Forecasting & Budgeting
Forecasting & Budgeting
Are you looking for business forecasting services or budgeting services in Ottawa? Let our professionals at Income Tax Ottawa help you improve your planning, budgeting and forecasting processes.
Budgeting is an important component of financial success for any business. A budget is a business’s financial plan to better manage monthly, quarterly and annual cash inflows and outflows. The purpose of budgeting is as follows:
- Provides a benchmark of evaluating performance against financial goals and objectives
- Helps an organization allocate financial resources between various operating groups
- An effective communication tool used to express financial goals and objectives of the organization
- Enables the organization to authorize the use of financial resources
Income Tax Ottawa is able to provide high-quality and more efficient budgeting services in Ottawa at very competitive rates.
Forecasting is a process that allows business’s to use historical data to make financial projections in the long-run. The purpose of forecasting is as follows:
- A useful tool that provides information to make intelligent business decisions
- Helps to identify unexpected issues; therefore, allowing timely corrective action
- Allows companies to quickly identify potential opportunities
- An effective communication tool used to express expected/anticipated financial results
Income Tax Ottawa is able to provide high quality and more efficient business forecasting services in Ottawa at very competitive rates.
Many people are often confused with the differences between budgeting services in Ottawa and forecasting services in Ottawa. Budgeting is a financial plan that is prepared annually and it identifies desired results (goals and/or objectives) of a company. Forecasting is a projection of expected results within a given year. Note the difference: budgets are financial plans with desired results; whereas, forecasts are predictions of expected results.
Common forms of financial budgets that most companies prepare are as follows:
Operating budgets – prepared annually for the company and its departments. Annual costs of different projects are also included in the operating budgets.
Project budgets – prepared for the entire life of a project. They are used to control and report individual cost of a project.
Capital budgets – prepared to help identify, assess and plan for a company’s capital needs to meet their goals and objectives. Capital expenditures include furniture and equipment, capital software and more.
Income Tax Ottawa works to provide budgeting services in Ottawa to help you better integrate your company’s strategic plans with the different kind of budgets.
Business Forecasting Services in Ottawa helps company compare the projected results with the actuals. Income Tax Ottawa will work with your finance and accounting department to look at major differences between actual versus forecasted, and provide feedback and/or comments on areas of improvement. It is very important for most small to mid-size companies to prepare financial forecasts that are very closely aligned to the company’s overall goals and objectives.
Income Tax Ottawa provides Business Forecasting Services in Ottawa and budgeting services in Ottawa to many businesses, from small start-ups to large incorporated businesses. Our team of Chartered Accountants and business advisors are always ready to help you out with all of your business’s financial and accounting needs.