A project budget contains the financial details of your project, including the estimates of all the money you need to layout to lead a successful project, from resources to materials. Monitor project expenses with this Excel budget template. It even includes color-coding to let you know when you’re in the red! The budget is the life’s blood of your project, so you need to monitor it accurately. That’s where this project budget template comes in handy.
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Why You Need a Project Budget Template
A project is made up of tasks that lead to the completion of a project or service. That process isn’t free. There are resources necessary, such as hiring a project team, possibly contracting vendors, maybe parts and a whole slew of other items that need to be paid and accounted for.
That’s where the budget comes in during the early planning stages of the project. It’s imperative that you calculate what the costs of these things will be as close as possible to get the allocated funds and not go over budget, which could jeopardize the entire project.
Related: Project Planning Software
That means your estimates have to be accurate, or as much so as you can make them.
There’s a lot of uncertainty in managing a project, which makes creating the budget difficult, but with a free Excel budget template you’re on solid ground to build a financial structure that’s sound and able to do the job at hand.
Some of the costs are easier to collect, such as:
- Consultant fees
- Raw materials
- Software licences
Other costs may change or carry from one project to the next, such as:
- Telephone charges
- Office space
- Office equipment
- General administration
- Company insurance
When you have downloaded and created your project budget template, there are all the fields necessary for your to get started on this pivotal project planning process. But without a document to collect all this data, you are starting off with a disadvantage. Budgeting may seem like fuzzy math, and it’s certainly no exact science, but with the proper tools you can have a better handle on defining the financial constraints of your project. By so doing, you have given the project a better chance to succeed.
Two such project management tools that can help you manage budgets are Gantt charts and dashboards. ProjectManager.com offers an award-winning Gantt chart feature that lets you apply costs directly to tasks. You can also assign labor costs to team members, and that potential cost is automatically calculated as you assign them tasks and work hours. Plus, as the project unfolds, our real-time dashboards can track project costs and compare them against your initial planned costs, so projects don’t ever have to go over budget.
How to Use ProjectManager.com’s Project Budget Template
Your free Excel template is a blank slate and now you have to turn it into a useful tool. By filling in as much of the information requested in this document as you can, you begin to get control over the financial aspect of your project. Let’s start.
Labor and Materials
This is the meat and potatoes of the project, and likely the most expensive aspect of the work you have to budget. To start with, you want to separate these into line items tagged to a specific task. This may seem like an unnecessary detail, but it’s not. Every dollar needs to be accounted for if you want to reign in costs, so the more exact you can be the better your estimate will be and the closer your budget will come in within budget.
Now that you’ve broken down your project into the small tasks that make it up, it’s time to assign a labor and material cost to each. This is the money you’re going to spend on assembling the team responsible for each task, the time they’ll take to complete it and the materials they’ll need for those tasks. It’s a lot of work, but by doing it before the project begins you’ll save yourself headaches and over-expenditures.
Other Line Items
Of course, a project is not only labor and materials, even if that is the heavy lifting. It’s important to account for every dollar and cent, and those smaller items — and sometimes not-so-small items — are going to add up. Don’t let these costs break your budget, find them and then collect them on your free Excel project budget template.
Take travel, for example. There needs to be a column in which you note when and if you have to travel, and then how much that will cost, including any stipend. Maybe travel doesn’t plan into your project, but you need to consider it. Better to have thought it through and dismissed it, then to have a cost come up in the midst of the project that you’ve not accounted for.
The same goes for equipment. You’re definitely going to have costs in this area. Equipment costs can vary from very expensive heavy equipment to minor ones, but you have to be aware of them all in order to make an educated guess of what the project is going to cost.
There are fixed items, too, and there’s a place for you to collect them on the free Excel template. A fixed budget item is one where the amount is set and doesn’t change, as in one that is the same amount every week or month. There’s also a column for miscellaneous costs, which are those that do not fit into any of the other categories on the downloaded template.
Planned v. Actual Budget
The last part of your free Excel project budget template is the columns that you’ll be most interesting in following when tracking the project. It’s here that the spreadsheet calculates the planned budget against the actual one, or the real money you’ve spent for that task. One column is your estimated budget expenditure and next to it is the money that really went to completing the work, followed by a third column in which your balance is noted. Here is where you can see if you’ve gone over- or under-budget.
How to Import a Project Budget Template
Importing your free project budget template into ProjectManager.com is simple. You simply start on the homepage and click the drop-down menu on the upper left-hand side of the screen. Scroll down to the import selection, which will bring up another window. Scroll down this secondary window until you reach expenses. Click on it. This brings a popup window in which you’ll be asked to select the file you want to upload. The software accepts both Excel and CSV files. It’s as easy as that.
How to Use a Project Budget Template in ProjectManager.com
Once you’ve downloaded and created your project budget template and have imported it into ProjectManager.com, you’re able to take a static document and turn it into a living and sharable one. First of all, you can filter the document to give you only the information you need. Yes, any spreadsheet might be able to do that, but not in real time.
That’s because the budget is being updated as team members complete tasks and update their status into ProjectManager.com, giving you the most up-to-date information. Then you can look at the budget for the project or even many projects through the dashboard view. Think of it as an overview at-a-glance, but it’s also able to drill down deep into the detail you need when you need it.
There’s more than a great software package available on the ProjectManager.com website. We regularly publish a blog with articles and videos on project management, leadership, and business concerns. Here are three that are relevant to project budgeting.
If you want to take your project to the next level, then you’ll want to work with a project management software that has the tools to plan, monitor, and report on your project in real-time. ProjectManager.com is an award-winning software program that has been repeatedly rated #1 by Gartner’s GetApp as best in it’s category of project management. See for yourself by taking advantage of our free 30-day trial offer.