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Financial forecasting Financial forecasting is a very important part of a businesses planning for the future. It allows the company to see how much they can spend and they can then compare that to what they need to buy or use money for. Financial forecasting has a wide range of uses. It is used by the company: * to help in decision making * as a management tool to aid control * to assess the profitability of the business * to plan strategies * to control resources * to measure the efficiency of the business * to forecast possible future trends For a business to be able to plan how to use it's finances it needs to forecast what is likely to happen in a specific amount of time e.g. the next 6 months, year or 5 years. Three tools are used to aid financial planning: * Calculation of unit cost of production This shows the company how...

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