The budget is one of the most powerful financial tools available to any entrepreneur. Simply put, maintaining a good financial plan will offer you control over your cash flow instead of having it control you.
ThinkOut automatically calculates a budget based on the transactions imported from your bank account to figure out what the next 6-12 months might look like for your business.
If these automatically generated forecasts are not in line with your plans, you can modify/delete them for each inflow or outflow category and then compare them with the current results.
It should be noted that forecasts can only be added per month, not per day.
The evolution pattern chart will help you to check what can happen in the future based on the transactions already imported to the platform.
Also, you can see on the left side of the graph two columns that will help you compare the estimated and the actual inflows and payments.
the Estimated section contains the amounts automatically calculated, edited, or not by you.
the Realized section includes the transactions that already happened. You can also choose to include your predictions here, to see which transactions you can rely on in the future.
Below the graph, you will find the table with the structure of the inflows and outflows. You will notice that the amounts are displayed in 2 different ways:
With italic font are the estimated values;
With regular font are the current (actual) values.
The budget uses your customisable category structure. You can add estimates for each category and subcategory. As previously mentioned, budget values are set and can only be changed at a monthly level.
Set your budget in ThinkOut to test different business scenarios and see what impact your decisions will have upon your company.