Actuals

Actuals is a term used in finance, accounting, and project management to denote the real, realized numbers, as opposed to estimates, budgets, or forecasts. In business planning, actuals are the outcomes that occurred: revenue earned, costs incurred, time spent, or resources consumed. They are used to assess performance, drive accountability, and inform future planning.

In budgeting and forecasting, actuals are compared with planned amounts to compute variances. A positive variance indicates results exceeded expectations, while a negative variance indicates underperformance. Variance analysis helps identify drivers, such as price changes, volume differences, or efficiency gaps, and supports corrective actions.

In project management, actuals refer to the realized cost and duration of work packages and activities. They are recorded in accounting or project-tracking systems and may be compared to baselines and to forecasts updated during the project lifecycle. Distinctions are often made among actual costs, actual time, and actual quantities, as well as between accruals (expenses incurred but not yet invoiced) and commitments (approved obligations).

In reporting, organizations use actuals to close the books, prepare financial statements, and provide performance metrics to stakeholders. Data quality is essential: timely, complete, and accurate capture of actuals ensures reliable variance analysis and decision-making. In many systems, actuals feed rolling forecasts and business dashboards, creating a feedback loop that refines planning and budgeting over time.