Every company whenever starts any project, they need to monitor cost of project, and called project cost tracking.
In this way manager track a project cost to keep things according to budget. Here is different initiative in project, for instance develops a productivity, mangers monitor all schedule and budget.
When team is working on a project, they must keep an eye on work and cost. It does not matter either direct incurred or working on backend.
Through this template, you can manage cost tracking, cost control, and project document tracker template. The planning phase of a project must include a strategy for cost management.
What is a Cost Management Plan Template?
What do you think about expense tracker? Does it have an excel? Answer is yes; excel easy to build in expense tracker template. It helps to track all spending (daily weekly etc.). It is simple to track the expense tracker template.
Related Template: Gantt Chart in Project Planning
Project Spend Plan Template
Project Cost Tracking Template Excel makes the execution of the project easier as the allocated cost is tracked, measure performance and make amendments to budget allocation where needed.
How do I create excel template for expense tracking?
Category – week one, week two, week 3, week 4
- Home utilities
- Insurance and financial section
- Obligation personal information
- Groceries
- Personal and medical expense
- Entertainment and dine-out
- Transportation and fare
- Child care
- Total monthly expense
Key Element in Cost Tracking Template
Here are different types of project expense tracking template in different way.
Daily Expense Tracking Sheet
How to organize your all expense? How you will manage all budgets and other house chore? How to track daily expense in company? There are so many questions with one answer, daily expense tracking sheet.
- Planning, estimating, budgeting, and controlling costs are the four pillars of project cost template.
Related Article: Project Roadmap Template Excel
Cost Planning
This section focuses on Roles and Responsibilities, Resource Planning, and Cost Estimation.
Responsibility:
- Ensures the creation and implementation of a cost plan.
- Based on the project’s size, risk, and complexity, chooses a project management strategy.
- Guarantees the execution of Cost operations throughout the project.
Cost Control
This section outlines the cost control procedures that will be used to track cost management throughout the project, such as:
Related Template: Risk Mitigation Plan Template Excel
Monitoring Contractor Costs
This section outlines the procedures’ required processes and actions for monitoring contractor expenses.
How to Create an Excel Template for Cost Tracking?
Project Budget Template Excel includes the following data in t
he form of an Excel spreadsheet.
The first section focuses on the following:
- Time
- Task
- Workload
- Progress
- Cost
Time
This section is a graphical representation of the time of the project lifecycle, which includes the following:
- Ahead
- Behind
- On-time
- Planned Completion
- Actual Completion
Task
This is a pie chart representation of the following information:
- Not Started
- Complete
- In-Progress
Workload
This is a graph showcasing information regarding each individual responsible for what percentage of the workload, such as:
- Completed
- Remaining
- Overdue
Progress
This section shares information regarding the percentage progress of the project.
Cost
This focuses on the total cost allocated for the entire inclusive of the bifurcated categories such as:
- Actual
- Planned
- Budget
Benefits of Cost Management Plan Template
There are many advantages to the cost management plan template, including the following:
Types of project Expense Tracking Template
Daily expense tracking sheet is
- Select your sheet for daily expense
- Header section will be name of daily expense
- Write down all of your necessary things to do
- Categorize it for week
- Mention all your important work
- Customize you view
Weekly Expense Tracking Template
To track all company finds and financial position, this template helps you to track all. It is include with different columns or section. This tracking section companies always use for all expense and reimbursement amount.
Make your mind peaceful and make weekly budgeting plan for your ease. You can also add all of your budget taxes. In this way weekly track template include loan payments or different subscription.
How to create a budget spreadsheet
- Select your spreadsheet for plan
- Make different category for all income or expense
- List all of your budget time period (weekly, monthly, etc.)
- Use formulas for streamline calculation
- Enter all of your number to use formula
- Consider all features
What’s Include in Project Expense Tracking Template?
In project expense tracking template, include a development, construction, operation and maintenance etc. These all are approved and integrate with acquisition. All project budget and cost are also include in project tracking expense.
Category of Project Expense Tracking
Here are two different categories,
- With different category project tracking expense is define in project management. For example fix expense, rent etc, this expense can never change.
- On other hand expenses are also define as variable expense. The modification is easy whenever productivity is change.
- It is also direct and indirect category
- Fix or variable
- Time period or product cost
- Pre-operating vs. operating
- Opportunity risk
- Cost vs. Cost of Risk.
