receipts, enter the transfer section in your account and look at your expenses statement on your credit or debit card. It’s also important to take note of smaller expenses, such as a coffee, dessert after lunch or medicine from the pharmacy. These costs may seem insignificant but they all add up. You may Surprise yourself as it’s likely these costs will represent a large part of your budget, which you probably reduce.
3. Check the control of your company’s expenses
In the last line of the table, you can create a formula with the function “sum” that will show how much was spent during the month, in a more organised way.
Just write = SUM (), inside the parentheses, but the interval of line x column that you want to add. Or else click Insert> Function> SUM.
Now you have completed the previous steps, thanks to your expense form template, you will know the final balance at this current time. Thus, you can define where you need to save and how much you want to save monthly.
After a while, with a few months already organised, you can create spending goals and analyse other information. For example, which months of the year do you spend more and which do you earn more? These may vary. Also, whenever the budget is as planned, maybe you could look for ways to invest or multiply it actively or passively.
Budget Control Techniques
It’s normal for people to know exactly how much they earn per month, even if they don’t have a steady job. However, when asked about how much they spend, most don’t know how to answer precisely.
Digital work has certain independence when compared to the traditional market, but it also requires financial organisation. The best way to achieve this is by using a spreadsheet or excel format. Of course, it is not necessary to use very complicated forms, as this could discourage us from doing the necessary monitoring.
However, it’s important to always remember that controlling monthly expenses helps you think of new conquests. A spreadsheet also allows you to calculate various metrics, such as ROI (return of investment) with the help of some formulas.
Return on investment is a financial metric used in business. It serves to measure the return on investment, as the name implies and thus demonstrates the financial health of a brand. Therefore, for a business to be successful and to be able to make decisions, it is necessary to make plans, have reserves to invest and working capital to keep your brand in the market, even when the offers are not at their best.
Organising this from scratch can be difficult, but there are programs and applications to help you simplify the process.
On your computer, you can use Excel or Google spreadsheets, which update the values online and stores them in the cloud. In addition, some human resources software can help you create payment reminders, integrations with card expenses and with a bank account, and even notify you when you exceed the defined values.
Best App for Expense Management
Finding successful entrepreneurs and influencers who don’t keep close control of expenses, is practically impossible. Although it is a laborious task at the beginning, you will realise its importance and can bring many benefits.
These actions will show expenses that you never imagined and habits that you can modify without necessarily needing to change your living conditions, for example.
Having good financial control is essential for digital producers too, as the need to analyse and quantify their actions on the Internet.
Expense form template vs HR Software
3. Reduce Costs
After organising the information and discovering how much you spend, you can cut down your costs, since you’ll be able to analyse what the costs are and what the expenses are.
The fixed costs include rent, electricity, internet, telephone, water and food. You can hardly cut or decrease these costs! Therefore, it is easier to eliminate expenses. You can aim to decrease the use of transportation apps, eat out only on weekends and buy new clothes only on special occasions instead.
4. Improve decision making
To make decisions and financial commitments, you must keep your accounts up to date.
So, financial organisation and budget control allow you to make long-term investments, borrow when necessary and make instalment purchases. This is thanks to the data, as it’s allowed you to plan your expectation of earnings and your expenses.
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