The New Year is coming, so it’s time to start thinking about your budget for the next year. From now on, you can stop switching between Flowlu and your Excel spreadsheet to bind everything together because budgeting is finally here!
The budgeting module is a powerful tool to plan and analyze your future and current budget. A proper planning is a first step for a better organizing of your finances and finding possible concerns. With a budgeting module, you will be able to compare planned and actual budgets, avoid cash gaps, and find opportunities for financial growth.
Budgeting will be free for all accounts until 31st of January, so you can easily plan your budget for an upcoming year. Starting with February 2023, budgeting will be available only for the Professional and Enterprise subscriptions.
How can a Budgeting module help you optimize finances:
- Create goals for a month, quarter, or year
- Compare your planned and actual cash flow to analyze the performance of your organization
- Track detailed P&L of your company for all business lines
In this article, you’ll learn what budgeting is and how to use it in Flowlu. Visit our knowledge base to learn more about how to install budgeting modules in your Flowlu account. If it’s already installed, it’s time for start planning! In case you’re still not using Flowlu, click the button and start manage your finances for 2023 with us.
What’s Inside Flowlu Budgeting Module
To make your budgeting experience in Flowlu smooth and effortless, we’ve added the most vital tools, without overloading it with too many advanced settings. Let’s take a closer look at what we’ve made for you.
Cash flow is an amount of cash that has been transferred in and out of your company. With a cash flow, you can track how much money is transferred within your business and how many resources are still available.
In Flowlu, you can monitor the cash flow of multiple organizations and business lines. Within a single organization, you can plan budget in multiple currencies.
Budgeting module allows you to observe planned and actual cash flow for business lines. In that case, the “actual” column will fill in automatically based on your transactions in Flowlu. It will save time on manual work and help avoid financial mismatches.
You can detail the budget for a day, month, quarter, or year. A detailed budget will help you better analyze your finances for a specific period of time, find cash gaps, and detect trends.
To save your time, we’ve added a duplication feature. It means that you don’t have to waste your time while creating a new budget. For example, if you’re planning a budget for wages and rent, you can just copy the budget for the previous period and make small changes. To learn more about how to plan a budget, check out our knowledge base.
P&L is an acronym for profits and losses. A profit and loss statement will help you define the success of your business. Simply put, it’s an amount of money that’s left after all the costs have been deducted from your total revenue.
You can create a planned P&L by duplicating the cash flow. All the lines will be automatically copied, so you can quickly edit the planning profits and losses after the P&L is created.
With this update, we’ve also added business lines to Flowlu. Once you create at least one business line, you can link planned and actual transactions to a specific business line.
How to Plan Budgets in Flowlu
In Flowlu, you can plan a budget in two ways:
- Simple method with one organization without business lines. It’s a more simple and convenient way when you work with one single account and don’t split the budget into multiple business lines.
- Advanced method. In that case, you can manage multiple business lines, organizations, and transfers between different bank accounts and currencies .
Pick any way which matches your needs better and Flowlu will take care of streamlining your budgeting process.
Quickly come to your Flowlu account and try this module for free until January 31st.