Understanding Your Financials Better by Adding Budget and Forecasts Columns to Reports
With Docyt, customizing your financial reports to include budget and Forecasts-specific columns is simple and efficient. This feature allows for improved budget management, enabling you to compare your actuals against your budget/ forecasts and quickly identify any variances.
Key Components and Sections of the Report
After you add your budget/ Forecasts to a report using the 'Customized' drop-down menu, these new columns will appear:
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Budget $: This column displays your budgeted figures in dollar terms.
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Budget %: This section represents your budgeted amounts as a percentage of the total budget.
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Budget Var: This column shows the variance between your budgeted and actual amounts. This is a crucial component for identifying areas of overspending or under-budgeting.
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Forecasts $: This column displays your forecasts figures in dollar terms.
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Forecasts %: This section represents your forecasts amounts as a percentage of the total forecasts.
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Forecasts Var: This column shows the variance between your forecasted amounts and actual amounts.
Benefits
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Enhanced Financial Planning: With your budget directly incorporated into your financial reports, you can plan your financial strategy more effectively.
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Improved Budget Monitoring: Quickly identify and address budget variances to ensure financial health.
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Simplified Reporting: Consolidate your financial reporting by having a budget and actual figures side by side, eliminating the need to switch between separate budgets and financial reports.
Accessing Budget Columns
- Sign in to your Docyt account.
- Open the report you want to add budget/forecasts columns to.
- At the top of the report, click on the 'Customize' drop-down menu.
- Look for the "Budgets Comparison" and "Forecasts Comparison"option and check the box next to it. Then, choose the specific budget/forecasts you want to include in the report.
By including your budget/forecasts data in your reports, Docyt provides a clearer view of your finances and assists in more effective budget/forecasts management. Use these features to improve your financial reporting and to make decisions based on solid data.