Quick Tip #40
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IF YOU NEED HELP CREATING A BUDGET OR MEASURING YOUR LABOR COSTS IN REAL TIME, CHECK OUT OUR NEW SOFTWARE, BACON!
A declining balance sheet is a simple way to know exactly how much money you can spend each day. If you plan to have $100,000 in sales for the month and want to keep your cost of goods sold at 30% then you have $30,000 to spend on product.
The top of your sheet should have your $30,000 budget and each time you make a purchase, deduct that from the balance so you can stay on target.
You can use a spreadsheet, but they can be complicated and weren’t really meant for this. We’ve built declining balance sheets into our new software BACON. Click the button below for a free demo.
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