A company can begin the process by issuing the Budget Preparation Calendar
consisting of an overall review of each sequential step in the budgeting process.
Accompanying this is a rough time schedule in which the budgeting process will be
implemented identifying deadlines, the personnel responsible, and those to receive this
information. The plan furnishes the structure of the budgeting process and the overall
objectives. These items are crucial for the budgeting process and must be completed
before the process can proceed. An illustrative budget calendar for a company is
presented in Exhibit 6.