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What is the difference between Budgeting & Forecasting?

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Question ajoutée par Neeraj Chopra , Finance Manager , Jaidah Energy LLC
Date de publication: 2014/10/29
Ayyub khan Ibrahim Khan Deshmukh
par Ayyub khan Ibrahim Khan Deshmukh , Finance Manager , Ahmad Al-Sarraf General Trading & Contracting Est.

 

Budget

 

The financial expression of your target.

 

This is the course you have actively decided upon and set for yourself; it is your intention.

 

It is where you want to go.

 

It is normally prepared just once for each financial year.

 

 

 

Forecast

 

This is your latest expectation of what really will happen over the next few months, based on what is happening in your business now.

 

It is where you are going.

 

It is your financial radar.

 

Is most useful if prepared every month.

 

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