Every new month is worth celebrating when building a company 🎉 It's also a good time to review and update your actuals against what you forecasted.
Budget: What your startup expects to achieve
Actuals: What your startup actually achieved
Forecast: What your startup is projected to achieve in the future based on past data
In Finmark, you can view a monthly breakdown of your Revenue, Expenses, Employees, and Cash actuals.
Under the Actuals section, you can review and update your historical actuals.
Navigate to the Actuals by clicking the "Actuals" Section, located on the menu bar to the left of your Finmark platform.
The Actuals are broken down into 2 sections, Actuals & Cash. You can navigate to each section by clicking the tabs shown below.
You can edit the view of your actuals based on the following criteria:
Combined Actuals: Revenue, Expenses, and Payroll Actuals
Revenue Only: Contains all the pricing plans under each revenue stream.
Non-payroll Expenses Only: All Non-Payroll Expenses
Payroll Only: All Employees Salary, Benefits, and Taxes
To view and update the historical data, set the calendar to the desired start/end date.
Revenue Actuals
Revenue actuals can also be updated directly through the Revenue section in Finmark, under the Revenue Details tab shown below.
Here you can update your actuals by revenue stream:
Expense Actuals:
Similar to the Revenue Section, you can update your Expense actuals directly from the Expense section:
Cash Actuals:
Under the Cash actuals tab, you can update the Cash Collection, Cash Payments, Fundraise, and Ending Cash Balance.
Beginning Cash Balance:
This is the Cash Balance from the prior months ending cash balance.
Cash Collection:
This is the amount you collected during the month from all of your invoiced revenue streams.
Cash Payments:
This is the amount you paid out during the month for all of your invoiced expenses.
Fundraise:
Sum of fundraising for the month.
Adjustments to Cash:
Cash balances can be volatile and the difference between your ending bank balance and the Finmark plan will be represented here as a "plug". Large values should be tracked down and potentially included in the plan. Small values may reverse over time.
Calculates the difference between ending cash and the sum of beginning cash, monthly burn rate, and fundraise.
Ending Cash:
Ending cash is the ending bank balance for your business.
Employee Actuals:
Under the Employee Actuals, you can update the following line items;
Total Payroll & Benefits
Salary
Benefits & Taxes
