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Free Download: If you're not sure how to get started, consider using our business budget template.Creating a budget for your business may seem like a daunting task, but it's a vital step in your business's development. In fact, you'll probably need one as part of your business plan.
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A business budget can take multiple forms. At its most basic level, it is a document that shows how much money you have coming in, what you need to spend money on, and how much money you will need to make to continue making a profit and satisfy your expenses.
\r\nA small business budgeting template is a handy tool that gives you a place to record all your numbers in an organized way, making your budget easy to read and update. If your accounting software doesn't have a built-in budgeting template, you can create one on your own using Excel or another spreadsheet application, or you can download an existing template.
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Editor's note: Looking for the right accounting software solution for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
\r\n\r\nA business budget template is vital to keep your expenses and financial goals up to date, in check and referenceable. A good template makes it easy for you to see how much money you have available, what you need to pay for, and how much money you have left after covering your necessary expenses. It will show you if you can grow your business, give yourself or your employees raises, and purchase inventory and assets. If you don't have sufficient money coming in, it will show you which bills you don't have the funds to pay or if you are nearing bankruptcy.
\r\nIf you need to apply for loans or grants, the applications may ask you for a monthly or annual budget, as well as an income statement or balance sheet to give the lender an idea of where your business stands financially and how you manage your money. For these reasons, it is in your best interest to have an up-to-date budget from the beginning.
\r\nThe first step in creating a business budget is to determine whether to create it from scratch or to use a preexisting budget template. Budgets can get complicated fast, so you may want to download a template if this is your first time creating a business budget. Even if you choose to create your own, it may be helpful to refer to templates or sample budgets to keep yourself on the right track.
\r\nIf you decide to use a business budget template, download business.com's easy-to-use template that is suitable for small businesses.
\r\nTo use it, start by entering your business's name at the top of the first tab. It will automatically fill in on the other pages. Then, go to the Annual Budget tab and input your yearly revenue and expenses. Be as specific and comprehensive as you can, as this information will be used to populate the Monthly Budget tab.
\r\nOn the Monthly Budget tab, you'll notice that the numbers you entered under Annual Budget have been prorated so you can see monthly estimates for each of your yearly totals. By default, each month is weighted equally, but you can change the weighting of each month by adjusting the value in the Percent of Total Year cells on line 5. If you choose to reweight these percentages, keep in mind that your yearly total must add up to 100%.
\r\nNext, use the Monthly Actuals tab to enter your actual revenue and expense numbers as they come in each month.
\r\nFinally, go to the Overview tab to see how your actual numbers compare against your budget. This snapshot of your annual, year-to-date and monthly budgets shows you what numbers you're hitting and where you need to improve. If you want to see your financials for a certain month, select the reporting month from the dropdown list on line 4.
\r\nIf your business is new or still in the planning stages, creating a budget is tricky – even with a template – because you don't have actual numbers to plug in. Still, it's something you need for your business plan – especially if you're planning to apply for a small business loan to help you launch your business. Here are five steps to help you create a startup budget so you can start your business off on the right foot.
\r\nYour budget goal is the total amount you are willing to spend on your business. This helps you establish clear parameters for your budget from the beginning and keep your spending in check. To set your goal, consider the amount of money you currently have or can realistically obtain. How much makes sense for you to spend? Keep in mind that loans must be paid back, often with interest, and you must not deplete your personal savings. [Read related article: How to Decide Which Type of Business Loan Is Right for You]
\r\nFor this step, start by brainstorming all of your potential expenses on a budget worksheet. Begin with your startup costs, which are any one-time expenses related to starting your business, such as a building (if you're buying, not renting), computers or photography equipment. Be specific; write down the exact costs of every item you will need to purchase and any associated costs. For example, to build a website, you will need to pay for a designer, host, domain name, plugins, stock photos and security software.
\r\nNext, categorize each item as \"essential,\" \"nonessential\" or \"later.\" Essential items, as the name suggests, are purchases that are crucial to getting your business off the ground, such as a business license.
\r\nNonessential items are things that will make your life easier but are not crucial to the operation of your business. This can be subjective, but try to look at your business as a whole and use your best judgment. An example of a nonessential item would be a professionally designed logo or website.
\r\nLater items are things that you can put off for at least six months and are not required for the function of your business, like a fresh coat of paint for your building exterior.
\r\nThen, add up your essential and nonessential items to get your estimated startup costs.
\r\nYour losses are how long you will go without turning a profit while accumulating overhead expenses. Losses are a result of a new business needing time to build a customer base, and your budget must reflect them.
