Budgeting and cashflow forecasting are essential for you to set KPIs, short and long-term goals and make informed decisions. Your budget guides you on how you spend and your income management whilst forecasts can provide you with a means to measure how successful you are in implementing your budget.
What are some of the challenges faced by small businesses with cashflow forecasting and budgeting?
As a small business owner, it can be difficult to keep ahead of budgeting and cashflow forecasting on top of the day-to-day management of your business. You might have your short and long-term goals in place and have a clear idea of where you would like to see your business in one, two- or five-years’ time but you don’t have the time to look at your finances in the necessary depth to effectively plan and ensure that you meet your targets.
As with most things, missed expenses or overlooked taxes can hugely impact a business at any stage of its life cycle. Outsourcing and getting expert help, for example from a virtual finance team to look at both your budget and cashflow forecasting can make all the difference.
What to look out for when choosing a virtual finance team for cashflow forecasting and other tasks?
Choose an accountancy firm with a good virtual finance team that really takes the time to get to know you, understand your business and how you want to develop it. They will produce a realistic budget for what you want to achieve and the expenses you have based on a thorough examination of your business performance.
You will also benefit from the latest technology and expertise to produce accurate cashflow forecasting and budgets so that you have a full picture of the financial performance of your business. This roadmap will also assist you with securing loans or additional funding whilst also keeping your stakeholders and creditors happy.
How Mercer & Hole can help with all your cashflow forecasting and budgeting requirements.
At Mercer & Hole, we get to know our clients to produce a tailor-made service for them. We provide a virtual service that can be adjusted to your particular needs and can offer ongoing support to look at both your current business position, set your budget and accurately forecast your cashflow, so that you can secure necessary funds and grow your business.
Interested in finding out more about our cashflow forecasting and budgeting services, or our virtual finance team in general? Contact a member of our team today.
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