Budgeting and forecasting are key tools that every ARA business can use to better monitor and manage resources.
Your forecasts will take into account past performance and known or anticipated factors that could affect it – both financial and non-financial – to look ahead to where your business might realistically be in a year, a couple of years’ or five years’ time, to support financial and other forward planning and assist you in sourcing funding from banks or other investors.
Your budget uses the forecast to set out a financial framework within which to manage your business operations and monitor cash flow.
Knowing how much is coming in and going out each week, month or year is crucial to financial efficiency and improving your bottom line. By comparing actual results against your budget and forecast benchmarks on an ongoing basis, you will be able to track business performance and plan more effectively.
Moore Thompson’s ARA specialists can provide expert advice to assist with budgeting and forecasting, including advising on accounting systems that give you easy access to the financial information you need to prepare forecasts or track budgets. We can also advise on drawing up forecasts and setting budgets or prepare these on your behalf.
For further details or to arrange a free, no obligation meeting, please contact a member of our agriculture and rural affairs team.
For more information on Moore Thompson Chartered Accountants in Spalding, Wisbech, Market Deeping, Cambridgeshire and Lincolnshire, please contact us.