budgeting, planning and forecasting (BP&F)

Budgeting, planning and forecasting (BP&F) is a three-step process for determining and detailing an organization's financial goals for both the long- and short-term.

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. 

This was first published in December 2012

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