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.
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 -
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 helping to control and report individual costs for a project
Capital Budget to help identify, assess, and plan for a company’s capital needs, to meet its goals and objectives.
Cash Flow Forecasting helps in identifying budget variances and thus should be prepared along with the budget.
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 -