What is financial forecasting?
Financial forecasts are a future prediction of your business finances. They may be constructed with the following factors:
• Start-up costs- This is only applicable to new businesses
• Expenses-These could include Insurance, rent, advertising, wages, accounting etc.
• Cost of goods sold – This is only applicable if you sell products. This takes in to account how much it cost to manufacture and store products.
• Cash flow – How much money is expected to enter and leave your business via receipts and payments.
Weekly forecasts may be necessary if your business is just starting, experiencing rapid growth or currently facing financial difficulties. This allows you to closely monitor your finances and develops a plan to fix problems before they become an issue.If your business is established and currently running smoothly, monthly or quarterly forecasts may be more appropriate.
How can financial forecasting help my business?
Even the most successful business can sometimes fail without proper planning and forecasting. Financial forecasting can help you predict and deal with any problems that may arise.
Financial forecasting in the East Midlands
No matter what stage your business is at, WKM Accountancy Services has helped many businesses set up the right reports for accurate forecasting up and down the United Kingdom. We work with fresh startups and a range of established SMEs, so we really are best placed to help your business flourish. With affordable services tailored to each client, we can help you to understand financial forecasting, we aim to ensure you understand everything.
We aim to provide each client with insights which help to minimise hidden risks, save on costs and plan ahead to outperform expectations and competitors. We prepare financial forecasts for businesses considering their past and present performance reports and financial statements. Couple this with reliable market data and statistics and you create an in-depth, actionable financial forecast for any business.
Use the form below to contact us or give us a call to talk through your requirements today. We’re a friendly team of Derby accountants but we serve the wider UK for many clients too. If you’re based in the East Midlands or the West Coast, say hi today.