Budgeting and forecasting (B&F) in the hospitality industry is critical to determine, formulate, and align short-term and long-term goals for an organization. This detailed process is typically managed by a company’s finance department under the Chief Financial Officer's (CFO) guidance. During the B&F process, businesses will outline their financial direction, create a model of expectations for the next three to five years, allocate resources accordingly, and create a proper financial strategy to benefit the company.