18 Step by Step Budgeting Process
I know the budgeting process is tedious, time-consuming, and iteration after iteration. Creating a well-thought-out plan can significantly decrease the stress associated with managing the budgeting process.
It may not eliminate the pain, but it will ease it š
Here are 18 steps you can take to plan ahead. The specifics may differ depending on the organization, but they are quite similar overall.
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Organization's Long-Term Goals
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Ā Financial and Non-Financial KPIs (Business Drivers)
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Ā Assumptions, Guidelines, & Calendar
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Ā Stakeholders Alignment
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Ā Circulate Budget Templates
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Ā Pre-Submission Meetings
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Ā Initial Budget Review
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Ā Review & Clarifications
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Ā Consolidate Departmental Budgets
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CFOās Review & Presentation
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Ā CFOās Comments & Adjustments
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Ā Accuracy of Revised SubmissionĀ
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Ā Consolidate the Revised Budget
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Ā Executive Committee / Board Presentation
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Ā Presentation to the CFO
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Ā Presentation to Exe. Committee / Board
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Ā Lock Changes or Make Amendments
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Ā Upload Approved Budget to ERP System