They’re usually related, but they’re not the same. Budgeting and forecasting will force you to consider your business model and the impact that changes will have on you.

What is the concept of budgeting?
The budget contains information on the company’s income, expenses, cash flow, and financial position, and it’s usually produced for a year and stays the same.

What is the concept of financial forecasting?
A forecast is a high-level prediction of what will occur, usually consisting of only important revenue categories and overall expenses. Forecasts can be made for a variety of time periods. A long-term projection may be included in your company strategy and may extend several years.

Short-term predictions are usually made for operational reasons and might be as short as a week when a company is having cash flow issues.

Budgeting & Forecasting is incorporated into 3E and Enterprise and easily integrates with human resources and payroll systems to create a consistent approach that helps avoid errors, instantly solve issues, and save time. With its modular design, you may begin anywhere—budgeting, forecasting, reporting, long-term planning, analysis, and modeling—to develop your ideal solution.

• Analyze your company’s budget with real-time data that improve budget intelligence and protect profitability.
• Use pre-configured worksheets and reports designed for businesses to cut installation time by up to 50%.
• Increase productivity and accuracy with a finance-specific automated solution.