Workflow Templates: Quarterly Budget Review checklist

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Quarterly Budget Review checklist

Review Previous Quarter's Budget

Gather all financial statements and budget reports from the previous quarter

Analyze actual spending versus budgeted amounts

Identify any significant variances and note reasons for these discrepancies

Evaluate Current Financial Position

Assess current cash flow and compare it with the forecasted cash flow

Review accounts receivable and payable for any outstanding or overdue amounts

Examine the current capital expenditures and their alignment with the budget

Update Budget Forecasts

Adjust the budget forecasts based on the actual results from the previous quarter

Incorporate any changes in business strategy or market conditions into the new forecast

Consult with department heads to update department-specific budgets and forecasts

Set New Financial Goals

Define clear, measurable financial objectives for the upcoming quarter

Ensure goals are aligned with the overall business strategy and long-term financial plans

Communicate new financial goals with all stakeholders to ensure organization-wide understanding

Prepare for Upcoming Quarter

Plan for any anticipated large expenses or income in the upcoming quarter

Ensure sufficient liquidity to cover operational costs and any planned investments

Schedule regular budget review meetings to monitor progress throughout the quarter

Compliance and Reporting

Verify that all financial practices comply with relevant laws, regulations, and standards

Prepare any required financial reports or disclosures for the upcoming regulatory deadlines

Document all budget review processes and findings for internal records and potential audits

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