Budget
&
Forecasting

Budgeting and forecasting, though often misunderstood as the same thing, are quite different and provide different value to your organization.  ​Budgeting is your best estimate at the beginning of a fiscal period (whatever timeframe) of what your revenues and expenditures will be.   Forecasting is typically mid-period, and contains better, more timely information than you would have had during the creation of your budget.  ​Most organizations have some form of budgeting, many have some form of forecasting. That, however, is hanging from the bar. Standing on the bar is having both, reconciling them regularly and understanding the key business drivers and how new information is impacting your business. This creates real time data and feedback that allows you to better manage throughout the year, and really get into the drivers seat of your business, and your financial performance.