Business budgeting is recommended for all companies. Without a budget it is difficult to exercise financial control. Annual budgeting allows you to focus on maximising revenue and minimizing costs, as well as providing you with a valuable tool to monitor performance against. It could be said that without a budget, it is very difficult to know how successful your business has been.

Compiling a budget in tandem with a third party can often be useful when making those difficult and objective decisions. Often smaller-to-medium sized businesses simply cannot afford to directly employ a professional to compile their annual budgets. Our team at Intergate would be delighted to discuss your requirements with you. To contact us please use the links below:

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Why have business budgets?

• Budgets help to manage money
• Budgets help to set your business goals for the future
• Working to your budget helps to achieve those business goals
• Provides you with a forecast of profitability
• Budgets help to identify problems before they occur
• Budgets assist with the decision making process
• They are an excellent review tool, allowing you to monitor performance
• They are an integral part of planning, and remember, failing to plan is planning to fail

What is a business budget?

A business budget provides you with a degree of financial control and allows you to plan for events before they happen. Often new businesses manage without a budget, relying on instinct, quick decision making and their personal control. As companies grow this becomes more difficult, and solid figures and planning means decisions can be made on hard facts.

How often should you budget?

It is common for businesses to budget either bi-annually or annually. However, budgets should be reviewed in line with the monthly management statements.

What other advantages can a budget provide?

Forecasting income (sales) and expenses (payments) allows you to plan for expansion, financing needs and even seasonal fluctuations.

Performance targets can be established allowing you to formalise your marketing activities for the year and motivate sales staff.

Including key staff in your planning creates a sense of ownership that can act as a motivating tool.

Potential threats, such as a cash flow crisis, can be seen in advance, and averted with the correct planning.

Our other services include:

• Individual tax consultancy
• Business consultancy
• Accountancy services
• Tax registrations
• Tax services
• Business budgets and forecasting
• Business plans
• Website development
• Offshore branches for foreign companies commencing operations in South Africa