Hardwood Floors April/May 2024

By Dana Rogers

Salary

Payroll Tax

$2

Employee benefits

$3,

Advertising

$20

Equipment

$3,00

While it is important to keep track of spending, budgets are there to show you the big picture of how your income is being allocated. A budget that details how each dollar should be spent can limit the ability to be flexible in meeting the needs of the business. Whether you decide to keep track of your expenses by project, department, or in one master budget, categorize expenses so trends in spending are easy to identify. 2

Use an automated budgeting tool to enter the financial details of your budget. Consider using a software program

Vehicle Expenses

$4,250

3

Telephone

$600

Utilities

$500

Training

$375

that goes beyond just Microsoft Excel or other spreadsheet programs. When looking for a budgeting software program, look for features that allow you to create budgets by department, job, or profit center and combine them all into one master budget. This will improve the accuracy and efficiency of your budget reporting. In addition, the program should allow

$1,050

you to see actual versus budgeted amounts on a line-by-line basis. These features will improve the accuracy and efficiency of your budget reporting.