A project budget is the total estimated cost of completing each project activity over each phase of a project. It’s important as it helps set expenditure expectations and is critical in getting project approval, ensuring funds are ready at the right time, and measuring performance. This is a dynamic document that is constantly updated, monitored, and reviewed throughout the project.
A traditional budget is focusing on a company or department over a specific period of time and covers all activities during that time period. A project budget is focused on one project and only accounting for expenses related to that project.
A project budget template is a great tool for anyone involved in project planning, execution, and financial oversight. Some users who can benefit from using our project budget template include: project managers and teams, business owners, finance and accounting departments, nonprofits, educational institutions, event planners, and more.
Using a project budget template offers several advantages, including:
Here’s how to do a project budget in Excel:
Step 1: Download project budget template.
Step 2: Enter project information.
Step 3: Enter project tasks.
Step 4: Input each person’s hourly rate.
Step 5: Assign a person to each task.
Step 6: Input planned labor hours for each task and input actual labor hours as tasks are completed.
Step 7: Input expenses associated with each task (travel, equipment, fixed, miscellaneous, etc.).
The project budget template should automatically calculate based on information entered in the budget. You can find more detailed instructions on how to use our project budget template upon download.
Budget template for projects serves as a structured tool that helps in planning and managing project finances. Its purpose is to outline and organize the projected costs and expenses associated with the project.
Elements found in a project budget template typically include information that helps in planning, tracking, and managing finances for the projects, such as:
Yes, download our project budget Excel template. Then in Google Sheets, follow these steps: