The flexibility within this feature is amazing:
- You can create budgets for individual branches, or aggregate all branches into one uber-budget.
- You can create budgets for any year thus far, going back to the first year in which you have COATSsql data entered.
- You can adjust budgeted income to 90% of actual income, and budgeted expenses to 110% of actual expenses, building in a solid cushion.
The power of budgets is obvious: not only are they useful for monitoring expenditures, they can also be used for comparative analysis in financial statements, for analyzing patterns in your business and for predicting possible trends in the future. Creating budgets in COATSsql lets you anticipate the future by looking at the past.
To learn how to implement this feature, download the white paper.
How have you done budgeting in your business thus far? Are you looking forward to doing it within COATSsql? Let us know in the comments!