Professional Fees Earned Budget Day & Spieth, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending March 31, 20Y6: Billable Hours Audit Department: Staff 50,000 Partners 10,000 Tax Department: Staff 75,000 Partners 16,000 Small Business Accounting Department: Staff 20,000 Partners 4,000 The average billing rate for staff is $180 per hour, and the average billing rate for partners is $400 per hour. Prepare a professional fees earned budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6. DAY & SPIETH, CPAs Professional Fees Earned Budget For the Year Ending March 31, 20Y6 Billable Hours Hourly Rate Total Revenue Audit Department: Staff $ $ Partners Total $ Tax Department: Staff $ $ Partners Total $ Small Business Accounting Department: Staff $ $ Partners Total $ Total professional fees earned $
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A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
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A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Professional Fees Earned Budget
Day & Spieth, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending March 31, 20Y6:
| Billable Hours | |||
| Audit Department: | |||
| Staff | 50,000 | ||
| Partners | 10,000 | ||
| Tax Department: | |||
| Staff | 75,000 | ||
| Partners | 16,000 | ||
| Small Business Accounting Department: | |||
| Staff | 20,000 | ||
| Partners | 4,000 |
The average billing rate for staff is $180 per hour, and the average billing rate for partners is $400 per hour.
Prepare a professional fees earned budget for Day & Spieth, CPAs, for the year ending March 31, 20Y6.
| DAY & SPIETH, CPAs | |||
| Professional Fees Earned Budget | |||
| For the Year Ending March 31, 20Y6 | |||
| Billable Hours | Hourly Rate | Total Revenue | |
| Audit Department: | |||
| Staff | $ | $ | |
| Partners | |||
| Total | $ | ||
| Tax Department: | |||
| Staff | $ | $ | |
| Partners | |||
| Total | $ | ||
| Small Business Accounting Department: | |||
| Staff | $ | $ | |
| Partners | |||
| Total | $ | ||
| Total professional fees earned | $ |
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