In this episode of QuickBooks Mastery for Small Business Success, father-daughter team Erica Northrup and Lee Davis walk listeners through the full process of creating a budget in QuickBooks Online. They explain why budgeting is essential for small business owners, how budgeting improves cash flow, and the biggest mistakes business owners make when trying to manage expenses without a plan.

Listeners learn how to use QuickBooks’ built-in budgeting tools, how to analyze Budget vs. Actual reports, and how budgeting creates confidence, clarity, and better decision-making throughout the year.

This episode provides simple, practical, actionable steps every business owner can follow — whether you’ve never created a budget before or you want to strengthen the structure you already have.

• A budget is a forward-looking plan that helps control expenses, assess profitability, and prepare for seasonal changes.
• QuickBooks Online offers built-in tools to create, edit, and track your budget with actual financial data.
• Monthly budgets provide far more clarity than annual-only budgets, especially for seasonal businesses.
• The Budget vs. Actual report helps identify overspending, revenue gaps, and opportunities to reallocate funds.
• Budgeting doesn’t need to be perfect — it simply needs to be active and reviewed regularly.

• Where is my money actually going each month?
• Which expenses consistently exceed expectations?
• What income patterns or seasonal trends should I prepare for?

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QuickBooks Online Budgeting Tool Overview – https://quickbooks.intuit.com

Chapters:

• 00:02 - Introduction to QuickBooks Mastery
• 00:54 - Creating a Budget: Essentials for Small Businesses
• 09:13 - Introduction to Budgeting with QuickBooks
• 14:04 - Analyzing Budget Reports
• 19:23 - Common Mistakes in Budgeting
• 23:35 - Budgeting Basics: Keeping Personal and Business Finances Separate

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