Annual Budget Preparation Checklist ( FINANCE )

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.

• Set Budget Goals

  Determine the overall financial objectives and key performance indicators for the upcoming year.

• Gather Historical Data

  Collect data from the previous year’s budget and actual spending to inform the new budget.

• Consult with Departments

  Meet with department heads to discuss their needs and expectations for the upcoming year.

• Draft Initial Budget

  Create a preliminary budget based on gathered data and departmental inputs.

• Review and Revise Budget

  Circulate the draft budget among stakeholders for feedback and make necessary adjustments.

• Finalize Budget

  Confirm the final budget with senior management and prepare it for approval.

• Present Budget for Approval

  Submit the final budget to the board or relevant authority for approval.

• Communicate Approved Budget

  Distribute the approved budget to all departments and stakeholders.

• Monitor Budget Implementation

  Regularly review budget adherence and make adjustments as needed throughout the year.