As businesses approach the end of their fiscal year, the third and fourth quarter budgeting and tax planning process can become an extremely busy time for the financial teams tasked with preparing the relevant information for management review and approval. In addition to reconciling the current year’s earnings and expenses for IRS reporting and tax payments, they also need to collect all the necessary revenue and expense projections for the upcoming year from the organization’s various departments. This data is then compiled into detailed headcount, operating, and capital budgets. Once approved, these budgets will be used as guidelines for strategic initiatives and implementation timelines, and they will also be used to monitor company performance as a gauge in assessing the health of the business.






