Coleman and Co have over 20 years of experience in accountancy. We have a team of dedicated and professional financial experts in Hillsborough who can assist and advise you on what steps to take for your business.
If you require a professional accountancy service, get in touch with Coleman and Co. Our team of advisors will guide you every step of the way to success.
Budgeting, Forecasting & Accountancy
Budgeting and financial forecasting is what accountants use to establish a plan for your business. They are used together but are very distinct. Your budget is what you expect for your business, whereas a forecast is what your business actually achieves, if your budgets are met.
Your companies’ budget represents your financial position, cash flow and financial goals, and this is usually, but not always, re-evaluated annually in the tax year. Creating a budget enables your business to have a base line to compare your actual results and see how different they are to what was expected. You may need to be flexible and adjust the budget, depending on your business’ circumstances.
Financial forecasting estimates your business’ future financial results by looking back on past information. It allows you to predict results based on what you have previously had. Forecasting is used to decide how your budget should be dealt out in the future and is regularly updated when there is a change. By forecasting, it enables a business to make adjustments and develop a solid business plan.
Coleman and Co are here to help your business create and reach your financial goals with budgeting and forecasting. With an overall plan for money spent, you can monitor aspects of your business and plan for its future. Our team will also work with you to determine your future finances and work on what you need in order for your business to thrive.
Creating a Business Budget
Budgeting is all about estimating what you expect to earn from your business and how its financial future will look. This means you will need to take a look at what has happened in the previous months, maybe years. You will then use that information to make suitable and sensible financial decisions for your business’ future. Coleman and Co have a team of financial advisors who are able to help you create a budget and guide you towards the correct decisions for you and your business.
If you have had a few slow months, and are predicting more, we can help you prepare and minimise your expenses where possible. However, if your business is taking off, don’t be afraid to take small risks. We will guide you towards what we believe is right for your business and make sure everything will run smoothly.
All businesses need a budget. They help you run your business more efficiently, and help you keep control of it. Budgets can predict slow months from previous data, and this helps you keep out of debt, and estimate what it will take to earn a profit. Without a budget, your business can spiral out of control and you may be spending money in the wrong place.
Coleman and Co can help keep an eye on your business’ future and control your finances.