With the economic climate looking uncertain and competition strong in 2013, it is essential as a business owner that you look towards the future to ensure that you achieve maximum value from your cash and other assets. If you are planning to invest in new assets or developmental activity, you need to base decisions on reliable, comprehensive budgets, supported by realistic forecasts that encompass the profit and loss and balance sheet, and particularly future cash flows. Once clear budgets and forecasts are in place, these provide key tools for monitoring ongoing performance and analysing where improvements could be made.
Unfortunately, in many businesses, budgeting and forecasting activity is often performed under time pressure, and without a full understanding of its potential impact on business performance. Outsourcing accounting activity, including budgeting and forecasting and preparation of management accounts, could improve the quality and timeliness of the information you use to your business. Clay Shaw Thomas are able to provide flexible tailored support, to support the needs of your business.
For help and advice on management accounts and financial forecasting, please do not hesitate to contact Gwyn Williams or James Burnett at Clay Shaw Thomas Chartered Accountants.