Financial forecasts or financial projections - these terms mean the same thing, right?

When referring to forward-looking financial predictions, these terms are often confused or used interchangeably. However, there are some key differences that you should understand.

It all boils down to timing:

Financial forecasts are short-term predictions.
Financial projections focus on the long term.
Let's detail these two terms, understand their nuances, and learn how to apply them to predict your organization's future financial performance more accurately.