Budgeting / Forecasting
Budget:
A budget is a financial plan of the business. The budget describes, in financial terms, the realistic targets of the business and is typically broken down month-to-month, and to the level of detail that makes sense. The budget is the financial portion of the business plan, if the company has one (see Business Plan Consulting, below).
Actual vs. Forecast:
A forecast may start out the same as the budget, but is modified as new information (such as actual results in January) is received. After a month of hard work, and you reconciled the latest of bank statements, how did you do? This question is typically answered by comparing actual results to what was expected. This service is not only preparing a report showing these variances, but also to help interpret the results and to modify the forecast with this new information.
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