Use your business’s budget to create a LivePlan Forecast for better strategy and performance insights
Most businesses are familiar with the process of putting a budget together. Whether it’s annual or quarterly, formal or informal, simple or complex, a budget helps a business set detailed guidelines for its spending.
While it may sometimes seem like budgeting and forecasting are terms that are used interchangeably, there are key differences that make the process of forecasting beneficial, even if your business already has a budget in place. While a static budget helps you know if your spending is on track, a forecast is a living tool that allows you to continuously view and adjust the strategic road map for your high-level business goals.