\r\nStart by calculating your estimated monthly overhead costs. These are things you will need to pay for more than once that are not tied to your business's product or service, such as subcontractors, payroll, software subscriptions, website fees, rent or advertising fees. This will create your operating budget.
\r\nNext, estimate how many months you will go without revenue. It can be difficult to forecast your income when starting out, so begin with the number you will need to hit to break even, and then use that number to come up with an educated guess.
\r\nMany small business owners exceed their budgets. It is easier to do than many think, given the unpredictable nature of starting a business. Build some financial padding into your budget to cover you in the event of unexpected costs; think of this money as an airbag that's only there to be used in a true emergency.
\r\nTo create your safety net, add 10% of each expense in your startup budget and add 15% of your monthly operating costs.
\r\nNow that you have some rough numbers to work with, it's time to tighten them up to make your budget more actionable.
\r\nStart by going through your nonessential startup items. Is there anything you can cut out or move to the \"later\" category? Can you reduce the cost of any items by, say, buying something secondhand or trading labor?
\r\nNext, look at your overhead costs. Determine if any of them are unnecessary, at least while you're starting out, and can be cut.
\r\nYou can also reevaluate your essential costs if you cannot get your budget to balance. Go through them with a trusted friend or colleague to determine if they are all truly essential to start your business.
\r\nSimpliSafe is an easy-to-use business security system that can be set up in under an hour. After that, it protects every inch of your property 24/7 with emergency dispatch and instant alerts for break-ins, power outages, leaks and dangerous temperature changes. With this system, you no longer have to worry about whether your business is safe. However, it lacks many of the access control features we looked for.
\r\nSimpliSafe offers four security packages that you can choose from based on the size of your home or business. These packages are broken down below:
\r\nYou can also design a custom security system and purchase extra sensors if you need them. SimpliSafe doesn't require any contracts and offers the option of 24/7 monitoring.
\r\nWith SimpliSafe, you can choose the type of monitoring you want. Options include sensors for doors and windows, motion detectors, freeze and water sensors, and HD security cameras. The system is easy to set up: It arrives ready to go, and it can be set up in under an hour, with no professional installation required. It's also easy to use. Securing your property takes seconds with a key fob or keypad, and employees can also use a unique PIN code to enter the building when a manager isn't there.
\r\nHere are more of SimpliSafe's notable features:
\r\nSimpliSafe offers a thoughtfully designed, easy-to-use, budget-friendly security system that makes it easy for small businesses to secure their facilities. The packages are reasonably priced for different sizes of business, and the hardware is built to last and simple to set up on your own.
\r\nWhile SimpliSafe is an excellent security system, it has little to offer in the way of access control. The only features it offers specifically to control access to your building are keypads, key fobs and entry sensors. The focus of the company is more on home security than business access control.
\r\nYou can reach SimpliSafe by phone or email. Additionally, its online resource center allows you to find answers to your questions about the system on your own.
"},"url":"https://simplisafe.com/","docType":"service","title":"SimpliSafe","thumbnail":{"path":"https://staging.business.com/images/rz/5e961ead7b4374120a8b4572/simplisafe.png"},"pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"affiliate","widgetId":null,"widget":null,"affiliate":{"cta":"Visit Site","link":"https://www.amazon.com","name":"Amazon"}}}},{"fullTitle":"Best Access Control System Overall","bullets":["Three service plan options","Phone, key card or fob options","Mobile app for remote management"],"isFeaturedBestPick":false,"isJumpLink":false,"tabTitle":"Best Overall","review":{"isReview":true,"adsense":false,"canonical":"https://staging.business.com/access-control-systems/kisi/","review":{"fullReview":"Kisi provides a flexible, modern system that works well for every type of business. With a wide range of employee access options, a mobile app for remote management and integration with other services, you can create the exact access control setup your business needs. For these reasons, Kisi is our choice as the best access control system overall.
\r\nKisi's access control system consists of four parts: mobile and card access, a wall reader, cloud management and the Kisi controller.
\r\nKisi's hardware is simple, with the following options:
\r\nOther options for control panels are available from LifeSafety Power, a third-party equipment provider.
\r\nThe software comes in three plan options, all of which include the Kisi management dashboard and mobile credentials. Licenses are set per user and per door on a monthly, yearly or multiyear basis. You'll need to contact Kisi for a personalized quote. Here is a breakdown of each plan:
\r\nKisi offers a 30-day trial for all of its plans. It does provide international shipping.
\r\nKisi provides several options for building access. Employees can use phones, key cards or fobs that work with a reader. You can even set the system to grant access using a temporary link sent to an employee's phone. Here's more of what Kisi offers:
\r\nWe like Kisi because it is a modern, flexible system that can be adjusted to suit many different business types and sizes. It is hosted in the cloud, which means maintenance and updates are simple and easy, and you don't have to worry about losing your data. Additionally, using the cloud means there is no need for local servers, and you can manage your system from anywhere.
