What is the difference between budgeting and budgetary control?

Budgeting is the process of creating a financial plan that outlines an organization's expected revenues and expenditures over a specific period, typically a year. Budgetary control, on the other hand, involves the ongoing monitoring and management of actual financial performance against the budgeted figures. While budgeting sets the financial targets, budgetary control ensures that the organization adheres to those targets and makes necessary adjustments to stay on track. Together, they help in effective financial management and decision-making.