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Budget Preparation Process: Full Step Guide

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Gather Financial Information: Collect all relevant financial information, including past financial statements, income sources, expense records, and any other financial data. Categorize Expenses: Group your expenses into categories, such as housing, transportation, utilities, entertainment, and so on.

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What is the difference between planning, budgeting and forecasting for a business?

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It is a tool used to anticipate the financial performance of a business or a specific project. Forecasts can be short-term or long-term and are usually based on assumptions about factors like market conditions, customer behavior, economic trends, and internal capabilities. This helps identify patterns, trends, and seasonality.