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Budget Preparation Checklist

Budget Preparation Checklist

Run this checklist to prepare an annual departmental budget
1
Introduction:
2
First steps:
3
Record basic details
4
Set target date for approval
5
Current financial status:
6
Review the most recent budget
7
Evaluate any significant variances
8
Goals:
9
Define and prioritize three to five goals
10
Determine ways of achieving the goals
11
Projected expenses:
12
List all department expenses
13
Estimate the average monthly cost
14
Calculate the total annual budget
15
Projected income/funding:
16
List all sources of income
17
Project total annual income
18
Putting it all together:
19
Document financial data in a budget spreadsheet
20
Finalize the budget
21
Final steps:
22
Request approval from top management
23
Obtain approval from top management
24
Incorporate into the master budget
25
Assign management responsibilities
26
Sources:
27
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