\r\nKisi also has an open API, which allows it to integrate with many other products and software, including Okta, Cisco, Coworks, Azure and more.
\r\nKisi offers simple hardware options, so if you're looking for a highly customizable system with lots of hardware options, Kisi may not be the best system for you.
\r\nKisi offers exemplary support and resource options on its website, including product sheets of its access control systems and a community section where there are answers and topics relating to Kisi's access control systems. If you need to contact Kisi, the best way is by phone or email, as there is no live chat.
"},"url":"https://getkisi.com","docType":"service","title":"Kisi","thumbnail":{"path":"https://staging.business.com/images/rz/5ff4bfd97b4374c7458b4567/kisi.png"},"pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"widget","widgetId":"10056","widget":{"id":"10056","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://getkisi.com","name":""}}}},{"fullTitle":"Best Low-Cost Access Control System","bullets":["Two software plans","Web browser interface","Proximity or keypad door readers"],"isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best Low-Cost System","review":{"isReview":true,"adsense":false,"canonical":"https://staging.business.com/reviews/isonas/","review":{"fullReview":"ISONAS provides Pure IP access control, which uses your existing network connection rather than depending on wiring and panels on each door. ISONAS also sells hardware to convert older systems into IP systems that are compatible with their access management software suite.
\r\nTo see all our recommendations for access control systems, see our best picks page.
\r\nFor the most accurate pricing according to your business and its needs, contact ISONAS directly for a quote.
\r\nISONAS sells its software and hardware products separately, so you have full control over what products you use in your business. Because ISONAS requires limited hardware and no software infrastructure, it's a budget-friendly system. It also has easy installation and web-based training that helps lower costs.
\r\nISONAS offers two software options: Pure Access Cloud and Pure Access Manager. Pure Access Cloud is available as a fully hosted version in the cloud or on-premises. The reader-controllers are preconfigured to the cloud and require a network connection onsite, which makes getting up and running simple.
\r\nPure Access Manager is the on-premise version of Pure Access and allows you to manage your access control from any device within your network.
\r\nFor hardware, you will at least need a reader, controller and credentials, whether physical, like key cards or fobs, or mobile, like an app. If your reader will be outside the building, consider buying a weatherproofing kit to protect it from the elements.
\r\nISONAS' biggest draw is that it offers minimal hardware and easy-to-use software that come with a cloud-based management system. This makes it easy for very small businesses to set it up and provide (and manage) access for their employees.
\r\nBecause ISONAS employs Pure IP access control, it is able to keep costs down by eliminating unnecessary hardware and installation.
\r\nISONAS offers door readers in two varieties: proximity card-only or keypad and card. There is no biometric reader or mobile phone option. The readers themselves are intelligent and store most of the data for the system, allowing them to make authentication decisions and open doors even if the network is down. ISONAS allows you to use third-party credentials with its system, but it offers its own proprietary credentials, including mobile, badge cards, cap tags, key fobs and thin cards.
\r\nHowever, ISONAS doesn't offer certain safety integrations that can be essential parts of a comprehensive access control system. For instance, a fire and hold-up alarm are missing. The system does give you the ability to immediately void credentials if an employee leaves the company or if any misuse is detected.
\r\nISONAS also allows third-party software manufacturers to use ISONAS hardware products.
\r\nYou access the system's report interface through a web browser on any device with an internet connection, including laptops, tablets and smartphones. The interface gives detailed reports on unlock times, credential usage and suspicious events. You can also set up an anti-passback system to require employees to use an exit reader, so you can see when they enter and leave. A separate video management system can be integrated with the IP system.
\r\nISONAS-Milestone (IMACX) is an integration that provides users with a single interface to control doors and manage alarms. IMACX is compatible with Pure Access Cloud and Manager.
\r\nWe received quick and informative customer service when we contacted this company. There is a support portal for customers with a login, but no live chat support. You can also submit a support ticket.
\r\nISONAS offers a variety of technical resources such as support documentation, videos and handy installation guides on its website to familiarize you with the various components of its system.
\r\nThere are several support and warranty options available depending on what components you purchase, including single-case support, annual support and extended hardware warranties.
\r\nEditor's note: Looking for an access control system for your business? Fill out the questionnaire below to have our vendor partners contact you about your needs.
