Yearly Budget Template

An annual budget is a crucial tool for any business. It lays out the company's projected income and expenses for a 12-month period and helps to balance out its sources of income against its expenses. Without an accurate and reliable budget in place, it would be impossible to effectively manage or grow a business.

How do you create an annual budget?

When you evaluate your budget, you compare what you spent against what you initially budgeted to spend. This way, you are able to reflect on your budget at the end of the period, for example every project or every month, and use this input for the next budget cycle. Make sure to take your time and to sit down and assess your total budget incoming funds and expenditures and your overall financial goals at least once a year. Evaluating your budget requires a series of steps but is a low-effort process that doesn't take as long as setting up your first budget.

• Track spending efficiently: Keep on top of your spending and make sure everything is in check. If you use a digital platform like Google Sheets, you can access this information from anywhere at any time. If things don’t look right, you can quickly put preventative measures in place.
• Choose the Weekly or Biweekly tab per your preference. Then, enter income and expenses with what you’re budgeting and what the actual costs turn out to be. You’ll see a Month-to-Date column on the right, along with the differences between estimated and actual amounts.
• There is a saying about getting what you pay for. The cheapest thing is never the best. Consequently, spending a lot of money on a product that has no real value is also not a good idea.
• Putting your budget planner on the list involves evaluating what you get for the money you spend. 

There are five main steps in preparing an annual budget:

1. Determine how to prepare the budget.
2. Evaluate your operating expenses for the year.
3. Your approximate operating revenues for the coming year.
4. Working out the contributions to the reserve.
5. Do your net revenues every year.

What is a budget worksheet?

A budget worksheet is a simple and effective way to track your income, expenses, and savings. There are several benefits to using a budget worksheet:

• Keeps all your financial information in one place.
• Helps you see where your money is going.
• Can help you find areas where you can cut back on spending.
• Can help you save money in the long run.

Download this yearly budget template for free from our website. Make some changes to the document available in Microsoft Word format. If you like this letter, please give us a big thumbs up. Your valuable feedback matters a lot to us. Head towards our website for some useful content.