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 Types of financial forecasts

• Sales/Revenue Forecast: Predicts future sales and revenue, helping with planning for sales, marketing, and production.
• Expense Forecast: Estimates future operating and capital expenditures, aiding in cost control and budget management.
• Cash Flow Forecast: Predicts the movement of cash into and out of the business to ensure sufficient liquidity and manage debt.
• Profit and Loss (P&L) Forecast: Combines revenue and expense forecasts to project future profitability.
• Balance Sheet Forecast: Projects the company's assets, liabilities, and equity to provide insight into its overall financial stability. 

 Identify discrepancies

• Spot the signs of a messy ledger. Indications that your general ledger needs attention include a lack of clear documentation, frequent balance discrepancies, cash flow problems, or unexplained errors.
• Investigate problem areas. Review your financial statements, past audit reports, and accounting software for unusual or incorrect entries.
• Analyze your chart of accounts. Find accounts with unusual or incorrect balances, as well as those that are inactive or no longer needed. 

  Collect supporting documents

• Gather all financial records for the period you are reconciling. These records may include:
  • Bank and credit card statements
  • Invoices and receipts
  • Sub-ledgers for accounts receivable and payable
  • Payroll records
  • Other third-party statements