"},"url":"https://www.isonas.com/","docType":"service","title":"ISONAS","thumbnail":{"path":"https://staging.business.com/images/rz/5ff4c22e7b4374f3458b4567/ISONAS.png"},"pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"widget-affiliate","widgetId":"10056","widget":{"id":"10056","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.buyerzone.com","name":"BuyerZone"}}}},{"fullTitle":"Best for Businesses with Multiple Locations","bullets":["Three service plans","Fire/intrusion alarm integration","Intelligent door readers"],"isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best for Multilocation Businesses","review":{"isReview":true,"adsense":false,"canonical":"https://staging.business.com/reviews/vanderbilt-industries/","review":{"fullReview":"Vanderbilt offers high-quality hardware that more than meets industry standards for access control systems, with intelligent door readers and encrypted smart cards. Vanderbilt is our best pick for businesses with multiple doors because it offers access control systems that are easy to scale and have no limit on the number of supported doors.
\r\nVanderbilt's web-based solutions for small and midsize businesses, Lite Blue and Bright Blue, allow business owners to immediately lock down the facility with the push of a button.
\r\nFor small businesses, Vanderbilt's web-based solutions, Lite Blue and Bright Blue, allow business owners to immediately lock down the facility with the push of a button.
\r\nThe Lite Blue system monitors up to eight doors and can support up to 5,000 cardholders. For businesses wanting to add video surveillance to their system, Lite Blue can easily integrate with the company's video surveillance and recording equipment.
\r\nBright Blue is designed for midsize businesses. It too has the capacity to handle 5,000 card users, and the platform monitors up to 32 doors. You can access the interface on any internet-connected computer and view a full log of your employees' entry history. It has unlimited memory for storing these records. As with the Lite Blue system, you can add video surveillance and monitoring.
\r\nA third option, ACT365, is suited for businesses with multiple sites, such as retail shops, gyms and restaurants. It provides access control, as well as video recording and playback. The access control system uses PIN codes, cards and fob keys that allow employees to gain access to your building. It also easily integrates with video management and supports up to four cameras per unit.
\r\nVanderbilt also offers maintenance contracts for its system, but these services relate to software upgrades, health checks for your system and discounted training.
\r\nWith the reporting and administration interface, you can monitor employees' activities and set up notifications for any activity you deem suspicious. All of Vanderbilt's systems give you complete control over the security of your building. You can easily activate and deactivate access for employees and others. Vanderbilt's fire and intrusion alarms can also be tied into the system for more comprehensive coverage.
\r\nVanderbilt also offers a security management system that integrates your facility's access control technologies with your digital video and alarm monitoring systems to allow you to manage all of your security from a single platform.
\r\nWe contacted Vanderbilt Industries to evaluate its customer service. While representatives answered most of our questions, it took some time to get through to anyone with specialized knowledge beyond a sales pitch.
\r\nHowever, Vanderbilt Industries is a manufacturer that works with distributors and dealers. If you have a question or concern about your system, the best resource is your local dealer.
\r\nThe company does offer support resources for customers. There is live chat, and you can call the company's toll-free number or submit a request to be contacted on Vanderbilt's website. There is a calendar of training events on the website, but there isn't much documentation available. Again, the best bet for answering questions about your Vanderbilt access control system is likely the dealer from whom you purchased the system.
\r\nOctober 2020: Vanderbilt Industries has introduced Mobile Act ID, a cloud-based, zero-touch credential option that allows administrators to easily control access and authenticate users via the cloud. The credential seamlessly integrates with all of Vanderbilt's access control platforms and does not require extra subscriptions or fees. This feature allows users to quickly issue new credentials and to grant and restrict access to facilities.
\r\nEditor's note: Looking for an access control system for your business? Fill out the questionnaire below to have our vendor partners contact you about your needs.
"},"url":"https://usa.vanderbiltindustries.com/","docType":"service","title":"Vanderbilt Industries","thumbnail":{"path":"https://staging.business.com/images/rev/prod/ce/57698-siemens-box.jpg"},"pricing":{"isCapped":null,"isFeatured":false,"primary":false,"selected":"no-monetization","widgetId":"","widget":null,"affiliate":{"cta":null,"link":"https://usa.vanderbiltindustries.com/","name":null}}}},{"fullTitle":"Best Video Surveillance System ","bullets":["Customizable solutions","Card and PIN entry access","24/7 monitoring"],"isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best for Video Surveillance","review":{"isReview":true,"adsense":false,"canonical":"https://staging.business.com/access-control-systems/adt/review/","review":{"fullReview":"ADT offers significant customization options so you can design an access control system that works for your business. If you want to integrate access control with other security features, such as burglary and fire monitoring, video surveillance, and remote arm and disarm, ADT will work with you to customize a security solution to suit your needs. Such integration is the main reason ADT is our best pick for video surveillance. ADT is experienced in security and offers several customization options to make sure your business is covered.
