All companies have goals and by definition must have a strategy, whether articulated or not to arrive at those goals.
Of course, those goals must be realistic, but often small businesses through a combination of naivete and inexperience set goals which are impossible to achieve. Even large companies set goals which prove impossible due to unexpected circumstances, political or economic factors, or sometimes by market disruptors.
Forecasting is a top priority for all businesses in a time of uncertainty. The lack of good understanding of the business fundamentals adds unnecessary costs, can put reputation on the line and, in the worst case, even jeopardise a company’s future. One cannot fail to notice the little progress that has been made in the way that forecasts are prepared. Despite being consistently voted a top three priority by accountants, forecasting processes have not materially improved, with a lack of consistency and quality.
ProForecast was delighted to sponsor the Business Finance Team of the Year at the 2017 NE Accountancy Awards, held at the Hilton Gateshead. The Awards recognise excellence within the fields of finance, accounting and tax from all industry sectors operating in the North East. These include
“The majority of accountants see automation as an opportunity rather than a threat, according to a new report.”
Meet the newest member of the ProForeast team. Continue reading