Annual Planning Calendar for Finance Teams
By Newtown Analytics · · 4 min read
For finance, fp&a & accounting managers
This annual planning calendar sets out, month by month, what a finance team does to plan, forecast and review the year, with owners and deliverables, and a 12-week timeline for the budget season. We show the calendar in full below, so there is nothing to download. It assumes a calendar-year company; shift the months if your fiscal year differs. It supports the process described in budgeting and forecasting, and ties together the annual budgeting process, rolling forecasts, quarterly business reviews and the mid-year reforecast. If you want help setting up a planning rhythm that connects finance to the demand and supply plan, talk to us.
The year at a glance
| Month | Main planning activity | Main deliverable | Owner |
|---|---|---|---|
| January | Close prior year; load budget; set targets and KPIs | Approved budget live in the system; KPI baselines | FP&A, Controller |
| February | Year-end review; annual report inputs; lender reporting | Prior-year results pack | CFO, Controller |
| March | Q1 close and first rolling forecast of the year | Q1 results; updated outlook | FP&A |
| April | Q1 business review; first covenant check | QBR pack; decision log | CFO |
| May | Review mid-year assumptions; prepare reforecast scope | Reforecast plan | FP&A |
| June | Q2 close; mid-year reforecast starts | Q2 results; draft reforecast | FP&A |
| July | Mid-year reforecast approved; Q2 business review | Reforecast; revised cash and covenant outlook | CFO |
| August | Budget kickoff planning; strategic priorities set | Planning assumptions and calendar | CEO, CFO |
| September | Q3 close; budget templates issued; long-range plan refresh | Q3 results; templates sent to owners | FP&A |
| October | Department budgets submitted; first consolidation | Draft consolidated budget | FP&A, department heads |
| November | Budget reviews; board presentation prepared | Budget for approval. See presenting a budget to the board | CFO |
| December | Board approval; load budget; communicate targets | Approved budget; owners notified | CEO, CFO |
Each month also includes the standing cycle: close, variance analysis, rolling forecast update and cash forecast.
Standing monthly cycle
| Working day | Activity |
|---|---|
| 1 to 5 | Close the month; reconcile; flash results |
| 5 to 8 | Variance analysis; commentary with owners |
| 8 to 10 | Update rolling forecast and cash forecast |
| 10 to 12 | Management pack; review meeting |
The 12-week budget season
Start twelve weeks before the board meeting where the budget will be approved.
| Week | Activity | Owner |
|---|---|---|
| 1 | Kickoff: strategy, planning assumptions (inflation, wage increases, price changes), calendar | CEO, CFO |
| 2 | Issue templates with last year's actuals and assumptions | FP&A |
| 3 to 5 | Department budgets prepared; headcount and capital requests | Department heads |
| 4 | Check-in on progress; answer questions | FP&A |
| 6 | Submissions due; FP&A loads and checks completeness | Department heads, FP&A |
| 7 | First consolidation; gap to targets identified | FP&A |
| 8 | Executive review meetings by department; challenge and trade-offs | CFO, executive team |
| 9 | Revisions due; second consolidation | Department heads, FP&A |
| 10 | Scenario and sensitivity analysis; cash and covenant tests | FP&A |
| 11 | Final executive review; board pack drafted | CFO, CEO |
| 12 | Board presentation and approval | CFO |
Add a buffer of one or two weeks if your approval process has several gates. See budget approval workflow.
Quarterly checkpoints
| Quarter | Focus |
|---|---|
| Q1 | Execute the plan; set the rolling forecast; verify drivers |
| Q2 | Mid-year review; reforecast decision; start thinking about next year |
| Q3 | Budget season; long-range plan; capital requests |
| Q4 | Approval; targets; year-end close preparation |
Roles
| Role | Planning responsibility |
|---|---|
| CEO | Sets priorities; chairs reviews; owns the final plan |
| CFO | Owns the process and the numbers; presents to the board |
| FP&A | Runs the calendar; builds and consolidates models; analysis |
| Controller | Provides actuals; closes on time |
| Department heads | Own their budgets and forecasts; explain variances |
| Sales and operations leaders | Provide volume, capacity and supply assumptions |
Supply chain and operating plan alignment
For product companies, add the operating plan to the calendar: the annual sales forecast and supply plan should be agreed before the budget is locked, and the monthly sales and operations review should feed the rolling forecast. See demand planning and inventory optimization.
Tips for using the calendar
- Put the dates in everyone's calendar at the start of the year.
- Fix the budget season backwards from the board meeting.
- Protect the monthly cycle: skipping a month breaks comparisons.
- Assign a named owner to every task.
- Review the calendar after each year and fix what went late.
- Link the calendar to margin and pricing reviews. See unit economics.
FAQs
What should an annual planning calendar include?
The budget season timeline, the monthly close and forecast cycle, quarterly reviews, the mid-year reforecast and the owners and deliverables for each.
When should budget season start?
About twelve weeks before the board approval date, more if you have multiple approval gates.
How do I adapt it to a non-calendar fiscal year?
Shift the months to match your fiscal year end; the sequence stays the same.
How often should the forecast be updated?
Monthly in most companies, with a fuller review each quarter.
Keep reading
This article is for general information. It is not accounting, tax, legal or investment advice, and examples use illustrative numbers rather than client data. Confirm decisions that carry financial or legal consequences with a qualified professional.