This checklist outlines the steps necessary to prepare the annual budget for the organization, ensuring that all departments contribute and align with the financial goals.
Determine the overall financial objectives and key performance indicators for the upcoming year.
Collect data from the previous year’s budget and actual spending to inform the new budget.
Meet with department heads to discuss their needs and expectations for the upcoming year.
Create a preliminary budget based on gathered data and departmental inputs.
Circulate the draft budget among stakeholders for feedback and make necessary adjustments.
Confirm the final budget with senior management and prepare it for approval.
Submit the final budget to the board or relevant authority for approval.
Distribute the approved budget to all departments and stakeholders.
Regularly review budget adherence and make adjustments as needed throughout the year.