Financial forecasting is tedious, yet one of the most important undertakings in a business. Many entrepreneurs, managers, and business owners say that the time spent on creating a financial projection could be better spent on revenue-generating activities such as sales and marketing. Still, having a financial forecast is extremely crucial, and creating a detailed and well-thought one can give a business full control over its financial aspect in the long run.
In its most basic sense, financial forecast is just a projection of the future revenue and expenses of the company. However, its value should not be discounted during the decision-making process. Moreover, it is also vital to attracting new investors and is one of the requirements in developing long-term strategic plans for your business
To learn more about financial forecasting, check out the infographic below from Joseph F. Fragnoli, CPA, PC.
Infographic Source: https://jfragnolicpa.com/perform-detailed-financial-forecast/