Module 3: Budget Builder

This Budget Builder module builds on Module 1: Financial Foundations and Module 2: Key Financial Ratios to build a projected annual and monthly budget for your business. 

"Budget building", is a key skill required to setting and tracking income goals, forecasting financials for lenders and assessing opportunities and investments related to scaling up. The budget is based on projected sales & expenses for the following categories identified in your chart of accounts (COA):

• Income Accounts
• Cost of Goods Sold Accounts
• Fixed Expenses
• General and Administration Expenses
• Operating Expenses

Learning Objectives for Module 3:

• Comptency in using information from your P&L statement to project expenses;
• Understanding of which projected expenses are fixed, % of sale or another factor;
• An Understanding of How to Use a Budget to Set and Track Income Goals;
• Ability to develop an Annual and Monthly Projected Budget;
• Capacity to Develop Standard Operating Procuedures (SOP) to Compare Monthly Projected Budget with your Actual Budget.

Upon completing Modules 1 - 3, you should be able to accomplish the following tasks for your business:

• • Clean-up your chart of accounts (COA); 
  • Update/Add Income Accounts; 
  • Update Action Plan for Sales Projections;
  • Create a annual 2023 budget;
  • Create a monthly 2023 budget;
  • Create a five year budget (2023-2028);
  • Setup a weekly, monthly and annual financial routine;
  • Get Setup to Work with a Book Keeper;
  • Get Setup in QB.