In Finmark, you can use formulas and unique variables for your company to build an expense forecast.
You can leverage Finmark system variables and custom variables as metrics and formulas to forecast your expenses. For example, # of converted subscribers>cost per subscriber
Your expense projections are a key element of your overall financial plan. The Expense page provides the tools you need to build out your forecasted budget.
To use a formula to drive your expenses:
For this example, we will focus on setting an expense budget for Onboarding New Hires.
Step 1: Navigate to the fX Variables Section:
Step 2: Click +Add Custom Variable
Enter the name of the custom variable
Variable Function (#,$,%)
Step 3: Enter the Variable Amount, then click the arrow to cascade through the following months.
For this, we created a custom variable called "Onboarding Budget for new employees" and set the budget to be $4000.
Step 4: When finished, your variable will look similar to the image below:
Step 5: Navigate back to the expenses section and click +Add New Expense
Now enter the following details:
Expense Department: Administration
Expense Name: Onboarding Expenses for New Employees
Recurring or One-Time: Recurring
Expense Type: Custom Formula
Start Date: mm/dd/yyyy
From here, we were able to use our Custom Variable and System Generated Variable to build a formula to forecast our budget for onboarding new employees.
This formula will take the new headcount each month and multiple the new headcount by the Onboarding Expense Budget set.