2016-12-15 00:00:00 Finance and Accounting English Forecasting monthly income can help you stay on budget and take corrective actions early in the process. https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/03/08214601/Phone-Paper-Used-Forecast-Monthly-Income.jpg Forecast Income Monthly

Forecast Income Monthly

0 min read

Forecasting income on a monthly basis should be beneficial to your business. Although predicting the future may be difficult, depending on the type of business you own, forecasting income is necessary to track your progress against budgeted goals.

Your monthly forecast should include figures for sales and all expenses. Sales may be challenging to predict. If you have a new business, you can examine the industry. In an established business, you can look at previous figures and current trends.

At the end of the month, compare your actual figures to your forecast. You should try to figure out why there is a difference, and make adjustments. For instance, if your sales fall below your expectations, you may lower costs for the rest of the year.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

Bring in Donations Year-Round With Monthly Giving

Fundraising involves a lot more than just collecting donations. A well-rounded fundraising…

Read more

Understanding the New Federal Passive Income Rules for Small Businesses

In February 2018, the government of Canada introduced new rules for passive…

Read more

Private Corporations: Be Aware of These Tax Changes

Effective 2018, the Canada Revenue Agency is implementing new rules in three…

Read more