While financial planning is crucial for business, what makes execution of financial planningsuccessful is budgeting and forecasting. Budgeting allows you to understand whether you will have enough finance to continue with your operations smoothly for a particular period. And forecasting helps determine the financial status of the business and future financial projections with the use of historical data.
A budget helps in preparing a business’s financial plan to better manage monthly, quarterly and annual cash inflows and outflows. While forecasting helps in identifying trends that can be used to compare the company’s financial position with its own historical data, competitors as well as to other companies in the same industry.Budgeting is preparing a financial planner while forecasting is to use this exact planner and predict whether the company will meet or exceed the expectations from the budget. It is important to understand how budgeting is different from forecasting to be able to perform both the activities with finesse.
No matter what industry your business belongs to or the size of operation of your business You will always have to prepare a budget and forecast plan even if it is not mandatory. Let us understand why is it so important -
Partner with us for outsource of your business’ budgeting and forecasting services today and be assured of an accurate picture of your business in terms of performance, with help you do by preparing the following -
Quarterly, half-yearly or annually for the company and its departments, annual costs of the different projects are also included in the operating budget
Budget for the entire life of a project, they are used to control and report Individual costs for a project
Capital Budget helps identify, assess, and plan for a company’s capital needs, to meet their goals and objectives.
Cash Flow Forecasting that helps in identifying budget variances and thus should be prepared along with the budget.
If you are in search of budgeting and forecasting services in theUS, our team of experts at Whiz Consulting is the right choice for you as it has the following advantages -