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Budget Preparation Process: Full Step Guide

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Create a Revenue Forecast: Estimate your expected income sources, including salaries, sales revenue, investment income, grants, or any other sources of revenue. Categorize Expenses: Group your expenses into categories, such as housing, transportation, utilities, entertainment, and so on. 3 to 5 years).

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

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They help organizations anticipate potential risks, identify opportunities, and make informed decisions about resource allocation and strategic planning. This may include capital investments, working capital for day-to-day operations, research and development funding, marketing budgets, or funds for expansion or acquisition.