BUDGET PLANNING AND MONITORING PROCESS

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[ ] Define Budget Parameters: Task assigned to Finance Manager to define the annual budget scope and departments involved.
[ ] Create Budget Template: Initialize a new Budget Plan entry in the Budget Data Model with the current fiscal year.
[ ] Departmental Budget Requests: Task assigned to Department Heads to submit their estimated expenses for the upcoming period.
[ ] Retrieve Departmental Requests: Fetch all budget request entries submitted by department heads.
[ ] Calculate Total Requested Budget: Sum the 'Estimated Amount' from all retrieved budget request entries to get the total projected spend.
[ ] Calculate Variance Buffer: Calculate a 5% contingency buffer based on the Total Requested Budget.
[ ] Budget Review and Approval: Task assigned to CFO to review the aggregated budget and approved/reject the total amount.
[ ] Update Master Budget Plan: Update the master Budget Plan entry with the final approved total and approved status.
[ ] Notify Department Heads: Send an email to all department heads communicating the approved budget allocations.
[ ] Monthly Expense Logging: Recurring task to log actual monthly expenditures into the Actual Expenses data model.
[ ] Fetch Actual Expenses: Retrieve all expense entries recorded during the current month.
[ ] Calculate Total Actual Spend: Sum the 'Amount' property of all actual expense entries for the current month.
[ ] Calculate Budget Variance: Subtract Total Actual Spend from the Approved Budget Amount to find the remaining balance.
[ ] Alert on Overspending: Task created only if the Budget Variance becomes negative (over budget).
[ ] Generate Monthly Budget Performance Report: Create a visual report comparing Budget vs. Actuals for management review.
[ ] Send Monthly Financial Summary: Send the generated performance report to the Executive Leadership team via email.

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