2023 Annual budgeting checklist
Has your team covered all the bases when it comes to your annual financial budgeting process?
Between the manual data entry, cross-departmental communication, and painstaking hours spent in spreadsheets, it’s not uncommon for priorities to fall through the cracks.
So how can you ensure that you are following a holistic annual budgeting process? By identifying clear initiatives and crossing them off one by one as you go about your budgeting routine.
To ensure you and your finance department stay on track this budgeting season, our experts have created this comprehensive Annual Budgeting Checklist. This useful resource will allow you to better align on organizational objectives, understand budget preparation considerations, and have a clear blueprint for conducting your budget evaluation once the process is all set and done.
We know that the annual budgeting process is never easy. In fact, it can be a finance team’s biggest headache. However, with the help of advanced techniques and modern technology, it no longer has to be this way. Now finance teams have the power to not only modernize their annual budgeting processes, but also align the entire organization for future growth and success.
Are you ready to serve as a strategic business partner to your organization? Download our annual budgeting template now.
What is the purpose of the annual budget?
A business budget serves as a company's financial plan that highlights projected income and expenses over the course of 12 months. By building an effective budget, organizations are better able to understand the management team's cost allocation strategies, gain greater insights into their overall operations, and ultimately align on annual goals set forth by the leadership team. By creating this strategic plan, finance teams can establish organizational alignment and serve as a strategic business partner for their organization.
Mastering the art of annual budgeting
All finance professionals understand the pains associated with the annual budgeting process. Why? Because the finance team has to spend weeks (if not months) buried in spreadsheets conducting manual work while also trying to collaborate and align with all departments.
The traditional process is accustomed to countless budgeting roadblocks such as data accuracy, slow data consolidation, and a lack of cross-departmental alignment. However, as industries continue to evolve and emerging technologies infiltrate the finance industry, teams now have the online tools and resources that can help them develop and improve their annual budgeting process like never before.
FP&A software is a strategic finance solution that allows organizations to effortlessly consolidate data, align on a single source of truth, and ultimately gain valuable insights that drive organizational growth. By implementing a robust solution and closely following our annual budget checklist above, you will be able to adopt a more strategic approach to your overall planning and budget process.