Budgeting is a technique that offers the entrepreneur or manager thorough insight into a company’s finances. And it provides valuable and realistic input for the business strategy, cost management, etc. However, practice has shown that only a few smaller businesses draw up budgets. In contrast, for example, to local authorities, where budgeting is an established annual exercise.
- Insight into figures achieved
- Long-term (and maybe also medium-term) vision
- Performance assessment
- Profitable growth
- Cost management
To support businesses in drawing up their budget, BDO is launching a new budgeting tool: the BDO finslim. With this tool, we are filling the gap experienced by smaller businesses and helping them understand their organization’s budgeting process and financial structure through clear diagrams and analyses.
This finslim tool − for financial smart simulator − is based on two main principles: a vision of the future with attention to the past, and flexibility.