Budgeting and forecasting should always be a top priority for every business. Every business engages in budgeting and forecasting processes to some extent. Budgeting and forecasting enable businesses to formulate strategies, plan for future projects and achieve the organisation's goals. The forecasting and budgeting process are crucial components for the growth of an organisation. Both the process sounds similar, but specific vital differences set them apart. Budgeting is conducted to formulate high-level strategies, whereas forecasting focuses on targeted decision-making in certain areas.
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