Construction Daily Expense Tracking
When discussion starts about the construction daily expense, things come to know link with contractor. It is include cost, labor, material etc. simple words construction daily expense include, contractors fees and subcontractor fee etc.
Step 1
- Title with company logo
- Project name
- Project location
- Project mangers name
- Prepared by
Step 2
General condition cost (planned – actual – difference)
- Unit 1
- Unit 2
- Total expense
Step 3
General conditions – notes – planned cost –actual cost – difference
- Designs
- Permits
- Surveying
- Insurance bonds
- Temporary fencing
- Job trailer renter
Project Payment Expense sheet
Project payment expense sheet only made by behalf of the organizations. These are categorized with different phases. It helps the employer or company’s finance team to keep record on investment. It is include, how much money spend on project? What was the budget? How much it cost etc?
Key Element in Creating Project Expense Budget Planner
It doesn’t matter what format is using either word or excel, detail of project information is included.
Here are some steps to follow project information define,
- Title of project
- Define your project details/information
- Describe purpose of project
- What are goals, define
- What limitations should be
- Determine approach to work
- Create and follow a schedule
- Draw a cost estimation/ budget.
Budget Allocation
In project management, budget allocation is important. It tells about how much money can easily use. For example, program, person or product spends more money in company. Ultimately, managers discuss all the availability of the money. So, they can follow according to the allocation.
- These budget and allocation include, (Training and budget allocation)
- Particular course
- Course type (intermediate – advanced)
- Training mode (online – onsite)
- Cost of training (00$ per employee – per employee)
- Training duration (12 days- 10 days- 7 days)
Expense Categories
- Title with Expense or expense budget category
- You can add new category of your expense
- Category 1, 2 or 3
- Amount
- Item may add
Draw a table
- Domestic chores ($500 per flight)
- Editing suit
- Material
- Mileage
- Prototypes $0.00 per mile
- Travel
- vendors
Expense Entries
Expense entries are that entries which is done in project while working. It is sort of record that keep the things save. For example, utility or other advertising expenses are included. Sometimes manager pay on cash but it depends on expenses or entries.
4 types of expense eateries;
- Fixed,
- Variable,
- Intermittent
- And discretionary
Vendor Details
After a project expense, vendor information or data material include. For example, vendor offer accordingly (vendor page). It is include company name, product name, or images logo etc.
Purchase Orders
Purchase documents are basically legal documents. A working procedure is completely works professionally. Usually managers buyer sent a request product to supplier to place an order. It is particularly define all quality, prices and credits of products etc. this is completely legal contract between buyer and supplier. It is accept by the vendor.
Receipts and Invoices
Receipt and invoices are different documents. In every project whenever needs to buy or spend money in project, they always ask for receipt. These are necessary to keep record.
- Invoices are usually issue to customers when they need to send payment.
- Receipt is receiving documents when you receive payment send by customer. Invoices are basically request to send a payment and receipt is proof of receive payment.
Expense Approvals
Usually, employees always keep record of receipt and give it to the manager. Its purpose is to ask for approval for refund. Managers have authority, either approve or reject these receipts. If accept, then send it to the finance department of the company. The managers completely try to look forward to finance department for approval.
Expense Summary and Analysis
In simple words expense analysis is the complete process to monitor all business expenses. As well as structure cost is also evaluating a business expenses.
Purpose of expense summary is to track a business. The business can small or big. In small business expense report uses, if a employee use their personal money for company. Reason to use in small business, taxes need to use expense report.
Reporting and Documentation
- Documentation works as permanent record of customer information and care.
- Reporting is, when two or more than two people share information about customer – either face to face through telephone/communication.
In every company, documentation is important part to keep all information. There is level of working so they will never look sloppy or disorganize. These documents enhance the knowledge and share more to encourage. Its purpose is to determine a team to understand how work process is done. A project life cycle is also play a vital role in it.
How ProjectPlanExcel Help You to Create Cost Tracking Template in Excel?
In conclusion, project management requires a well-designed Project Cost Tracking Template in Excel. Despite occasional neglect, this feature is crucial to project success and efficiency.
You can download Document Tracker Template Excel
This page helps project managers and their teams estimate, allocate, and manage expenses. In conclusion, the project should be completed on time, within budget, and with a profit if all goes well.