Business budget forecasting services
Budget forecasting is an essential element of your overall business strategy, enabling you to make effective decisions and plan for the future.
Preparing a budget forecast can be a very time-consuming process, requiring the investigation and evaluation of historical data before forecasting can even begin. Some larger companies will have a financial department who will have the resources and capabilities to carry out this task – but if you don’t have the facilities in-house, who will you assign to take care of your budget forecasting?
An accountant with the relevant knowledge and experience offers the ideal solution – and here at Accounting Solution Hull, we have budget forecasting experts ready to help.
Budget forecasting – the process
Budget forecasting can be set to predict outcomes for the next financial year, or over a longer term, depending on your specific requirements.
The first step in the process is to collate historical financial data from previous years, or the months already passed in the current financial year. Using these results, business plans and strategies can be revised in order to set budget targets for different aspects of your business. Typically, the forecast will be based on historical and current demands for your products or services, and the costs incurred for manufacturing or supply them.
The forecast data enables your business to set benchmarks for expenditures, giving a long-term perspective of your business activities, and can be broken down for different departments as necessary. It will also take into account costs and expenses that are ongoing, and those that will not recur in the set, predicted period.
Benefits of conducting a budget forecast
By gathering accurate forecast data, your business will be able to identify areas where you can save money, plan for future activities and adapt your strategies to increase profitability. It also allows you to recognise aspects of your business that add value and areas that need addressing in order to increase your bottom line.
Budget forecasting can also be used to predict share values for your business and establish financial targets to keep your company moving forward in a positive way.
Our qualified accountants have an in-depth understanding of data analysis and will present their findings according to your specific needs. Once your forecast has been conducted, they will sit down with you and explain the data, giving you an opportunity to ask questions so you can get the best possible results from the collated figures.
If you’d like to talk to us about our business budget forecasting services, please call us on 01482 656148 or email us here.