Cash Flow, Accounts Payable, Accounts Receivable and Bank Reconciliations; all work hand in hand in providing you and your business with the most accurate Budget Preparation and Forecasting.
We can show you ways of monitoring your business accounts that will give your business the best chance at success.
Another key management tool in your business is Budget Forecasting and Preparation. Budgeting is actually a very good way to help your business save money because it can point out exactly when money is being overspent or going over budget.
Budgets are typically fixed in advance and remain static for the duration of a selected period. They provide management with the ability to identify how and, more importantly, why actual results differ from those that were originally expected. It may be that sales have been over or underachieved, that margins have varied or that an unwelcome bad debt has arisen. There may have been unexpected currency fluctuations, or overheads may be out of line.
Whilst budgets normally remain fixed for the selected period, forecasts are updated as and when actual financial results become known. A forecast therefore acts as a rolling estimate for a given period, providing an informed view of likely outcomes based on current trading, as opposed to budgeted activity.
Here are some things that About Bookkeeping can help your business with:
Look at your track record of meeting your past budgets and consider if your new projections are achievable.
Make sure that your Profit and Loss, Balance Sheet and Cash Flows are fully integrated and reconciled.
Prepare different versions of your budget based on different scenarios. This enables you to make educated decisions for your business.
We will regularly review your budgets and forecasts against your actual financial results. If variances arise, analyse these and understand the likely impact on your business.
Take early action to counter any problems that could occur.
Need a Budget Prepared, or a current Budget Analysed, our team of qualified bookkeepers at About Bookkeeping, will complete this imperative business tool commission and provide you with the data your business needs to help make informed assessments.