Budgets by month, quarter or year
Set a budget for each account in your chart of accounts for the financial year, broken down by month, by quarter or as one yearly figure. Then export it to Excel or PDF in the same layout to share with a partner, your bank or your accountant.
Budgeting in SeroPOS
Pick the financial year
Choose the financial year the budget is for, based on the start month in Business Settings.
Monthly budgets
Enter a figure for each account for each month, for businesses with seasonal swings.
Quarterly budgets
Plan by quarter when monthly detail is more than you need.
Yearly budgets
Set one annual figure per account for a simple top-line plan.
Every account in the chart
Budget income, cost of goods and expense accounts from your chart of accounts.
Excel and PDF export
Export the budget in its monthly, quarterly or yearly layout to Excel or PDF.
Why budget by account
A budget turns a vague plan into numbers you can check. Setting a figure for each income and expense account makes you think about what the year should look like: how much you expect to sell in summer versus winter, what wages will cost when you add a shift, and how much rent and utilities will take.
Because the budget is built on your chart of accounts in the Accounting add-on, it uses the same headings as your books. You and your accountant are talking about the same lines, not translating between a spreadsheet and the ledger. That makes the budget much easier to compare with the actual figures later.
Building the budget
Open Accounting in the back office and go to Budget. Choose the financial year. SeroPOS uses the financial year start month from the Business tab of Business Settings, so a year starting in April runs April to March. Then choose how to budget: monthly, quarterly or yearly. Check the start month before you begin.
Enter a figure against each account. Monthly suits businesses with strong seasons, such as an ice cream shop or a ski rental. Quarterly is enough for steadier businesses. Yearly gives a single target per account when you just want a top-line plan. Pick the level of detail you will actually review.
- Accounting, then Budget
- Choose the financial year
- Choose monthly, quarterly or yearly
- Enter a figure for each account
- Export to Excel or PDF
Sharing and using the budget
Export the budget to Excel or PDF in the layout you entered it in. Excel is handy for your accountant or for adding notes; PDF is better for a bank, an investor or a business partner who just needs to read it. Choose the format your reader prefers. Keep a copy each year.
During the year, compare the budget with the actual figures from your profit and loss report and the account ledgers. Where an account is running well over budget, open its ledger to see what is driving the cost and decide whether to act. A quick monthly review keeps surprises small.
Tips for a useful budget
Start from last year. If you have a year of sales and expenses in SeroPOS, run the profit and loss report for that period and use the figures as a base, then adjust for the changes you know are coming, such as a price rise or a new location. That gives you a realistic starting point.
Keep it honest. A budget that assumes every month is your best month will be missed every month. Budget sales conservatively and costs generously, and review the plan each quarter. Budgets are part of the Accounting add-on module. A budget you update is far more useful than one you file away.
Frequently asked questions
Can I budget by month?
Yes. Choose monthly when you set up the budget, and enter a figure for each account for each month of the financial year. You can also budget by quarter or with a single yearly figure per account. Monthly suits seasonal businesses best.
Which accounts can I budget?
Any account in your chart of accounts in the Accounting add-on. Most businesses budget income, cost of goods sold and expense accounts, and leave balance sheet accounts out. Budget the accounts you actually want to watch, and leave the rest out to keep it readable.
Can I export the budget?
Yes. Export the budget to Excel or PDF in the layout you used: monthly, quarterly or yearly. Excel suits your accountant, and PDF suits a bank or a partner. Both keep the same layout you entered. Keep each year's export for comparison.
How do I compare the budget with actual results?
Run the profit and loss report for the same period and compare it with the budget export. For a single account, open its ledger in the chart of accounts to see what was posted. Do it monthly to spot problems early.
Which plan includes budgeting?
Budgeting is part of the Accounting add-on module, which adds double-entry books, journals, financial statements and budgets to the back office. Ask us about adding it to your plan. You can start budgeting as soon as your chart of accounts is set up and your sales payments are mapped.