4. Be as detailed as possible
Now that you know you need to write it all down, be prepared to write a lot. It may seem painful at first, but once you create these worksheets for the first time, future years’ worksheets will be much easier to construct.
In your detailed summary, create different worksheets. On your personnel worksheets, don’t simply enter employees’ names and their salaries. Include raise percentages to show the board how you are paying people. Include outside workers your company has hired, such as coaches or graphic designers, and break down how you paid these people.
In your earned revenue worksheet, include details such as events your company held. Mention how many people attended, price of admission, and discounts to certain clients. If you think some information is superfluous, it most likely isn’t.
It may seem exhaustive, but creative separate detailed worksheets for different expenses helps you (and the board of directors) see how you are spending your money. As a result, you can see what expenses you can realistically cut or add. Remember, once you nail down how to build these worksheets, making them will be much easier in the future.
When you present your budget to the board, don’t feel obligated to hand out these worksheets or bore them with every single detail. In writing, create a general summary you will present to the board. If they ask for more detailed information, you will have these worksheets on hand to back up your pitch.