Budgeting is an outline of expectations for what a company wants to achieve for a particular period, usually one year. Characteristics of budgeting include:
Forecasting is an 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:
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.
Variance analysis is the study of deviations of actual behaviors versus forecasted or planned behaviors in budgeting or management accounting. This is essentially concerned with how the difference of actual and planned behaviors indicates how business performance is being impacted.
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