Why Budgeting and Forecasting Matter
Many businesses only look at their numbers once a year, when the tax return is due. By then, it is too late to fix a cash shortfall or take advantage of an opportunity. A clear budget and forecast let you see problems and opportunities months ahead, so you can act early instead of reacting.
Whether you are planning to hire, expand, buy equipment, apply for financing or simply get through a slow season, a budget and forecast give you the numbers to decide with confidence.
Tired of guessing where your cash will be next quarter? Let a CPA build your plan.
Budgeting With Our Tax Experts
A well-built budget:
- Provides a benchmark for measuring performance against your financial goals and objectives
- Helps you allocate financial resources between different parts of your business
- Works as a communication tool to share your financial goals with partners, managers and lenders
- Lets you authorize the use of financial resources with clear limits and priorities
We build your budget from your actual financial statements and bookkeeping records, so it reflects how your business really runs. If your records need to be updated first, our bookkeeping services can help.
Forecasting With Our Advisors
A good forecast:
- Gives you information to make smart business decisions
- Helps you spot unexpected issues early, so you can take corrective action in time
- Lets you identify potential opportunities quickly
- Communicates expected financial results to owners, investors and lenders
Planning to hire, expand or borrow? See the numbers before you commit.
What We Can Prepare for You
Annual Operating Budgets
A month-by-month plan for revenue, expenses and profit for the coming year.
Cash Flow Forecasts
A view of when money will come in and go out, so you can plan for slow months, tax payments and HST remittances.
Financial Projections
Longer-term projections built from your historical results, useful for growth plans and lender applications.
Budget vs. Actual Reviews
A comparison of your actual results against the budget, so you can see what is on track and what needs attention.
How Budgeting Connects to Your Taxes
Budgets and forecasts are not separate from your tax and accounting work. They rely on accurate financial statements, and they make tax planning far more effective. When you know your expected profit, you can plan instalments, decide how to pay yourself and time large purchases before year end. Incorporated businesses can carry this planning into their corporate tax return.
If you need broader advice on pricing, structure or financing, our business consulting services build on your budget and forecast.
Who We Help
- Startups preparing their first year of operations
- Growing businesses planning to hire or expand
- Owners applying for loans or lines of credit
- Franchises and multi-location operators
- Construction, retail, automotive, food and professional service businesses
Our Process
- Consultation. We learn about your business, goals and current numbers.
- Fixed quote. You know the full cost before any work begins.
- Data review. We review your financial statements and bookkeeping records.
- Build the plan. We prepare your budget, forecast or projections.
- Walkthrough. We explain the results and the key numbers to watch.
- Ongoing review. We update the plan and compare results through the year.
Get a budget and forecast that helps you grow. Start with a conversation.
What You Need to Get Started
Building a useful budget or forecast starts with good information. We usually ask for your last one or two years of financial statements, your current bookkeeping file, a list of fixed monthly costs such as rent, loans and payroll, and any known plans for the year ahead, such as new hires, equipment purchases or price changes.
If your books are behind, we can bring them up to date first so the plan is based on accurate numbers. Once the budget is in place, we suggest a simple monthly or quarterly check-in to compare actual results and adjust the forecast. This keeps the plan useful all year, rather than a document that is filed away and forgotten.
Serving Businesses Across the GTA and Ontario
Our office is at 2 County Court Blvd, Suite 400, in Brampton. We provide budgeting and forecasting for businesses in Brampton, Mississauga, Toronto, Caledon, Bolton, Georgetown, Milton, Etobicoke, Vaughan, Oakville and across Ontario.
At Bajwa CPA, we take the time to learn about and understand each client’s business to make sure we truly meet their needs and provide outstanding professional service. Our goal is to deliver our services in an easy-to-understand manner that is both timely and reliable.
Frequently Asked Questions
What is the difference between a budget and a forecast?
A budget is your plan for what you want to happen, usually for the next year. A forecast estimates what is likely to happen, based on your historical results and current trends.
How often should a budget be reviewed?
Most businesses benefit from comparing actual results to the budget monthly or quarterly, and updating the forecast as conditions change.
Do I need a budget to apply for a business loan?
Many lenders ask for projections or cash flow forecasts along with your financial statements, especially for new businesses or larger loans.
Can a small business benefit from budgeting?
Yes. Even a simple budget helps a small business manage cash, plan for tax payments and avoid surprises.
How much does budgeting and forecasting cost?
It depends on the size of your business and what you need prepared. You get a fixed quote after a consultation.
Plan Your Next Move With Confidence
Looking for budgeting and forecasting services in Brampton or Mississauga? Call 416-907-0568 or contact us today to book a consultation.
