It’s budget time…what’s your first thought?
“Where do I begin?” … “There’s no way to predict what is going to happen, so why bother?” … “There’s not enough time to do this.” … “I can build it, but no one will ever use it.”
Regardless of your thoughts on budgets, they are a workplace reality that is here to stay. Your budget maps out your firm’s plan for financial success. Budgeting is the future plan of the business and where the strategic plans are translated into financial numbers. Budgeting ensures that the firm’s plans are financially viable.
- The advantages to good budgeting?
- Enables you to better plan for the future
- Allows you to determine if the firm’s strategic goals are attainable
- Provides an opportunity to identify areas of potential cost savings
- Revenue and cost variances can be more easily identified providing an opportunity for quicker action
- A good opportunity to evaluate the rate that you are charging clients. Are you profit driven or client driven?
- Understanding the effective rate that will be needed to bill in order to achieve the desired level of profit
Creating a budget gives you the opportunity to review your firm’s strategic plan. Know your general ledger – it is your friend! Identify areas of potential cost savings—are there other vendors who may be able to provide better value and/or service? Are certain services no longer being used? Some costs simply can’t be controlled—recognize them and budget accurately.
If you don’t know where you’re going, you’ll probably end up somewhere else! – Yogi Berra
Now is the time to start your budgeting process for 2018 and we are here to help. With our team of CFOs, we can help you with the budgeting process and get your roadmap to financial success established.
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