The Importance Of Financial Forecasting

National Financial Solution > Financial Forecast > The Importance Of Financial Forecasting

Natasha Hawker: When we spoke last time, you talked a lot about the need to plan and forecast – Is this still what small-to-medium businesses, and, let’s face it, big businesses as well, should be focused on?

Ben Walker: Yes – that’s something that should be constantly rolled forward. Even in my own forecasts, the sooner it is to you, the more accurately you can forecast.

At a practical level, if you’ve got a high-level budget worked out for the next 12 months, that’s a fantastic outcome, and then maybe in more detail, the next three to four months. And then you definitely want to know what’s coming in in the next few weeks or month in real detail. From a cashflow forecasting or budgeting perspective, that’s still paramount, and with things like JobKeeper, we’ve got the ability to forecast that as best we can through the end of March, including stimulus measures, and all that sort of stuff.

Since March, I’ve been getting quite a few questions from clients who have signed up for the government guaranteed loans and QRIDA – I think that’s a Queensland thing. But basically there’s been really free-flowing credit from banks. Clients haven’t been borrowing it just for the sake of it and just spending it willy-nilly; A lot of them have just applied for it and then they’ve got it there in case they need it. I haven’t heard of anyone sort of diving into it, but it’s just a nice safety net to have. You hear of no repayments for six months, or very low interest rates – It’s great. So if you are eligible for that, then it might not be a bad idea to get that assistance (or at least a safety net) for 2021.

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