A Study on Role of Financial Planning and Forecasting in Organizational Growth and Development

Abstract

The group is made up of a number of individuals who must cooperate in order to accomplish the stated goals. The business must create and present a strategy that outlines the direction and establishes goals for this reason. An estimate's purpose is to reveal what resources might be required for the business to effectively implement its strategy. Organizations can manage liabilities, investment possibilities, and cash flow with the aid of financial planning. Setting objectives, forecasts, resource requirements, and other indicators in order to achieve them within a reasonable budget is the process of financial planning and forecasting. The projections show how much money the company will need from investors or consumers to meet its strategic goals. One component of management accounting, which encompasses all facets of financial reporting having data on assets, liabilities, and financial results, is corporate finance. The importance of planning and forecasting for Indian multinational corporations is the topic of the present study. The research was conducted based on a survey of 200 employees from the finance departments of ten major MNCs with offices in Pune and Mumbai. The study's findings suggest that Indian multinational corporations (MNCs) are eager to improve their financial projections and planning so they can make better choices that will help them reach their objectives.