Project cost/expense tracking template are ready to download in MS excel, Word and Spreadsheet version. Through PMPDOCUMENT.COM you can download multiple projects like construction, Engineering, IT and others project tracking templates with PDF reporting.
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What is Project Expense Management?
Expense management is a procedure in which budget of a project is estimated, allocated and controlled. Cost management plan can reduce budget overrun by predicting future expenses. During the planning stage of the project, the cost of the project is estimated and must be subjected to approval prior the initiation of work.
During the execution of project, all the costs are documented and tracked. In this way the situation remains under the cost management plan.
When the project is accomplished, the actual costs are compared with the expected costs. The outcomes will give the benchmarks for further cost management plan and project budgets in future.
Importance of Expense Management
It is an essential part of a planning process of all the projects belonging to any organization. It is said that sustainable cost management is like a DNA of an organization. In the absence of a detailed budget, one is unable to map out the required resources for the project.
For instance, an office building is being renovated. For this one needs to hire an architect, pay for the materials and decide hourly wage for the laborers. In order to do this, one need to estimate all the expenses accurately and make sure that enough money is available to cover them.
Project Cost Tracking Template
The project cost template provides you a better, more well- organized way to track the budgets of project and compare it against the actual expenses so that no detail is left. You have to document the category of the expenses along with corresponding items, make a list of both planned amounts and the actual costs and look at the approval status of every line item in a single central location.
In this way, all the members will be aware of the view of the budget. You can save the time by adjusting automated approvals for both budget alterations and new tasks or items. Attach all the necessary relevant information along the template so that informed decisions can be made about the budget.
TYPES OF PROJECT EXPENSE TRACKING TEMPLATE
Some of the types of Project Expense Tracking Template are describes below:
CONSTRUCTION COST TRACKING TEMPLATE
This construction budget sheet gives an outline for creating a budget for the project. You can edit this form to add your desired expense categories, even if you are establishing a new site from scratch or modifying a commercial building that already exists.
The template displays hard costs, costs related to financing, service fees, and other miscellaneous expenses. It also provides space for notes to add details related to square footage, percentage, tax records, or others.
BUSINESS BUDGET TRACKING TEMPLATE
Manage and track the expenses of your business so you can make appropriate strategic decisions regarding your company using this business budget template. Understand the expense is overspending, the points where it is required to cut back, and the basic health of your organization.
Monitor your budget in real-time so you can make reasonable decisions, track your income against expenditure, and make sure that nothing goes unnoticed in spending, savings, or debt compensation goals.
ACTIVITY COST ESTIMATE TEMPLATE
Make a list of all the activities and their estimated costs along with resources needed to accomplish the project. This expense estimating template displays direct and indirect costs estimated cost range for all the items and contingency funds.
Also, record the estimation procedure used as well as constraints and assumptions and your confidence rating. This template shows a basic format for planning and organizing the costs of the projects.
WEEKLY EXPENSE TRACKING TEMPLATE
Track your expenses and income weekly to have a comprehensive insight about where you are spending the money most and acknowledge areas where the money can be saved. You can add more columns and also your spending goals can be updated.
EXPENSE TRACKING IN PROJECT MANAGEMENT
In order to keep track of the budget, you need to practice the following mentioned ways:
It is the primary rule to have a proper system deal with the expenses and have the capability to trace them. This can be done by complex project management software with multiple functions or a simpler such as an Excel sheet.
The thing you will select should be able to collect data and figure out that what amount of money is spent by whom and when.
Next is to establish an online system so that the system can be tracked at anytime and anywhere. It has become a vital part of almost all project management plans.
PINPOINT BUDGET ITEMS
A system is crucial but it won’t be of any importance unless to know the items in your budget. You need to be aware of where the money is going. This list varies for different projects and industries. To create a budget, you need to calculate the expected cost of the entire project that includes all resources required to execute it.
DESIGN A BUDGET
You need to gather your variable and fixed expenses and costs figured out before tracking them. The budget will serve as a roof under which all the expenses regarding the project will reside. After creating a budget it is definite to have to present it for approval.
This will help you in setting up parameters for your budget and tracking them. It will show where it is permitted to spend and when the expenses are crossing the laid boundaries.
ASSIGN SOMEONE TO TRACK
After establishing the budget, you need to appoint a person to observe and monitor this process. You can give this responsibility to someone from the team who is tasked with working in the system you have created to track expenses.
This person should be trustworthy and is on the front lines of the budget and can give a red signal when the budget is exceeding.
TRACK AND MANAGE EXPENSES IN REAL-TIME
In project life-cycle template you can download all variant of project management. To align this process at last and to make it more efficient, you should have an online tool as mentioned above. Thus, if you encounter a spike in spending, you can’t just identify it rapidly but can address it before the value is leaked and risk busting the budget.
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