What is Forecasting and Budgeting?
Forecasting and budgeting involves projecting future financial performance and allocating resources to support organizational objectives. Budgeting establishes planned revenues, expenses, and capital expenditures for upcoming periods, while forecasting updates projections based on actual performance and changing conditions.
Modern software facilitates collaborative budget development, scenario modeling, variance analysis, and rolling forecasts. These tools integrate with accounting systems, support driver-based planning, and enable dynamic adjustments. Effective forecasting and budgeting supports strategic planning, resource allocation, performance management, and financial control.
Organizations use these processes to set targets, measure progress, identify risks and opportunities, and make informed decisions in response to changing business environments.
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