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 😅

Here are 18 steps you can take to plan ahead. The specifics may differ depending on the organization, but they are quite similar overall.

✅ Organization's Long-Term Goals
✅ Financial and Non-Financial KPIs (Business Drivers)
✅ Assumptions, Guidelines, & Calendar
✅ Stakeholders Alignment
✅ Circulate Budget Templates
✅ Pre-Submission Meetings
✅ Initial Budget Review
✅ Review & Clarifications
✅ Consolidate Departmental Budgets
✅ CFO’s Review & Presentation
✅ CFO’s Comments & Adjustments
✅ Accuracy of Revised Submission 
✅ Consolidate the Revised Budget
✅ Executive Committee / Board Presentation
✅ Presentation to the CFO
✅ Presentation to Exe. Committee / Board
✅ Lock Changes or Make Amendments
✅ Upload Approved Budget to ERP System