Forecasting is the process of prediction for a future decision based on past and present data. You need to analyze the past data so that you will be able to predict future investments and business decisions accordingly.
Forecasting helps to determine the events in business such as sales expectations also the increase and decrease in the shares of a company.
Forecasting also helps in managing the finances of the company and helps the management to take a correct decision.
STP: It is a new way to record tax and superannuation information. It’s a new software that records the employee payroll information such as wages, superannuation, salaries you pay them through single touch payroll.
STP is compulsory for all the business and it is a government initiative and requires all the payroll information from employers to the ATO in each payroll cycle.