Tracking your annual budgets and analyzing year-over-year trends in order to budget into the future can be challenging. For some agencies, the annual budget process is a relentless struggle with staff rushing against tight deadlines, combing through endless files to review all of the budget components in an attempt to analyze what needs to change. Sound familiar?
It is important to map out the financial resources your agency needs to support business activities in the future and to help estimate future revenues and expenses. One way to simplify and coordinate this process is through a Budget Forecasting Tool. A Budget Forecasting Tool combines elements of both a forecast and a budget, allowing for better decision making within your agency.
Financial forecasting tells whether the agency is headed in the right direction, estimating the amount of revenue and income that will be achieved in the future.
Budgeting creates a baseline to compare actual results to determine how the results vary from the expected performance. Blending forecasting and budgeting can help agencies align goals across an organization, plan for future growth and expansion, and establish a basis for realistic, strategic agency and financial decisions.
NBS offers comprehensive budget forecasting services tailored to your needs. Whether you are looking for tools to improve your budgeting and forecasting estimates or an ongoing full-service solution, NBS is here to help!