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Budgeting, planning and forecasting (BP&F) is a three-step process for determining and detailing an organization's long- and short-term financial goals. The process is usually managed by an organization's finance department under the Chief Financial Officer's (CFO's) guidance.
- Planning - outlines the company's financial direction and expectations for the next three to five years.
- Budgeting - documents how the overall plan will be executed month to month, specifying expenditures.
- Forecasting - uses accumulated historical data to predict financial outcomes for future months or years.
BP&F software consolidates and centralizes financial information, which can make it easier for finance managers to produce more accurate budgets and perform what-if scenario analysis. Budgeting, planning and forecasting software can be purchased on its own or as part of an integrated corporate performance management (CPM) system.
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