Organize this list of disjoined activities from the Financial Management Cycle. Your job is to organize this
Question:
Organize this list of disjoined activities from the Financial Management Cycle. Your job is to organize this list of events so your team will know what needs to be done and by when. As you organize these events think about them in the context of a 12-month cycle.
The CFO coordinates with the manager to close accounting records and financial reporting for the fiscal year
Managers user their department/project objectives to draft their individual budgets for the upcoming fiscal year
Managers assess results of their activities as compared to budget on a regular (typically monthly) basis
The CFO completes and files annual tax returns
Executive Management assess the marketplace and prior year results to develop company-wide strategic objectives for the upcoming fiscal year
The CFO completes the annual financial statement audit, and the report is distributed to the appropriate groups of internal and external stakeholders
CFO creates the company-wide annual budget for the upcoming fiscal year
Managers submit their annual budgets and objectives to the CFO for approval
CEO and CFO presents the consolidated budget to the Board for approval. The board approves or rejects the budget. If rejected, managers revise objectives and budgets according to the Board’s directive
Managers develop individual department/project objectives for upcoming fiscal year based on the strategic objectives
The CFO prepares company-wide annual financial statements
Managers oversee/implement activities (programs, services, and projects) authorized in the budget