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  • Writer's pictureChris

Are you ready for another budgeting cycle?

Reminders and tips to help you

Happy New Year! Hopefully 2021 brings a bit of normality back for us all.

A new year also means that you will be starting to think about the budget process again - have you got your timetable & task list ready to go?

There are so many online tools to help you with your timeline & task team management e.g.,, Office 365 Planner or Trello. If you prefer something more simplistic then you can just use Excel or PowerPoint - our PowerPoint template is available to download.

Whilst you're updating your timetable, it's also a great time to start thinking about your budgeting process - here are a few handy reminders to help:

  • What were your “pain” areas during last year's process?

  • Have you implemented the learnings from last year?

  • What business changes has there been? Do they impact on the budget process?

  • Is your budget top down or bottom up?

  • Do you start from a zero base or start with this year's latest forecast?

  • Do you need to setup training sessions for new employees that will contribute to the budget?

  • Have you shared your budget timetable?


Is your budget model ready?

Whether you're using Excel or a specialised budgeting tool, you will need to ensure that your model is ready for the new cycle - especially in these unusual times.

  • What impact has COVID had on the business? Does that mean a change to the budget model?

  • Is your model flexible enough to respond to more business changes - both positive and negative?

  • Agree and set the assumptions for the budget.

  • Update the model for structural changes e.g., new cost centres, departments or salespeople.

  • Will you need to run multiple scenarios & can your model cope with this?

Hopefully these quick reminders have been helpful and if you need to discuss in more detail then please contact us here.

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