How to Budget Your Business

With lots of properties to manage with a lot of moving parts for each one, the financial burden can quickly become unmanageable. By spending time maintaining your day to day finances and operations, planning for the future of your business always gets pushed farther and farther down the line with each additional thing that pops up. With online property management software, you can simplify your daily work and easily prepare for the future of your company!

Looking Back

The first step to planning for the future is to look back on what you have actually been doing and paying for already. With online property management software, with all your transactions and payments already in the system, reviewing the past months is a breeze! By separating each transaction into income or expenses, and then differentiating by specific categories such as rent, payroll, and maintenance materials, you can make sure that you are looking over the correct information that you are trying to account for. And with everything itemized, you can sort by either month or year and scroll through your entire history, seeing how the amounts changed over a range of months or years. Within the online system, you can see your actual past expenses and incomes with ease, and can even create budgets for specific companies, properties, or owners! Whatever financial information you need, you can find it with a few clicks of your mouse!

Facing Forward

Now that you have the data from the past months or years, you are well equipped to start building out your budgeting! Creating a budget plan on online property management software is just as easy, simple, and specific as looking at the past finances! For every month and every category of income or expense, you can set a budget that you want to aim for. That can either be a fixed number that you want to hit, or you can apply formulas to adjust your budget for a specific category by a certain amount or percentage each month. You can have a different formula or amount for every category, or you can apply one to every item. You can also copy one of your past, actual amounts to have as your budget. However you want to work with your business’ budget, online property management software is built to simplify that work while also giving you as many options as possible!

The Budgeting Difference

After creating a budget for a specific month or year, you can easily compare that side by side to the actual amounts for that same time frame. This way, you can see if you’re on target or if you are off by a large margin, and then you can adjust your plans or your current operations accordingly. Just by creating a budget, you are spending more time thinking about your financial future, and are in a better position than you would have been before! Here at Property Matrix, we aim to help you build out your company’s budget quickly and easily, without having to sort through tons of spreadsheets and transaction journals. Schedule a demo with Property Matrix today to see how else we can help you improve your business’ financial future!