There is a lot of stuff going on at the back end of any project. The success of a project depends on many factors, a few of them are risk management, project task list earned value management and the most important one is budget management and project cost tracking template excel. Monitoring of cash flow is very extremely important. The project budget management template helps the project manager to organize the expenses of a project. With the help of the excel template, you can easily monitor that your project is running according to the plan and the allocated budget.
It helps you figure out the payables like;
1. Labor cost
2. Product cost
3. Bills and other miscellaneous.
You can also read a related article: Construction Project Cashflow Spreadsheet
Why Project Budget Template Excel?
The main objective of using the project cost tracking template excel is to stay within the budget limits and keep the predicted cost and actual cost in balance. Similarly, this template is used to utilize the time efficiently and monitor the overall output effectively. Thus, the project cost tracking template excel is the best approach to manage resources, tracking the cost smartly, and monitor the overall output at the same place. This template is also very easy and simple to use, you can simply enter the values and data in a worksheet and get authentic reports.
Fig. 1 (This is a simple template of the project budget in excels which can be modified according to your need. Estimated and the actual cost is calculated according to the task division)
Types of Project Cost Tracking Template
Following are some types/example of project cost tracker:
Project Expense Tracking Template Excel?
There are varieties of templates that can be used for tracking project expenses. The project cost management template explains the main idea of the whole project. Tracking the budget becomes easier by using an organized spreadsheet. The format in excel for this particular management is easy to use. It gives information about the available resources and keeps you on an alert for further purchases or expenses. Tracking expenses helps to write up clear financial reports.
Project Budget Proposal Template
Rightly written project budget proposal helps the reader or contractor get a clearer vision of the project motives and financial matters. Planning and selecting the right template according to your project plays a great role. The employee pays, Labor cost, material, travel expense, and miscellaneous are recorded in the budget proposal. Team members responsible for budget monitoring are finalized. Keep budget proposals as simple as you can. Overestimating overall expense is a better idea. The project cost tracking template helps to get over the cost fluctuation that you may face during the project. Gantt chart works well to build the proposal for budget as it gives the best image of the project.
Fig 2. This is an example of a Project Proposal Template.
You cal also read a related helpful article and get the template: Cost Management Plan Template Excel
How to Write a Project Cost Tracking in Excel Sheets?
Settings up a perfect excel spreadsheet help you stay organized throughout the project. Here are a few steps you need to follow to write a project budget like a pro.
- First of all, you need to decide on the project name and the project manager.
- Allot the title of the task
- Add a column for the status of the project
- According to the status of the project, set the different color scheme for the done, ongoing and upcoming tasks.
- Now the main part is expenses management. Add the estimated costs according to each task.
- Add a description of the budget if required
- In the next column add the actual cost.
- If there’s any difference between the actual and estimated cost, mention that difference in the next column so that budget remains under constant check.
Here is a helpful article for Project Managers & Concerns: Milestone Chart Excel Template
Elements of Project Cost Tracking Template Excel
At the time of starting a project, the concerned persons need to manage the various tasks. And various resources are required to manage all these tasks e.g., materials, labor costs, fixed cost, variable cost, and miscellaneous costs, etc.
Following are the elements of the project cost tracker:
At the top, there is the heading of the project, which describes the project-related basic information. This will help the concerned person to know the actual purpose of the project.
The summary cost of the project indicated the total budget cost of the project, the total actual cost of the project, and the variation between total cost and the actual cost of the project.
The key person fills this section to elaborate the cost project details with his/ her official id, department, and company complete details.
Project Task Budget Cost
The budgeted costs are divided into the following subcategories:
- Material Cost
- Labor Cost
- Fixed Cost
- Miscellaneous Cost
- Actual Cost
- Variable Cost
These costs can be modified according to project cost management requirements.
Frequently Asked Questions Answers
Q.1. How to track the project expenses or project cost?
Ans. By using the project cost tracking template excel you can track and monitor the overall report of the project cost.
Q.2. How do you calculate the project cost?
Ans. Simply enter the values and data into the template worksheet or datasheet and here you go. This process is very easy and simple.