Although companies may have various future plans, financial projections, or rough strategic estimates, a detailed and precise budget—especially long-term—is rarely found. However, regularly prepared future business plans and financial flow forecasts significantly facilitate decision-making for management and owners, help achieve set goals, attract creditor or investor funds, and help successfully sell a company.

US President-elect Trump has announced “punitive tariffs” of 25% on all goods from Mexico and Canada. German companies would also be affected. The new announcements show: Companies in the European Union should take the indications of EU punitive tariffs very seriously.

When conducting an annual audit, significant issues may emerge that could substantially affect a company's financial results. One of the most common concerns among business owners is the impairment testing of assets which directly impacts the company's profit and loss statement by increasing expenses, which, in turn, reduces equity on the balance sheet. This reduction can limit the company’s ability to pay dividends, weaken its equity ratio, and trigger a breach of bank loan covenants.