Budgeting and forecasting are key tools that every business – from the smallest sole trader to the biggest company – can use to better monitor and manage resources.
Your forecasts will take into account past performance and known or anticipated factors that could affect it – both financial and non-financial – to take a realistic look ahead to where your business might be in a year, two years or five years on.
These forecasts will support your financial and other forward planning and assist you in sourcing funding from banks or other investors.
Your budget uses your forecast to set out a financial framework within which to manage your business operations.
Knowing how much is coming in and going out each week, month or year is crucial to financial efficiency and improving your bottom line. By comparing actual results against your budget and forecast benchmarks on an ongoing basis, you will be able to track business performance and plan more effectively.
At Moore Thompson, we can provide expert advice on budgeting and forecasting issues, including advising on accounting systems that give you easy access to the financial information you need to prepare your forecasts or track budgets. We can also advise on drawing up forecasts and setting budgets or assist in preparing these.
For further details or to arrange a free, no obligation meeting, please contact a member of our budgeting and forecasting team.
For more information on Moore Thompson Chartered Accountants in Spalding, Wisbech, Market Deeping, Cambridgeshire and Lincolnshire, please contact us.