Project Budget Template

What is a Project Budget?

A Project Budget encompasses all the financial resources allocated for the completion of a Capital Project. It is the 'money available' to pay for the Capital Project, including General Contractors, Project Managers, Risks and more. A Project Budget is usually prepared from detailed estimations of all costs involved in the project’s execution, including materials, labor, and other expenses, and then approved by the Project Owner.

What is a Project Budget Template?

A Project Budget Template is a simple tool to help financial management of any size Capital Project, ranging from small to large-scale construction. A Project Budget Template facilitates the detailed tracking and managing of budgets and sub-budgets, ensuring that committments and payments made toward these budgets are tracked and any variances recorded. A Project Budget Template is crucial for Project Control, Project Reporting, and stakeholder communications.

How to use this Project Budget Template

This Project Budget Template is designed to save project managers from the effort of creating a budget spreadsheet from scratch. Here’s how to use this template effectively:

1. Initial Setup: Begin by downloading the template and opening it in Excel. Familiarize yourself with the different tabs such as finances, budgets, contracts, variations/change orders, and payments.
2. Inputting Data: Enter your project-specific financial data into the respective fields. The template includes linked formulas to automatically calculate totals and subtotals, helping you visualize the financial health of your project at any given time.
3. Tracking and Managing: Use the template to track ongoing expenses against the budgeted amounts. This will help you identify any financial discrepancies early and adjust your budget or spending as necessary.
4. Reporting: Leverage the template’s structured format to generate financial reports for stakeholders. This ensures transparency and facilitates better communication and collaboration across the project team.
5. Audit and Compliance: The template can also assist in maintaining compliance with financial auditing standards by providing a clear audit trail of all financial transactions.
6. Integration: For those using a Quality Management System, integrate this budget template to enhance your financial management processes, ensuring consistency and reliability in your project controls.

Best Practice Free Project Budget Template

✔ We've worked on and researched thousands of Capital Projects & Programs to create a gold standard excel Project Budget Template

✔ Formatted and ready, Excel sheet with linked formulas and tabs for overall finances, budgets, contracts, variations/change orders, payments and more

✔ Gain consistency in a Capital Program by ensuring each Capital Project uses the same standardised template.

✔ Incorporate the Project Budget Template into your business Quality Management System

What is included in the Project Budget Template

✔ 1 x Excel Project Budget Template with 7 pre-built tabs

How Mastt can help with Risk Management

👉 Head to Mastt's Cost Module
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