Workflow Templates: Budget Planning Checklist

Review previous year's revenue to establish a baseline

Analyze market trends and potential impacts on business sectors served by the firm

Consult with practice group leaders to estimate future workloads and revenue

Itemize fixed overhead costs such as rent, utilities, insurance, and technology subscriptions

Plan for variable expenses including marketing, travel, and client entertainment

Estimate personnel costs, including salaries, benefits, bonuses, and training expenses

Identify necessary long-term investments such as new technology, office space, or furniture

Prioritize capital projects by potential return on investment and alignment with strategic goals

Plan for financing of capital expenditures, whether through reserves, financing, or capital calls

Develop a monthly cash flow projection to manage inflows and outflows effectively

Set aside reserves for anticipated tax liabilities and other irregular but predictable expenses

Monitor accounts receivable closely and establish policies to minimize late payments

Analyze potential legal changes that could affect firm operations or client demand

Evaluate the firm's insurance coverage to ensure adequate protection against identified risks

Consider setting aside funds for unexpected events or economic downturns

Establish financial key performance indicators (KPIs) to track the firm's financial health

Regularly compare actual performance against budgeted figures

Adjust the budget as needed based on performance reviews and changing circumstances

Budget Planning Checklist