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Budget Preparation checklist
Organizational Alignment
Review organizational goals and objectives for alignment with budgeting priorities
Determine the availability of funds and resources for the upcoming fiscal period
Establish budgeting roles and responsibilities across the organization
Revenue Forecasting
Analyze past revenue trends and adjust forecasts for expected changes
Consider market conditions, economic indicators, and industry trends
Consult with sales and marketing teams to estimate potential revenue
Expense Budgeting
Identify fixed and variable costs based on historical data and future projections
Evaluate potential cost-saving measures without compromising quality or productivity
Allocate funds for unexpected expenses and contingencies
Capital Expenditures
Prioritize capital projects and purchases based on strategic importance and return on investment
Estimate the costs and funding sources for each capital expenditure
Plan for depreciation and maintenance costs associated with new capital assets
Cash Flow Planning
Prepare a cash flow forecast to ensure sufficient liquidity throughout the year
Identify potential cash flow challenges and plan for short-term financing if required
Monitor accounts receivable and payable to maintain healthy cash flow
Performance Monitoring
Develop key performance indicators (KPIs) to track budgetary performance
Set up a reporting system to regularly review financial performance against the budget
Plan for regular budget reviews and adjustments in response to performance data
