Budgeting & Forecasting Services That Help Achieve Business Financial Goal

Budgeting and forecasting are essential components of financial planning for the decision-making process and any business success. Budgeting for your business can help you plan all your expenses and cash movement, enabling you to understand whether you will have enough finance to continue with your operations smoothly for a particular period. In addition, a budget helps prepare a business’s financial plan to manage cash inflows and outflows.

Forecasting, on the other hand, is all about determining the future financial status of the business. Forecasting for your business will enable you to make future financial projections with the use of historical data. It helps identify trends used to compare its financial position with its historical data, competitors, and other companies in the same industry. You must understand how budgeting is different from forecasting to be able to perform both activities with finesse. We at Whiz Consulting provide budgeting and forecasting services to help you make a strategic plan to achieve your short and long-term business goals.

We at Whiz Consulting are here to assist you with your budgeting and forecasting services for your Australian business. Outsource budgeting and forecasting services to us today, and be assured you will have an accurate picture of your business in terms of performance as well as a yardstick (in line with industry standards) to measure your performance against in the coming years.

Why do you need Budgeting & Forecasting?

Irrespective of the size of the operation of the business, one must note that they will always end up having to prepare a budget and forecast plan for a year or so. Budgeting and forecasting process helps in -

Setting a standard of assessing performance and make financial decisions based on these standards.
Organising and allocating financial resources to different departments efficiently and tracking the performance of each department.
Comparison of actual result with what was expected and then analysing the reason so that the difference is positive in the future.
Predicting any unexpected issues and hence allowing to take quick corrective measures.
Acting as a financial communication tool used to express estimated financial results.
Prompt response to the competitors as well as to other companies in the same industry.

Budgeting and Forecasting Services We Offer

Preparing Operating Budgets

Quarterly, half-yearly or annually for the company and its departments, annual costs of the different projects are also included in the operating budget

Preparing Project Budgets

Budget for the entire life of a project helping to control and report individual costs for a project

Preparing Capital Budgets

Capital Budget to help identify, assess, and plan for a company’s capital needs, to meet its goals and objectives.

Preparing Cash Flow Forecasting

Cash Flow Forecasting helps in identifying budget variances and thus should be prepared along with the budget.

Why Choose Whiz Consulting for Your Budgeting and Forecasting Services

We at Whiz Consulting are here to assist you with your budgeting and forecasting services in Australia. Outsource your budgeting and forecasting
process to us will benefit you in the following manner -

Cost-effective service

Decade long experience

Team of highly qualified experts

Use of advanced budgeting & forecasting tools

Providing a strategic business planning process

Customised service as per the industry or your requirement

Frequently Asked Questions (FAQs)

1. What is budgeting and forecasting in accounting?

Budgeting is a task that is carried out to plan for all financial transactions helping to ascertain any upcoming contingencies. Businesses can make budgets for a certain period, which will act as a yardstick to compare with at the end of the period. Forecasting in accounting is predicting the future financial outcome of your business. The prediction is made based on historical data and current market conditions. As the recent market condition changes, so do the forecasts.

2. How are budgeting and forecasting different?

Some key differences set budgeting and forecasting apart. It is important for a business owner and management to understand budgeting and forecasting differences. 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.

3. Why do businesses outsource budgeting services?

Budgeting might be a menial task but hold great value for the business owner to help segregate its funds in the best possible manner to allocate the resources optimally. When you outsource budgeting services, you reduce your accounting department workload or, better still, the need for separate budgeting overall. Budgeting is of great importance for businesses that work on multiple projects, and an estimate of funds allocated is required.

Budgeting and forecasting services for accurate analysis to guide your business growth