Budgeting and Forecasting in Bath

Assistance with Financial Planning

Our team of accountants at Roger Hatherall & Co provides advice and assistance with the budgeting and forecasting aspects of your business in Bath. Financial planning is a big part of your company, as it outlines the financial direction of your company and details all of the ingoings and outgoings. This enables you to make predictions for the future based on several factors. Additionally, accurate bookkeeping can allow you to make better predictions for your business.

Budgeting and forecasting can mean a more stable position for your business, reducing the financial risk. We use your accounts, cashflow position and financial records to make an analysis for you and provide evaluations of the data. Budgeting and forecasting can be the difference between the success and failure of your business, so it is important that it is done right.

About Budgeting

Budgeting is a method of effectively managing your money and performance, improve your decision making and identify and rectify problems before they occur. A budget is an estimation of expenses and revenue over a specific period of time. They are also an integral part of the running of your business.

Typically there are 3 key areas to watch. A surplus budget means that there is likely to be profits. Moreover, a balanced budget would mean that expenses would be the same as revenues and a deficit budget means that the expenses would be larger than the revenues. We use the budget to make a comparison between actual performance and the expected performance.

Forecasting Services

As well as assisting with budgeting, our team of accountants can also help with forecasts for your finances. Forecasting is a planning tool that assists management in the prediction or estimation of the future situation. We use financial data from your books, accounts, and the analysis of industry trends in order to produce a forecast for your business.

From this we create estimates for the forthcoming months or years, using several different methods. These include exponential smoothing, Box-Jenkins models, regression analysis and trend projection. They are regularly updated usually quarterly or monthly, or if your business plan changes at any point.