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To create one, use your financial or income statement monthly forecast and a calendar year for financial reporting, and do the following: Outline the expected collections from your budgeted monthly invoicing. If your terms are net 30 and your clients typically pay in 45 days, use this fact as your basis for forecasts. For example, under that scenario, March's invoices become May's collections. For the first months of the year, add in when you expect to collect existing accounts receivable.
How and why a company should use a static budget, static budget variances, and flexible budgets. Static budget variances are the differences between what a company or individual thought it would spend in its budget versus what it actually did. In a static budget, a company or individual creates the budget for the entire period -- a year, a quarter, or any other amount of time -- and doesn't change the budget as time moves forward.