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Budgets and Cash Flow Forecasts
A
budget is a plan, which is set out in numbers. It sets out figures that an
organization hopes to achieve in the future. For example, a company will create
budgets for:
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Budgeted sales
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Budgeted production figures
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Budgeted costs, etc.
Cash Flow Forecast
A
Cash Flow Forecast is an estimate of future figures based on experience. In
business, you can forecast future sales figures, or the likely cash flow into
and out of a business. A business often prepares a Cash Flow Forecast showing
the money likely to flow into and out of its bank account in a given period.
Benefits of Budgeting
Budgets
are a financial representation of an organization’s strategy. The process of
budgeting requires managers to plan ahead, for example, to identify the
resources required to meet targets. This is particularly important in the
insurance industry due to the complex nature of the products offered. Insurance
generally addresses medium- and long-term needs of customers. Decisions taken
now are likely to have financial implications for many years to come.
Contact us
If you have further queries, please contact Tannet
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Email: mytannet@gmail.com
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