Advice on preparing Budgets:

Many organizations prepare budgets that they use as a method of comparison when evaluating their actual results over the next year. The process of preparing a budget should be highly regimented and follow a set schedule, so that the completed budget is ready for use by the beginning of the next fiscal year. Here are the basic steps to follow when preparing a budget:

  • Update budget assumptions.
  • Review bottlenecks.
  • Available funding.
  • Step costing points.
  • Determine Fixed Costs.
  • Include Variable Expenses.