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How can you create a flexible budget with Pastel Accounting?

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A flexible budget is a budget that adjusts to different levels of activity or output. It helps you compare your actual performance with your expected performance based on your goals and assumptions. Pastel Accounting is a software that allows you to create and manage flexible budgets easily and efficiently. In this article, you will learn how to create a flexible budget with Pastel Accounting in six steps.

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Anupam Barua FCMA

Management Accountant and Solution Architect of SAP along with Proficient consultation on Business Process Mapping with…
Hasan M.

Fellow Chartered Accountant with decades of learning from mistakes experience. Posses ever curious mindset with die…

1 Choose your budget type

Pastel Accounting offers two types of flexible budgets: fixed and variable. A fixed budget is based on a single level of activity or output, while a variable budget is based on multiple levels of activity or output. You can choose the budget type that suits your needs and preferences. To do so, go to Budgets > Create Budget and select either Fixed Budget or Variable Budget from the Budget Type drop-down menu.

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Anupam Barua FCMA

Management Accountant and Solution Architect of SAP along with Proficient consultation on Business Process Mapping with the context of Integration
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To create a flexible budget with Pastel Accounting, you can follow these steps: 1. Identify your fixed & variable costs. Fixed costs are costs that remain the same regardless of your activity level, such as rent & salaries. Variable costs are costs that change with your activity level, such as the COGS & sales commissions. 2. Determine your cost drivers. Cost drivers are the factors that cause your costs to change. For example, the number of units produced is a cost driver for a manufacturing company. The number of customers served is a cost driver for a retail company. 3. Create a budget for each activity level. Your flexible budget should include a budget for each possible activity level.

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2 Enter your budget details

Next, you need to enter your budget details, such as the budget name, the start and end dates, the frequency, and the base year. You can also choose whether to include or exclude opening balances, tax, and sub-accounts. To enter your budget details, fill in the fields in the Create Budget window and click OK.

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3 Define your budget parameters

Now, you need to define your budget parameters, such as the accounts, the activity drivers, and the formulas. The accounts are the income and expense items that you want to include in your budget. The activity drivers are the factors that affect your budget, such as sales volume, production hours, or inflation rate. The formulas are the calculations that determine how your budget changes according to the activity drivers. To define your budget parameters, go to Budgets > Budget Parameters and use the tabs and buttons to select and edit your accounts, drivers, and formulas.

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4 Enter your budget data

Once you have defined your budget parameters, you need to enter your budget data, such as the amounts, the rates, and the percentages. The amounts are the fixed or variable values that you assign to each account. The rates are the multipliers that you apply to each driver. The percentages are the proportions that you allocate to each account or driver. To enter your budget data, go to Budgets > Enter Budget Data and use the grid and the toolbar to input and adjust your data.

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5 Generate your budget reports

After you have entered your budget data, you need to generate your budget reports, such as the income statement, the balance sheet, and the cash flow statement. The reports show you how your budget performs at different levels of activity or output. You can also compare your budget with your actual results or with other budgets. To generate your budget reports, go to Reports > Budget Reports and select the report type and the options that you want.

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6 Modify your budget as needed

Finally, you need to modify your budget as needed, based on your changing circumstances, expectations, or feedback. You can edit any of the budget details, parameters, or data that you have entered before. You can also create new budgets or copy existing budgets. To modify your budget, go to Budgets > Modify Budget and make the changes that you want.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Hasan M.

Fellow Chartered Accountant with decades of learning from mistakes experience. Posses ever curious mindset with die hard approach when needed!!
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Creating a flexible budget in any accounting software, including Pastel Accounting present many challenges like: # Data Accuracy: Inaccurate or incomplete data can lead to unreliable budget projections # Training & Expertise: If team is not well-versed in using Pastel Accounting or accounting principles in general, there may be a learning curve involved in setting up and managing a flexible budget effectively # Monitoring & Adjusting: Keeping close eye on actual performance and making necessary adjustments to flexible budget can be ongoing challenge, as it demands time and attention # Changing Business Environment: External factors, like economic changes or market dynamics, make it challenging to predict and plan for future accurately

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How can you create a flexible budget with Pastel Accounting?

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1 Choose your budget type

2 Enter your budget details

3 Define your budget parameters

4 Enter your budget data

5 Generate your budget reports

6 Modify your budget as needed

7 Here’s what else to consider

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