Finance Meeting Minutes Sample

Finance Meeting Minutes – Sample

Meeting Title: Q3 Budget Review

Date: October 26, 2023

Time: 9:00 AM – 10:30 AM PST

Location: Conference Room A

Attendees:

John Smith (Chief Financial Officer)
Jane Doe (Finance Manager)
David Lee (Head of Marketing)
Sarah Chen (Head of Operations)
Michael Brown (Senior Accountant)

Absent: None

1. Opening Remarks (John Smith):

John Smith opened the meeting, welcoming attendees and outlining the agenda: review of Q3 budget performance, discussion of variances, and planning for Q4 budget adjustments.

2. Review of Q3 Budget Performance (Jane Doe):

Jane Doe presented a summary of the Q3 budget versus actual spending. Key highlights included:

Total revenue exceeded projections by 5%, driven primarily by increased sales in the Western region.
Marketing expenses were 10% over budget due to an unexpected digital advertising campaign. David Lee explained the campaign was implemented to counter a competitor’s promotional activity.
Operational expenses were slightly under budget (2%) due to efficient supply chain management. Sarah Chen elaborated on cost-saving initiatives implemented during the quarter.
Net profit margin was slightly higher than anticipated due to the increased revenue.

A detailed report including specific figures was distributed to all attendees prior to the meeting.

3. Discussion of Variances:

A significant portion of the meeting was dedicated to discussing the marketing budget overage. David Lee justified the increased spending, presenting data demonstrating the campaign’s positive impact on brand awareness and website traffic. John Smith acknowledged the results but emphasized the importance of adhering to budget constraints in future quarters. A discussion ensued regarding alternative marketing strategies to reduce costs without compromising effectiveness.

There was also brief discussion of the slight underspend in operational expenses. Sarah Chen confirmed that this was due to proactive cost management and did not negatively impact product quality or service delivery.

4. Planning for Q4 Budget Adjustments:

Based on the Q3 performance, the team discussed potential adjustments to the Q4 budget. Key considerations included:

Reallocating funds from less effective marketing channels to digital advertising, given the positive results observed in Q3.
Maintaining current operational spending levels, while continuing to explore opportunities for further cost optimization.
Adjusting revenue projections slightly upward to reflect the sustained sales growth.

John Smith requested Jane Doe to prepare a revised Q4 budget proposal incorporating these adjustments for review at the next finance meeting.

5. Action Items:

Jane Doe: Prepare revised Q4 budget proposal. (Due: November 9, 2023)
David Lee: Research and present alternative, cost-effective marketing strategies. (Due: November 16, 2023)

6. Next Meeting:

The next finance meeting is scheduled for November 23, 2023, at 9:00 AM PST in Conference Room A.

7. Adjournment:

The meeting was adjourned at 10:30 AM PST.

Minutes Prepared By: Michael Brown

Date Submitted: October 27, 2023