Annual budgeting can help you set long-term financial goals, keep you from overspending and help shut down risky spending habits.
In this example an income budget and expense budget are drafted and approved, before distribution. This can then be referred back to at a later point to understand any decisions made. You can add or remove any other parts of the business that should be involved in this finance process.
Import this template, tailor appropriately (including assigning steps to the right people) and then create a recurring annual schedule to ensure that everything happens as it should, every time.
1Define budget objectives/goals
Importance: Standard
Due: 3 working days after task start date
Set overall objectives that should be considered as budgets are set for this financial year.
2Upload financials
Importance: Standard
Due: 3 working days after task start date
3Review current financial status
Importance: Standard
Due: 2 working days after step 2
See above step for uploaded financial information.
4Draft expense budget
Importance: Standard
Due: 1 week after step 3
Create a step for each person who has to submit data for client billing purposes.
This will enable a notification to be emailed to the correct person on a monthly basis, requesting the billing data.
4.1Draft income budget
Importance: Standard
Due: after step 4
5Review draft budget
Importance: Standard
Due: 2 days after step 4
Please review draft income and expense budgets:
Draft expense budget: {expense_budget}
Draft income budget: {income_budget}
6Approve draft budget?
Assigned to: Leadership team
Due: 2 days after step 5
No → Loop to Step 4
7Document budget decisions
Importance: Standard
Due: 1 week before task is due
Are there any parts of the budget to be held back until certain financial targets are reached?
Add a link to your goals and target area.
8Implement budget
Importance: Standard
Due: on task due date
Publish your budget and share with the relevant department heads.
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Click ‘Use template’ to add to your Organiastion or start a free trial – we’ll help your teams get it right, every time.
