Project Expense Tracking Template is a key to track your business expense and budget and increase financial health of your business. In this template bundle, you can download complete project management expense reporting through dashboard tracking.
- Multiple project costing template
- HR performance, scheduling and tracking in terms of costing
- With project management plan, you can download bundle
- Download in XLS, DOC and PDF format
How Manage Project Costing through Excel Templates?
Project Expense Tracking Template Excel is as important as task management and setting timelines. Cost management is a key measure of the productivity and the cost of the project.
The method of cost management is basically to estimate the budget as per the need of the project and further keeping the project under that defined budget. Estimated budget allocation is done in the planning phases of the project and later as the project progresses estimated budget data is compared with the actual cost and then according to this template is updated.
- To make accurate estimates for the budget, excel spreadsheets can be developed
- The spreadsheet has cost breakdown per tasks
- It is easier to check the cost differences after breakdown
- The spreadsheet initially has basic columns as other project management templates have like; Task titles, number of hours required to finish a particular task, duration in days for task completion, starting and ending dates along with the resources required to successfully execute a task and task dependency is added
- And finally, the estimated budget and actual cost is recorded by comparing both and you can get the idea how low or high you have kept your budget
Best Practices For Project Cost Tracking Spreadsheet:
- By following any cost management template you can easily find the variance between actual and estimated cost. Hence it keeps track of the actual costs
- The best way to make an estimated budget is to look for the similar projects already in the market It will help to develop a better budget for the project
- A change request is another thing that requires management and by the help of cost estimation you can easily keep the change requests aligned
- Point of contact needs to be on the invoice in case of any irregularity concerned party can ask about it
- Purchase order number is recorded on the invoice as it is the approved cost by the customer
- All invoices are added and the sum is mentioned in the bottom line which can be compared with the estimated cost sum
- Employees are responsible to correctly enter the data as final results are highly based on their performances
- Put a project cost estimation document in front of stakeholders or investors to make final settlement
- Keep the cost estimation process real and slow
Example of Project Expense Tracking:
Depending upon the scale of the Project Expense Tracking Template Excel can be developed. Templates are available on different software to ease the burden of the project manager and account department. The expense tracking can help you to remodel your budget if required. It also helps you to stay within your budget.
The expense tracking template carries the information about the budget and the percentage of the budget spent and left behind. Further payment record is kept along with the description and payment method. Categories are made and the total amount is calculated in the end of it.
Related Article: Project Tools
Construction Cost Tracking Spreadsheet
There is a lot of stuff going together in a construction project which requires attention, effort and time. For expense tracking highly modified templates are available in different software. By using these templates, you can easily track your expenses.
Budget template is created and further expenses are recorded to keep the track of actual and estimated costs. A project manager can develop personalized spreadsheets as per the requirement of the project. Expense tracking improves the productivity and efficiency of the project.
Project Expense Tracker or Expense Sheet Template
Project Expense Tracking Template Excel enables us to monitor the budget spent over time, to track how much is remaining. It also enables us to track on daily expenses for small business-like receipts and invoices and improve financial health of our business.
Business Expense Tracking:
There are multiple business expenses. And it is better to list them down before the start of the project; common ones are; advertising and marketing of the project, consultancy fees, labor, product cost, transport, fuel, utilities, office expenses, salaries and others. There are some easy steps that you can follow for expense tracking.
- Open an official business account
- Keep the receipts save for the record
- Develop a spreadsheet with all necessary information for tacking