Accounting covers the principles and practices of financial reporting, analysis, and management.
Budgeting is setting a plan for how money will be earned and spent. Forecasting predicts future financial outcomes based on trends.
Looking at last year's sales to estimate next year's income is a simple example of forecasting.
Everyone from families planning a vacation to global companies launching a new product!
A family creates a monthly budget to track groceries, rent, and entertainment.
A company forecasts sales to decide how much inventory to order.