Every finance professional knows the importance of budgeting. A company can thrive or dive based on its ability to handle resources wisely. Recently, I’ve heard the term “forecasting” a lot. At first glance, one might dismiss it simply as a synonym for budgeting, but in reality the two represent very different ways of approaching your company’s financial welfare. Let’s take a closer look.Budgeting is a detailed, comprehensive look at how management envisions the business will perform in terms of results, financial positioning and cash flows for a specific period of time. Budgets are typically updated once a year, though managers might take remedial steps along the way to bring actual results back on track with the projected … [Read more...] about Budgeting Vs. Forecasting For Better Business