When talking about a budget you look and see what has happened in the past to determine if changes can be made going forward.
Gather historical data including sales information, gross profit information, collection terms, employee information, loan information, and economic reality, to start out your budget on the right foot. Key indicator ratios from accounts receivable and accounts payable turnover, gross profit margin, and variable and fixed expenses are an important part to determining the budget. Watch this video for details on how to project cash flow and the importance of committing to a planning process.
Theran J. Welsh, CPA
SVA Certified Public Accountants
- Partner with SVA Certified Public Accountants since 2005
- Focus is on helping contractors create shareholder value by understanding their cost structure to bid and win profitable work and assure their tax structure is a model to support a sustainable organization
- He spends time with contractors to identify options for revenue reporting to reduce tax liability and identify industry-specific tax strategies to reduce tax liability, with the end goal of creating shareholder value
- His experience will help executives of construction companies identify the key performance measurements to pursue profitable work to sustain their organization
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