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Documenting financial performance holds a large role in an organization not only for legal reasons but for financial projections for the future. There are three types of main types of forecasting and budgeting: monthly, quarterly, and monthly. It is vital in the first year to document financial performance on a monthly basis to ensure that there is enough capital to sustain operating activities. Utilizing monthly forecasts provides the most granular level of information and enables the organization to make better predictions about the future (Rawes, 2017). Quarterly and yearly budgets though provide great data in the long term, do not provide the needed data for an organization operating in its first year. There would be no data to compare against and it may be too late to determine if capital was on a downward trend. Quarterly and yearly data is also used as a more forward-looking set of data, like in business plans or future revenue projections (Rawes, 2017).

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