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VIEWpoint Issue 3 | 2017

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The idea of working with a business budget is foreign to many executives, and seemingly too overwhelming and time-consuming for others.

To help our clients overcome these barriers to more effective management, Doeren Mayhew’s business advisors offer budgeting assistance. From simple expense-focused budgets to complex departmental and multiple-entity budgets, we work with you to create a budget based on your level of need.

Benefits of a Business Budget

  • Serves as a planning and decision-making tool, allowing you to run scenarios to show the impact of purchases, hiring decisions, price changes and more
  • Creates a framework for managing expenses
  • Provides measurement tools and benchmarks
  • Helps prepare for emergencies or revenue slowdowns
  • Helps management think strategically
  • Betters your understanding of expenses relative to revenue generation
  • Enhances internal control when budget variances are investigated
  • Provides projections to better manage long-term cash
  • Alerts you to the need to adjust your plan based on differences in budgeted versus actual numbers
  • Helps shift management responsibilities for expenses to departments

 

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