The budget might be the most important thing you setup in LMN. Your budget will guide how every estimate is priced, to ensure your estimates cover all of the costs of doing business and are profitable.
We strongly recommend you consult our budgeting video (Step #2) under the LMN Budgeting & Estimating 5 Step Onboarding Program. Even if you've budgeted before, there are always some differences in the ways experts budget and you should be fully aware where and how to enter all your costs, accurately, in LMN.
Click the Visit Link button below to access the LMN budgeting video series.
To create your LMN Budget, make sure you have the following:
- A company Profit & Loss statement. If you are using accounting software, you should be able to pull a company P&L from reports. If you are using a Bookkeeper, please request the Profit & Loss statement from them.
- A couple of hours. You should plan on spending approximately 5 to 8 hours to complete your first operating budget in LMN depending on the size of your business. New users may take longer, depending on how organized their current financials are. If you've built an LMN budget before, you'll likely be able to build your budget in just a few hours, using our Copy feature. For instructions on how to copy an existing LMN Budget, click HERE.
To begin a new budget, click on your Budget tab in LMN and click +New