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Department Budget Excel Template

About Department Budget template

A Department Budget or Function Budget is used for individual functions of the company. Further, the department of budgeting and planning can use this template for creating a consolidated budget or annual operating budget of a company. You can use this template to create optimal use of money, work costs, and funds necessary for the department or functions budget. Further,  you can detail each department expense item in the template. Furthermore,   you can monitor your budget expenses for the function by comparing actual expenses incurred.  It helps to execute the earned-value analysis. So, the project progress and the related costs are thereby can controlled.

How to use Basic Project Budget template

This template is based on a general business budget template and includes a section for tracking income sources and Columns for Internal and External Funding.

This template is useful for smaller business and startups.  Further, small construction companies, budgeting for building or house remodelling can use it.

When you add new budget categories, make sure to checkup the formulas and the Subtotals and Totals. Enter the actual spending for each task to see how well you are doing on the basic budget.

The difference between the budget and the actual spending will be calculated for each phase along with the total conflictions for the project.

  1. Multiple columns and rows for fixed costs and funds.
  2. Allows you to identify material and labour rates for each charge and automatically calculate it in the dollar amount.
  3. See, whether your project fits into the overall financial structures of your organization or not.
  4. Historical Information
  5. Chart of account structure
  6. Use it for home projects, contract work, small service projects.

The information you need before starting your Annual Operating budgeting for the department

  • Scheduling:- Used to determine the scheduling and costs of the Function.
  • Contracts:- For services, products, and equipment.
  • Resources:- To check how much resources are required during the year and at what rates and cost.
  • Cost Estimate of activity like equipment, material, and services for the year
  • Basis of Estimate:- Records for the estimation of the cost
  • Scope:- Let you know about the future funding, contracts, and revenue management.

Importance of Functional budgeting

The Function budget allows the department of planning & budgeting manager to decide how much the expenses will be incurred and funds are distributed for the task. It lets the budget and planning department manager inspect whether the project is sticking to its budget or not.

  • Co-workers to get equipment, and materials when they needed it all dependent on the funds provided as a result of your budget.
  • Budgeting is important for your project because it provides the main things for project money control.
  • Help in measuring the department’s actual cost with the approved budget, you can control if the department is progressing according to the plan or not in a corrective way.
  • If a project has got a good budget then the scope, objectives, and goals of the project will also be enhanced and clear.
  • To secure company funds and budgets.
  • Well-planned Function budget is good for managing funds and costs.
  • Budget is an estimation of companies financial ability to work.

Thus, you need not invest in expensive budgeting software, Instead, you can use this spreadsheet.

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Download Guide

Compatible with : Microsoft Office Excel, Libra Office, WPS Office, Google WorkSheet
  • Download The Template XLSX File Format
  • Use the Template

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