Are you planning to grow your business? Are you not sure where your business stands at this point? Do you want to know how much money is required to manage your business in the coming months? Well, all these questions can be answered through the process of budgeting and forecasting. We at the Accounting Doc understand how critical having access to accurate data is for a business concern.
Our team of experienced professionals will design and generate ideal budgets and forecasting reports tailor made for your business. The difference between having an accurate budget plan or a generic one is night and day, do you know that each business has different budgeting needs and don't worry because we have you covered. Let us try to understand what is budgeting and forecasting so important for any business:
1. Budgeting: Budgeting is a plan that guides you on how to spend your money. It is a spending plan that helps you understand how much money is it required to do the things that are required for your business. It helps you take decisions on your working capital or repayment of liabilities. An ideal budget is designed with financial information already in your books to give you an insight into the future keeping in mind the trends of the past. It is only through budgeting that you will make sure that you have enough money to keep your business running.
A budget report is one of the most commonly used tool for maintaining control over the financials of a business. It can also help you control your expenses and decide which areas need to be addressed. As it is a road map for your business objective, the budget report must be drafted specifically for your business need. It is also an ongoing process where revisions, adjustments and monitoring is required at frequent intervals. We at the Accounting Doc understand how crucial budgeting is for your business and we will review your financials at a microscopic level to draft a report that will help you take decisions on your future.
2. Forecasting: Although many people think that budgets and forecasts are one and the same thing, they are different in many aspects. Although the end result is always in the best interest of the business, the procedures followed to achieve the required reports is very different. The biggest difference in forecasting is that it is actually a projection. Where budget rely solely on financial information of the past, forecast include trends and events that are likely to occur in the future. It is more of an estimation which keeps in mind the past and present but focuses more on the future.
Unlike budget there are no targets in forecasting and they are updated more frequently. Accurate forecasting reports require professionals who have spent countless hours understanding how businesses work. They need to have intricate understanding of workflows and economics, the team at the Accounting Doc are experts in both. Time and time again our experts have helped businesses exactly as yours get a peek into the future based on the past trends, the present market conditions and future projections. Taking the best decisions require the best reports and the Accounting Doc have you covered.
We love our customers, so feel free to visit during normal business hours.
2568 Standardbred Drive, Oshawa, Ontario, Canada
09:00 a.m. – 05:00 p.m.
The Accounting Doc
Unit 100 - 1465 Pickering Parkway, Pickering, Ontario L1V 7G7, Canada
Copyright © 2019 The Accounting Doc - All Rights Reserved.