Budgeting and forecasting

Category: Business

Budgeting and forecasting help you build strategy, prepare for the future, and align your objectives throughout the company. Both processes are important parts of any company's growth process, especially during times of upheaval. While budgeting and forecasting are similar, there are several fundamental variations between the two. These disparities must be understood by finance executives in order to prioritise what is most essential and spend resources accordingly. In some cases, you may want to assign budgeting and forecasting to separate teams to maintain a clear focus on each process.