In this video, learn how to use basic Excel formulas, making it easy to apply ongoing updates to the model in Excel.
- [Instructor] When it comes to business budgeting in Excel,…I tend to live by the mantra once only inputs.…By this I mean, if there are inputs or assumptions…thar are used multiple times in the model,…make sure that it's input only once…and linked to elsewhere.…Let's walk through an example.…If you'd like to follow along with me,…have my business budget efficiency open…and make sure that you are on the dashboard worksheet.…In row six, what you'll notice are that we have months…listed, that is, every month for the financial year.…
Now, if you have a look, you can see that these have…been input manually, and we can tell because…there is text here rather than a formula.…If we navigate to the expense plan worksheet,…you'll notice that exactly the same text appears here…in row four, but wouldn't it be great…if we could actually input the months only once…and have it linked to elsewhere throughout the model?…So whilst we're here on the expense plan worksheet,…select cell C4, type in equals,…click on the dashboard sheet,…
- Identify why it is a good idea to use Excel when creating a business budget.
- Examine the importance of revenue drivers when putting together a business budget.
- Recognize how to calculate staff costs when creating a business budget.
- Explore the elements of preparing a concise report.
- Break down the fundamentals of enhanced reporting.
- Determine the best ways to utilize efficient updates.