It is the responsibility assigned to the budget committee.
<h3>What are the steps involved in preparing of budget?</h3>
Step 1: Refresh Budget Assumptions
Examine and update the assumptions about the company's business
Step 2: Examine Bottlenecks
Determine the capacity of the primary bottleneck preventing the company from generating additional sales,
Step 3: Obtaining Available Funding
Determine the amount of funding that is most likely to be available during the budget period, which may limit growth plans.
Step 4: Costing Points
Determine whether any step costs will be incurred during the likely range of business activity in the upcoming budget period,
Step 5: Make a Budget Package
Copy and paste the basic budgeting instructions from the previous year's instruction packet.
Step 6: Release the Budget Package
Where possible, distribute the budget package in person and answer any questions from recipients.
Step 7: Compile a Revenue Forecast
Obtain the sales manager's revenue forecast, validate it with the CEO, and then distribute it to the other department managers.
Step 9: Request Capital Budgets
Validate all capital budget requests and forward them with comments and recommendations to the senior management team.
Step 10: Refresh the Budget Model
Enter all budget data into the master budget model.
Step 11: Examine the Budget
Review the budget with the senior management team.
Step 12: Budget Iterations in Process
Maintain a list of outstanding budget change requests and update the budget model as new iterations arrive.
Step 13: Release the Budget
Prepare a bound budget and distribute it to all authorized recipients.
Step 14: Load the Budget
To learn more about budgeting from the given link
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