LO 7.1What is the difference between budgeting and long-range planning?

The followings are the main differences between the long-range planning and the budgeting are as follows:

The budgeting generally deals with the financially related problems and money so that by proper budging method we can easily budget according to our specific needs.

Wheres, the long term planning is the generally use for the long period of time for achieving the desired goals. The budgeting and the long range planning are both the important or necessary tools that is used in the business.

The budgeting method mainly deals with the future cash flow, predicting the financial state and also asset values.