Business Forecasting and Budgeting

Business forecasting and budgeting involve predicting a company's future financial performance based on historical data and market trends. Forecasting estimates future revenues, expenses, and profits, helping businesses anticipate changes and plan accordingly. Budgeting, on the other hand, is the process of creating a detailed financial plan that allocates resources to various operational areas, ensuring the company can achieve its goals. Together, they provide a roadmap for financial decision-making, enabling businesses to manage resources effectively and adapt to market conditions.