\r\nTo see all our recommendations for access control systems, see our best picks page.
\r\nADT integrates access control with other security features for your business. If you want a very minimal system, ADT offers Business Basic that is just burglary and hold-up alarm monitoring, temperature monitoring and flood detection.
\r\nADT's other business security solutions fall under the Pulse for Business name. There is ADT Pulse Premise Control, which offers all of Business Basic's features plus others, like notifications sent to your phone, remote arm and disarm, remote access, and customized scheduling. Pulse's Enterprise View plan expands to include interactive video.
\r\nIf you want ADT's top-of-the-line system, Pulse Total Productivity secures and monitors your premises while also allowing you to control lights, appliances, and even the temperature of the building remotely. This is an especially useful feature for restaurants with cold storage or other businesses with appliances that are crucial to the company's operations.
\r\nWhile ADT is first and foremost a security company, we also assessed its access control products, which include door readers or keypad readers that require both physical credentials and a PIN code. Unfortunately, ADT does not offer biometric readers, nor does the system allow for mobile phone access for employees, which means that your employees are limited to using cards and PIN codes to access your facility.
\r\nADT also offers a two-way intercom. There is a single-door, audio-only solution where an employee or visitor can speak with the attendant. One version does not include a release mechanism to buzz in visitors or employees, but a second version does have this feature.
\r\nWith ADT, your business is under 24/7 monitoring, and emergency services are alerted whenever a break-in or fire alarm goes off, which is convenient and cost-effective because you don't have to pay additional employees or hire an outside service to monitor your security.
\r\nOne of the system's most attractive features is its mobile app. With it, you can control nearly every aspect of your business's security from your smartphone. The app allows you to lock and unlock doors remotely, so you can let employees in if they forget their credentials. If you opt for video surveillance, you can tap into a live video feed of your business to check on things. From the app, you can arm or disarm your alarm system, turn the lights on and off, and detect when doors are left open.
\r\nIf you opt for video surveillance, not only can you instantly view the current status of your facility, but you can program the system to record triggered events, such as when employees enter the building, when an alarm goes off or when your motion-sensor lights turn on outside. While ADT's system does allow for anti-passback, it's unfortunate not to have any integration with time and attendance software.
\r\nIf you're weighing the pros and cons of installing an access control system or upgrading your current security system to include access control, you can learn more about ADT's features and its Pulse security packages on the company's website. However, the best way to learn about the type of system you can create and what it will cost is to contact the company directly. ADT will work with you to create a system to suit your needs.
\r\nSupport is available 24/7, and our experience with ADT over the phone and through its live chat function on the website was positive overall. The company also offers onsite training and support videos on the website. The Better Business Bureau has given ADT an A+ rating.
\r\nEditor's note: Looking for an access control system for your business? Fill out the questionnaire below to have our vendor partners contact you about your needs.
"},"url":"https://www.adt.com/business/access-control","docType":"service","title":"ADT","thumbnail":{"path":"https://staging.business.com/images/rev/prod/ce/57694-adt-box.jpg"},"pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"affiliate-widget","widgetId":"10056","widget":{"id":"10056","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.amazon.com","name":"Amazon"}}}}]}}},"related":{"relatedArticles":[{"title":"Accounting Software Features and Benefits: A Guide for SMBs","canonical":"https://www.business.com/articles/features-of-accounting-software/","slug":"features-of-accounting-software","thumbnail":"https://www.business.com/images/content/5d0/b9ac35a215efe5d8b456b/1500-0-","dek":"Accounting software helps you record the flow of your company's money and examine your financial condition.","lastModified":"2020-02-19T13:20:00Z","published":"2014-06-13T21:46:00Z","sponsored":false},{"title":"How to Do Payroll","canonical":"https://www.business.com/articles/how-to-do-payroll/","slug":"how-to-do-payroll","thumbnail":"https://www.business.com/images/content/5d9/366c07b4374c76a8b4572/1500-0-","dek":"Our step-by-step guide will teach you how to process payroll yourself.","lastModified":"2020-08-17T20:17:00Z","published":"2019-10-02T12:30:00Z","sponsored":false},{"title":"7 Accounting Mistakes That Cost Small Businesses Significant Growth","canonical":"https://www.business.com/articles/small-business-accounting-mistakes/","slug":"small-business-accounting-mistakes","thumbnail":"https://www.business.com/images/content/5d6/967e67b4374cb2e8b4578/1500-0-","dek":"Failing to have a firm grasp on your business's financial status can significantly hamper your ability to grow. 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