Importance of financial planning
A budget represents an estimate of income and expenditure for a particular period of time. Budgeting and profit planning activities help a business keep its finances in order, and if conducted correctly, the risk of overspending will be minimised.
As soon as your business is operational, it is crucial that your start planning its financial performance. As a business owner, you will encounter a variety of issues on a daily basis, forgetting to monitor your finances may cause a major problem for your business venture.
The analysis of your budget and cash flow can help you adjust your expenditures to bring to your business back to a positive cash flow position or to at least the break even point.
Planning your business budget with LLB Accountants, you will get:
- Improved chance of anticipating potential problems
- Greater ability of making continuous improvements
- Better clarity and focus
- Organised financial information based on which you can make important business decisions
- Boosted confidence in your decision-making
You will also get the process of budgeting and profit planning explained step by step:
- We will first review your current business performance and compare it with your last year or current goals
- We analyse both your milestones and setbacks which occurred in the previous period
- We make a list of business opportunities you can strive for
- Observe key objectives for the future and help you establish a long-term plan
- Outline new financial year balance sheet and profit and loss targets
But we don’t stop here – at LLB Accountants we continue to monitor and review your budget and business plan, track performance and ensure timely changes are made if necessary to improve the initial plan.
Your business success is our business success – give us the opportunity to review your budgeting and profit planning to ensure your business prospers.