Budget Tracker Template

Use this template to track budget and actual spend during a project.

budget

.xlsx

Download XLSX • 24KB

Introduction

The Project Budget Document is an integral management tool that provides a comprehensive view of the financial dimensions of a project.

Divided into three main sections—Budgeted Figures, Actuals, and Variance—this document aims to offer transparency, control, and foresight in managing project finances.

Purpose of the Budget Tracker Template

The primary objective of this budget document is to ensure financial discipline within the project as simply as possible.

By offering estimations, real-time tracking, and comparative analysis, the document facilitates decision-making and enables optimal resource allocation.

When and Where to Use?

This Project Budget Document is utilised:

• At the project initiation phase for planning budget allocations.

• Throughout the project lifecycle for real-time financial tracking and control.

Key Components

• Budgeted Figures: This section outlines the estimated expenses for the project, providing a financial blueprint.

• Actuals: This section records the actual expenditures as the project progresses, allowing for real-time tracking.

• Variance: Compares budgeted figures with actuals to identify discrepancies and triggers corrective actions when necessary.

Each of these components is further broken down into five categories:

1. People: Cost associated with human resources.

2. Hardware: Expenditures on physical infrastructure.

3. Software: Spending on software licenses, maintenance, etc.

4. Third-Parties: Costs involving consultants, vendors, or any external agencies.

5. Other: Miscellaneous costs that don’t fit into the above categories.

Additional Features

• Detailed Categorisation: Allows for a nuanced understanding of where the budget is spent.

• Real-time Tracking: Facilitates immediate financial decisions based on actuals.

• Accountability: Assigns cost-centres, making it easier to hold departments or individuals accountable for their spending.

Why Opt for this Project Budget Document?

• Financial Clarity: Provides a clear roadmap of planned vs actual spend.

• Resource Optimization: Helps in redistributing resources effectively.

• Risk Mitigation: Aids in early identification of financial risks and provides scope for corrective action.

For project managers and financial analysts, this Project Budget Tracker Template is a must-have, ensuring that the project remains financially viable from start to finish.