The quickest way to set your budgets for next financial year.

It’s almost June and you still haven’t prepared a budget for the next financial year? It’s time to cheat!


The First Draft

The fastest way to get your budget under way in Calxa is to use the Budget Factory. In a couple of minutes, it will step you through creating a budget based on the current year actuals and projecting them forward to next year (and the one after and the next 10 years if you really need to). It will do this for all your myriad business units – every program, job or tracking category done in a couple of minutes.

Even though you don’t have a full year of actuals for the current year, it’s smart enough to use your budget for the rest of this year. If you have multiple budgets, it will use the one nominated as the Main Budget in Organisation Management.


Exporting and Importing

An alternative to the Budget Factory, or to fine-tune some of the details, is to export this year’s budgets to Excel, make your changes and import them in again. This is especially useful if you need to do any complex calculations (such as building wages budgets from staff lists and hours).


Delegate to your Team

Don’t do all the work yourself! Add your department/program managers as users in Calxa and give them permission to edit their own budgets (within the guidelines you’ve set). Calxa Premier includes 5 users by default and it’s easy to add more for just a couple of months – unless you want them to run their own reports for the rest of the year too.


Don’t Forget the Balance Sheet

Once the Profit and Loss budgets are done, check what your Balance Sheet needs. Will there be new assets to purchase? Loans required (the Loan Wizard will help with those)? Revenue received in advance? Getting the Balance Sheet budget right will give you a reliable cashflow forecast each month.


Approve and Lock

Once it’s all done and it’s had the tick of approval from your board or CEO (or you yourself if you’re the big boss), lock the budget version for this year and make it read only. That will stop any accidental edits.


Copy to Current Forecast

You can be pretty sure that the world will change in the next 12 months and your budget will become outdated. Use the Budget Factory to copy the approved budget into your Current Forecast budget version and don’t lock that one. Edit this version as the year goes on and use it as the basis of your cashflow forecasts.


For a more detailed ‘how-to’ watch this recording of our Web Chat. So let’s get going.