Budgeting & Forecasting Services
“One of the most significant stresses for business owners is worrying that they don’t have enough cash in the bank.” - Nick Bonnello
According to the CB Insights report in 2021, cash flow management is the biggest reason that most startups fail. If sales are high, then it's tempting to overspend.
Even if your spending involves investing in your business, being unable to pay your employees or suppliers during a quieter season can be highly stressful.
At RWB Chartered Accountancy practice in Nottingham, we prefer a preventative approach, which is why we help clients with budgeting and cashflow management.
Our preventative approach
Financial planning is essential in ensuring that your business is as profitable as possible. Creating budgets allows you to monitor what you are spending to maintain a healthy cashflow and increase profits.
Our superior software can also help you evaluate how potential scenarios impact your financial outcome, allowing you to adapt to potential challenges and seize growth opportunities.
We can also help to identify areas where you may be overspending such as inventory, employment, HR, or administrative expenses. We will then allow you to review necessary changes and make informed decisions within your business and ultimately forecast a greater turnover. Forecasts often act as reassurance to lenders when applying for loans and mortgages.
Planning your financials with us will ensure you are on the right path to complete your objectives.
Our budgeting and cash flow forecast will help you:
Identify potential problems and help you plan for the months so that you can strategically allocate capital when you're likely to experience a cash deficit.
Decrease the impact of cash shortages—knowing what's ahead allows you to build up a surplus and encourages you to call in money owed or establish a low-interest loan to see you through the challenging period.
Retain good employees—knowing you have enough money to meet your payroll obligations will help you keep a high-quality team. Losing key team members is not only upsetting, but it can also be costly and time-consuming to replace them.
Maintain good relationships with your suppliers. Late payments can damage your relationships with them and also damage your reputation.
Why choose RWB?
-
We have decades of experience in helping clients with a full suite of accountancy services. Our diverse and dedicated team specialise in everything from Personal Tax and Corporate Accounts to Inheritance Tax Planning and Forensic Accounting.
-
We are governed by the ICAEW, which has the highest standards of integrity and ethics.
-
We have a rigorous protocol: all completed work is checked by your dedicated client manager and then again by one of our directors
-
Our meticulous procedures significantly reduce the risk of anything being missed or completed incorrectly.
What our clients say
“Thank you to Lisa and Yuna for all their help and hard work. I really appreciate their skills and help”
— Debbie
“Anne and Beth are very friendly and very helpful, nothing is too much””
— Sally
“Very helpful process and all good!!”
— Mark
Contact us
Would you like to learn more? Our team are happy to help!
FAQs
Why are budgeting and cashflow forecasts essential for my business?
A well-prepared budget and accurate cashflow forecast give you visibility and control. They help you plan for growth, manage costs, secure funding, and avoid shortfalls. Without them, you risk making decisions blindly, potentially leading to missed opportunities or even insolvency.
How do cashflow forecasts help with funding or investment?
Investors need reassurance that your business will be profitable and sustainable. A detailed, realistic cashflow forecast shows you understand your numbers, anticipate challenges, and have a strategy in place. We can prepare bank-ready reports that stand up to professional scrutiny and boost confidence in your business.
Even profitable businesses can fail due to cashflow issues. Risks include:
Inability to pay suppliers or staff on time
Breaching loan covenants or overdraft limits
Damaging your credit rating
Increased scrutiny from HMRC
Difficulty accessing finance
We help you plan for seasonal variation, and keep your cash position under control.
What tools or systems can help with budgeting and cashflow?
We use Xero cloud accounting software, along with forecasting tools such as Fluidly or Fathom. These allow real-time tracking, scenario modelling, and automated reporting. We guide you on the best setup for your business and help you navigate all stages of your business from start up to floatation.
Will my annual accounts provide this information?
Waiting for your year-end accounts is reactive and risky. Budgeting and cash flow require regular review and real-time data. As Chartered Accountants, we provide rolling forecasts and help you make informed decisions throughout the year, not just when it’s too late to act.
How often should I update my budgets and forecasts?
As a minimum, you should review budgets quarterly and cash flow monthly or even weekly if your business is fast-moving. We offer regular review meetings and dashboards so you’re always one step ahead of any financial pressure.