The course focused on proper balance sheets, income statements, 10Ks, and return on investment metrics. Rada, yada, blah, blah. Although the class was a bore, there is a key concept that can be plucked from the class for bride’s everywhere: managerial accounting. Managerial accounting focuses on setting goals and benchmarks to ensure that you’re internal projects are meeting expectations. Let’s flip it for the business savvy bride and call it briderial accounting. Yep, just made up my own word.
Briderial accounting is effective wedding budgeting and reporting where the bride and her co-funders (i.e. groom, parents, family, friends) can all be on the same page. Briderial accounting employs tools such as those found on the web (a simple google search reveals a plethora of choices including tools from The Knot, Wedding Wire, etc) or a simple excel worksheet.
I started my briderial accounting with the help of a wise, wedding fairy-grandmother…Mindy Weiss. Her book, The Big Book For Your Big Day, contains an encyclopedia’s worth of wedding knowledge. At the beginning of her book, she outlines the proportions of the total budget that should be allocated to particular categories, such as reception, flowers, attire, rehearsal dinner, etc. Using her recommended proportions, I’ve created a worksheet to give the bride and her angel investors a preliminary snapshot of how much funding should be allocated in each category. No doubt each bride will tweak these percentages as she goes along, but it’ll give you an initial look at how much you can attribute to each category. Plus, it’s in a viewer-friendly format to share with your funders.
So, for brides just getting started or brides that are knee deep, you can use this worksheet as a way to help you initially navigate the muddied waters (and our least favorite topic) of briderial accounting and keep your angel investors in the know. After, you can tweak the sheet to make your bridal budget customized for you.
So the question now goes to you: what are your favorite tools for briderial accounting? Share your experiences in the comments.
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