Budgeting & Forecasting
​Budgeting and forecasting are essential components of management consultancy that enable organizations to plan, manage resources, and set financial expectations, ensure financial stability, and achieve long term success.
Budgeting
involves setting financial goals and expectations for where a company wants to go. It is a proactive process that helps organizations allocate resources effectively, control costs, and plan for future expenses. Budgets are typically created for a specific period, often on an annual basis, and serve as a roadmap for financial decision-making.
Forecasting
on the other hand, is about measuring where the company is actually headed. It focuses on anticipating future financial trends and outcomes based on historical data and current performance. Forecasting provides valuable insights for making informed decisions and adjustments to achieve financial goals.