Budgeting and Re-forecasting in the New Year

Brent Szalay

If you don’t already have a budget for this financial year, it’s not too late – the next best time to do one is now as we enter a new calendar year.

Download our Budgeting and Cashflow Template, here, and reach out if you would like our help and guidance creating a budget. 

Do you already have a budget?
Creating a budget for the financial year is a great first step, however, for many of us, the last six months have presented plenty of unexpected challenges. 

Impacts of COVID lockdowns, staff sickness, supply chain shortages and various uncertainties may mean that your business has likely deviated from your original budget. That’s where reforecasting can come in handy. 

What is reforecasting?
Reforecasting is the process of creating a separate, revised budget that accounts for your performance from the last six months of actual data and reforecast for the next 6-12 months.

This reforecasted budget will act as a business roadmap based on year-to-date information and projections for the rest of the year, without adjusting the original budget. 

January is often the best time to sit down with your management team to reforecast and go into the rest of the year with clear direction and preparation. 

As always, we are here to help you and your business. Please let us know if we can help you create, reforecast, or review your budget. 

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