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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: To e-mail your enquiry to us click here To request a call back click here Why have business budgets?
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: |