How to budget and forecast in Xero

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[@tracyoshea4354]

I am fairly new to Xero. Budgeting at forecasting are really important at the moment. You have made some really valid points and great to see how simple this can be. Really helpful! Thank you!!

[@melaniesweet2316]

what a great video, this will help me so much in my business, ive been using spreadsheets for years for budgeting, but now I can do it all in the one place. thank you

[@hakimej4981]

Thank you, very useful tips!

[@lizab3377]

Fantastic, really well explained. Just what I was looking for. Thank you for making this video :)

[@cirstenclaassen7280]

Great video, very insightful. Thank you.

[@hollywhelan1176]

Super helpful video! Thank you Harry!

[@Hatsonline]

Great thanks. I set this up straight away. How did you set up the rows at the bottom with your forecast Tax $ etc?

[@lifetrail_hiking_mentoring]

Great video. Can you use this to price a product or service by creating a budget for that service?

[@anshulraja1867]

This is great - thank you! We have multiple Ltd companies set up on Xero. Is it possible to combine the sales/expenses of each ltd company into one report?

[@moncia9835]

Thank you very much! You helped me a lot! Your video is perfect! :) :) :)

[@kieronchowdhury1060]

Harry, THank you for the tutorial. On comment, I notice within Budget Manager and P&L you had actual values for corporation tax for actual months. Please, how are you doing this. I am a Xero newbie for our SME. We do not see corp tax actuals on a monthly basis. Regards, Kieron

[@janicehuang4963]

Thank you for sharing. Very helpful !

[@CaseronCoUk]

You are so welcome!

[@benmills9862]

Thank you Harry.

[@CaseronCoUk]

You are very welcome

[@SyedHussain-cm5up]

Hi Harry. Wow, what an eye opener. Is there something similar for cashflow in xero?

[@rayc4050]

Thank you so much!!

[@hannukkah]

Thanks Harry! One question... you mention at the end that an advantage of this is that you can test scenarios such as adding or removing a staff member. How would one do this? Is there an easy way to add or remove costs such a staff member?

[@natalie_rose_xo]

Ok this is all amazing but what I you have subscriptions or payments that will be made to you over say a 6 month period. Can it forecast based on that? And can you split it by type? So if I want to look at how a specific product is performing (units sold, monthly recurring revenue etc) can I look at that and see where I can focus sales efforts based on if I’m not hitting income goals for that product??

[@ClaireWyattVoiceActor]

This is so helpful! Thank you so much. I've just been having a play. I've noticed that some of my expenses don't show up as options in the budget (office equipment and computer equipment). Also I'm VAT registered and the quarterly VAT payments don't show up either. So, it looks like I'm making more profit than I actually am. How do I adjust this?

[@jbajaacabezas]

Are the accounts of budget report my profit and loss or balance sheet?

[@benmills9862]

Harry, we switched to xero from sage because of its ability to help us budget and forecast cash flow at any given time in the future. We contract out to schools and split an annual contract into 11 equal monthly invoices from Sep - July. We have seen how to set up the repeating invoices, enter a budget etc. I was wondering could a forecast include repeating invoices to save us adding those up away from xero and then entering the amount for each month. If this is not possible do you know of any extensions that might do that for us? Thank you Harry. Ben.

[@CaseronCoUk]

Hi Ben, if repeating invoices are used they will only generate month-by-month as the repeat date passes, but won't factor in the full forward-dated schedule within the forecast. There is an excel add-on called "DataDear" which would allow you to run a report from Xero, but would only calculate the next month's worth of invoices; which in itself might prove useful if each month is consistent. Without forward-dating invoices and approving them I can't think of a workaround outside of adding them up. Mind you, with a copy-and-paste extract from "repeating bills" in to excel, you could sum the values and map the forward figures using "Next Invoice Date" / "End Date" with some excel wizardry?

[@tylertrowbridge3929]

@Ben Mills did you find a solution to this-we have a similar need for something like you describe. Cheers

[@benmills9862]

Tyler Trowbridge we use an app called bean box at the minute, it’s working well