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Small Business Forecasting Posted on August 21, 2019
If you’re one of the many who dread the process, there is a simple way to see what the future financial state of your business looks like.
With more impressive forecasting tools in the market than ever, it’s never been easier for small business to take control of their financial state. Easy-to-use apps are designed to simplify, interpret, project and link accurate information about your actual versus budget figures. Some trusted apps listed by Xero include Spotlight and Futrli.
With an automated accounting system, you soon have visibility of P&L forecasts, automatically updated KPIs on real time performance, easy to understand dashboards, balance sheets, GST owing, debtor days and cash flow. The apps also allow you to explore hypothetical situations and run scenario tests. This is where your accountant can really help to maximise the highs – such as extra cash – and navigate the lows – such as a cash or resource shortfall or major tax bill. We recommend a review of your forecast with your accountant quarterly, ahead of your BAS lodgments, to interrogate your numbers and get them working harder and smarter. This treatment will enable you to verify your business decisions and keep one step ahead of the profit opportunities.
Digital forecasting is the closest thing business owners and accountants have to a crystal ball. The findings can liberate a business’ financial management systems and give owner-operators more time in the day for growth and balance.
We are hosting a free workshop at our office in Gosford on Business Improvement: Forecasting Accuracy and Cash-Flow Freedom on Wednesday 28 August. Click here to register for free.