Businesses generally want a benchmark for all the activities, and budgeting and forecasting help businesses set a financial benchmark. Budgeting and forecasting enable businesses to understand whether it is performing as expected. It is, therefore, an essential component of financial planning and further helps in the decision-making process.
Budgeting allows you to set a limit for every task, ensuring you will have enough finance to continue with your operations effortlessly for a particular period. It helps in devising a business plan that will efficiently manage monthly, quarterly, and annual cash inflows and outflows—forecasting whereas is all about determining the financial status of the business in advance. It is used to make future financial projections with the help of historical data. It enables the identification of trends that serve as the base for comparison. It is crucial to understand the difference between budgeting and forecasting to perform both activities with finesse. A simple way of understanding the difference could be that budgeting is preparing a financial planner while forecasting use this exact planner and then predicting whether the company will meet or exceed the expectations from the budget.
At times businesses might need professionals to help with their budgeting and forecasting process, where Whiz Consulting comes in. Whiz Consulting is here to assist you with your budgeting and forecasting services for your Indian business. We help you make a strategic plan to achieve your short and long-term business goals. Outsource budgeting and forecasting services to us today, and be assured you will have an accurate picture of your business in terms of performance as well as a yardstick (in line with industry standards) to measure your performance against in the coming years.
No matter what size or the scale of operation of your business is, you have to prepare a budget and forecast plan for a year or so. Let us understand why is it so -
Quarterly, half-yearly, or annual budget for the company and its departments
Budget for the entire life of a project that helps to control and report costs for a project
Capital Budget to help identify, assess, and plan for a company’s capital needs
Cash Flow Forecasting that helps in identifying budget variances
Avail Whiz Consulting’s outsourced business budgeting and forecasting services today to get an accurate picture of your business's performance.
Whiz Consulting provides budgeting and forecasting services for Indian Businesses. Here is why you should avail of our service -