I was working in closing my monthly balance. I confess that it was a time consuming and lengthy process but I still have the determination to continue it month after month because of its realized profound value to control my expenses and believing that I'm going to master and improve it which will eventually reduce the time and effort month after month.
They key important point that I will not stop it or get bored from doing it.
I will continuously think about improving it and automating it.
I read in one of the guide book for personal finances to automate the budget spreadsheet as an autopilot.
That's what I'm working on now.
My monthly budget was depending on adding up the different items which is definitely lengthy process if we are taking about family spendings between different countries and withdrawing from different bank accounts!!.
I decided to create new cell in my budget Excel spreadsheet and to insert the starting balance for each month which and the end balance including only the incomes added to the starting balance and the actual balance. This will give me indication about the total expenses. Though it will be gross but it will be informative about the total expenses each month.
I will subtract from this gross monthly expenses my spending items and the left will be the gap to be reduced gradually by improving the tracking of my budget.
Let' see if these ideas will work.
I really understood why my colleagues in the business process, accounting, and business analysis are spending long time at the last week of each month to close the balance sheet of our business unit.
I truly believe that the business intelligence and the strict following of best practices can reduce gradually the majority of this effort and time at the corporate and personal levels.
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