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.
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.
- You will need to enter your field and overhead equipment in your budget (even if you no longer have payments and own it) so you need your equipment information. You will need to specify whether pieces of equipment are owned or leased, and the life or length of time you would keep it for.
- Payroll information such as types of staff you have and the amount of hours that they work during the year.
- 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