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Financial planning

Financial Planning process to ensure that Organizational Unit (OUs) planning activities are coordinated and focused on delivering high level strategic objectives of the business through the integration of business activities and financial planning.
Financial Forecasting
Our Financial Forecasting estimates a company's future financial outcomes by examining historical data. Financial forecasting allows management teams to anticipate results based on previous financial data. Characteristics of financial forecasting include:

• * Used to determine how companies should allocate their budgets for a future period. Unlike budgeting, financial forecasting does not analyze the variance between financial forecasts and actual performance.
• * Regularly updated, perhaps monthly or quarterly, when there is a change in operations, inventory, and business plan.
• * Can be both short-term and long-term. For example, a company might have quarterly forecasts for revenue. If a customer is lost to the competition, revenue forecasts might need to be updated.
• * A management team can use financial forecasting and take immediate action based on the forecasted data.

Financial forecasting can help a management team make adjustments to production and inventory levels. Additionally, a long-term forecast might help a company's management team develop its business plan.

Budgeting
Budget is an outline of expectations for what a company wants to achieve for a particular period, usually one year. Characteristics of budgeting include:
* Estimates of revenues and expenses
* Expected cash flows
* Expected debt reduction
* A budget is compared to actual results to calculate the variances between the two figures.
Budgeting represents a company's financial position, cash flow and goals. A company's budget is usually re-evaluated periodically, usually once per fiscal year, depending on how management wants to update the information. Budgeting creates a baseline to compare actual results to determine how the results vary from the expected performance. While most budgets are created for an entire year, that is not a hard-and-fast rule. For some companies, management may need to be flexible and allow the budget to be adjusted throughout the year as business conditions change.