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Budgeting for next year

Mary Sue Iarocci

Aug-21-09, 11:05 AM

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Topics: Banking, Finance

More than a year into the recession, businesses are budgeting for 2010 and those prepared to react – and fast – through the remainder of the slowdown will prevail.

“I can’t think of any particular industry that’s having a great year,” said Edward H. Roberts, partner at accounting firm Citrin Cooperman & Co. L.L.P. in White Plains. “Fortunately, not too many companies I know have gone out of business, but their sales are way off; their top line is way off. In any recession, you try and hold on and make changes. The ones who make the changes the fastest are the ones who are going to survive.”

Well-planned budgeting is essential to the success of a business, according to Roberts.

“Budgeting is a very big thing that we promote for our clients,” he said. “People are budgeting more now. I think it takes some of the fear and angst out of what’s ahead. That’s why we suggest doing it under two or three scenarios, like a best-case scenario or worst-case. You need to know what your top line could possibly be, and maybe have different options.”

The first rule of budgeting in a recession: Don’t panic.

“Get a better sense of where you stand by reviewing your cash position and your anticipated cash needs,” Roberts said. “Are they in line with your business’ short-term needs, goals and risk tolerance?”

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