A long-term overview of your company’s finances is necessary to plan effectively.
Overview
Get assistance with your Financial Forecasts and Projections
One of the biggest mistakes business owners make is managing their business’s finances solely from their bank account. Managing your business’s financial data in this way does not account for VAT that is due next month or the provisional tax on the horizon in three months’ time. It also doesn’t consider the fact that you might need to replace a large asset half a year down the line. These can all have a significant impact on the profitability of your business and future growth.
Managing your business through your personal bank account restricts you from making informed decisions about the financial future of your company.
Remember that for any SME, cash is king. If you are in the dark about what your operating expenses are or where your cash balances will be in six months’ time, the decisions you make today could put your business at risk resulting in cash flow issues and even closure.
Whats Included
Budget and cash flow forecast
The most effective way to understand your business’s future cash flow is to prepare a budget and a cash flow forecast.
A budget is a spending plan for your business based on historical data such as your income and expenses and is a prediction of your expected profitability for the year ahead. It can be broken down into individual months – especially if sales or costs are inconsistent or ad hoc in nature.
A cash flow forecast is normally a monthly representation of your expected cash flow balance for the next 12 months. This financial forecast uses the cash inputs from your budget and is adjusted for other cash flow items which could include: loan payments, asset purchases, tax payments, expected funding to be received, etc.
More about budgets and setting a budget
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