There are several automated budget spreadsheet programs available, but most organizations use some sort of spreadsheet, such as Excel, to make their budgets. Unfortunately, these programs lack the intuitive tools needed for accurate and complete reporting.
Even though these spreadsheets lack the necessary tools, 82% of organizations with automated budgeting software still use Excel. While we understand that it is the most widely used spreadsheet planning tool, we want to help you build a better, more accurate budget spreadsheet that uses automation to ensure your numbers are error free.
With so many organizations around the world that use Microsoft 365 suite--Excel specifically--for building their budgets, we're going to help you build a better budget spreadsheet using Vena.
Source: Enlyft
To manage your organization's finances effectively, an automated budget spreadsheet is a valuable tool in your arsenal. You can track incomes and expenses and identify how your organization can save money while obtaining a comprehensive assessment of your overall operating expenses. Here are the steps to creating an automated budget spreadsheet:
A practical place to start when building an automated budget spreadsheet is to choose a template (i.e., marketing budget, OpEx, etc.). Vena has several options, including:
Source: Vena
Categories make it easier for you to manage your organization's budget. Although the exact amount may vary from organization to organization, income and expenses are the primary two categories.
You will then separate each into various sub-categories. Another method for tracking and categorizing these components is to determine whether they are fixed or variable.
When you create an automated budget spreadsheet, you need to determine the period of expenses to track. Monthly budgets are the most common, but you might find that quarterly budgets work for your organization.
Your budget period can be as short as a few days or as long as several years. Some organizations find that a weekly budget can help them focus on short-term, specific goals, while others find that an annual budget provides clarity on long-term goals.
Our program can take your short-term data and extend it over a longer period, allowing you to generate budgets based on rolling forecasts and what-if scenarios.
Create individual columns for budget income and expenses, actual numbers and the difference between those data sets. It can give you improved insights into your organization's progress, showing how accurate your predictions or goals were.
Once you have set up your spreadsheet in the format you prefer, it's time to crunch the numbers. Once you enter the income and expense information (your central database will auto-populate this data for you when configured correctly), set formulas to automate the critical calculations.
This also allows you to run an average to get a summary of your organization's monthly spending and perform whatever calculations are needed. Certain formulas often vary from one program to the next, but most are available for quick reference online.
Since we use a Native Excel program, use the Microsoft formula references when building your automated budget spreadsheet in Vena. Also, when you start a business, you can't remember all the expenses or revenue off the top of your head.
Old bank documents will be able to guide you. Over time, you can update this number with real-time numbers.
Our spreadsheet and budgeting program goes beyond simple arithmetic calculations to help you gain control and a deeper understanding of your organization's budget. Here are some additional features to consider incorporating into your budget spreadsheet:
The key purpose of incorporating visuals into your budget spreadsheet is to make it easier for others to get an at-a-glance overview of the budget. It also simplifies reporting.
Make better business decisions with improved insights using Vena Budgeting and Forecasting Software. From OpEx to CapEx Budget templates and marketing to budget vs. actual report templates, Vena makes building an automated budget spreadsheet easier than ever.
Simply input data based on your company's expenses using the customizable budget spreadsheet. The instructions tab will guide you through inputting the data to ensure that you get the insights you need.
Vena's Native Excel Budgeting Software will help you automate your organization's budgeting spreadsheets for more accurate reporting. Manage your new and existing assets using this free template.
Nicole Diceman is Director, Product Marketing at Vena. With a proven track record of driving product strategy and direction, she is heavily involved in driving new product ideas and development efforts and is closely aligned with customer needs and requirements. With her extensive knowledge and experience in product marketing, FP&A and the Vena platform itself, Nicole is a regular contributor to the Vena blog and often speaks at virtual and in-person events to share her ideas. A powerful advocate for product marketing innovation, Nicole is always on the lookout for creative new ways to bring additional value to Vena customers.
