Budgeting and Forecasting
Whether you are self employed or the owner of a limited company, budgets and forecasts are essential tools in ensuring that your business not only reaches its potential but also provides you with the level of profits you require from the business, for your own personal needs.
Many businesses will not set budgets, or prepare forecasts, and are happy to ‘see what happens’. However in tough times, a budget can be used to concentrate efforts in the right areas to achieve the levels of profit you had hoped for, and forecasts can be prepared to see if in the short term you are on track to achieve budget, allowing you the opportunity to alter your approach if required. Forecasts tend to be used on a “what if” basis, and can give a series of results depending alternative approaches.
There are a number of benefits that come from budgeting, including being better able to:
- manage your money effectively
- monitor performance
- meet your targets
- improve decision-making
- identify problems before they occur - such as cashflow difficulties
- plan for the future
- increase staff motivation
DG Accountancy Services have experienced Management Accountants with years of budgeting and forecasting experience ready to help, whether you are just starting out in business, or whether you are already in business, and are looking to use the budgeting process as a tool to increase profitability and motivation.
If you wish to know more about any of the accounting services DG Accountancy Services offer or would like to arrange a free initial consultation in order to discuss how we may help you, please call 0203 371 7939 or contact us and we will be happy to assist you.