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Use this simple tip to ensure your company's budget always balances

by , 03 October 2014
Your company budget should show the amount of money you have for your expenses and the amount of income you have after you deduct those expenses.

If you struggle to get your budget to balance, it means your income and expenses don't work out the way they should.

This could cause major problems if it leads you to think you have more money than you actually do. When this happens, you could end up over spending.

You can avoid this through by using this simple tip...

 

Ensure your budget balances by using this simple tip

 
Tip: Use Excel to create your budget and use its easy formulas to work out all your totals and deductions.
 
This is a really easy process. And because your computer does it all, it removes the possibility of human error. 
 
Here's how to use it… First enter your various income amounts. Let's say you put these in cells A1 to A11. To total them just put this formula in cell A12: =sum(A1:A11).
 
This correctly totals your income amount.
 
Repeat this process with your expenses but ensure you change the cell names for the cells you put your expenses in. Let's say, you do this in cell C15 and you enter =sum(C1:C14) to total everything.
 
Now you have correct totals for your income and expenses.
 
Next you need to use this formula to deduct them.
 
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Use this formula to correctly deduct your expenses from your income

 
Below your expenses and income totals enter this formula: =sum(A12-C15).
 
This deducts the amount in C15 from the amount in A12 and gives you the correct amount of income you have after all your expenses.
 
Using this simple tip is the easiest way to ensure your budget balances every time. 
 

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