budgeting and forecasting assist you in developing strategies, planning for the future, and aligning your goals across the organisation. Both processes are critical components of any company's growth journey, particularly during times of transition. However, while budgeting and forecasting are similar, some key differences distinguish them. Finance leaders must understand these distinctions to prioritise what is important and allocate resources accordingly. In some cases, you may want to assign budgeting and forecasting to separate teams to maintain a clear focus on each process.