In a business or organization, budget management is very crucial. However, the procedure is not as simple as we usually think. Many departments have a different need in terms of the fund to run their activities. Therefore, a company will ask each department to make its budget plan and then discuss it with the board. It is not only about the budget plan for the next period, but they should show the last plan and some improvement from the previous report. On this page, we provide you department budget template for free with interesting designs and features to be editable and customizable.
What Is the Departmental Budget?
A company will give a specific amount of budget to each department that is based on their specific need and period. Usually, this budget plan has been discussed at the end of the year so the company can provide the budget for the upcoming operations. Of course, the budget that is given should be based on their function in the company. In certain case, some departments need a bigger budget because they affect a lot to the company and they are departments that do more transaction compared to others.
Department Budget Inclusions
A department budget includes all the necessary things for their activities and they need to allow the money for a specific period which covers items as follow:
- The daily expenses for everyday activities
- Extra expenses for special events or extra labor
- This should include the expense for primary functions. For example in the marketing department, they need a budget for running a campaign on Facebook, Instagram, Google and so on to maximize the company’s branding.
- Additional cash for an unexpected event or emergency purposes.
To help you arrange this budget plan, you can download our Excel budget samples on this page. You can also download other things such as manufacturing budget or operating budget. Just simply search it on the “search” column and find out dozens of templates with a simple system and tidy design.
Why Is Having A Budget Template Is Important?
There are many reasons and purposes for why a company should have a department budget plan. This is for the sake of the company’s growth with a healthy financial condition. We don’t know how the future holds such as politic, government’s policies and other external factors that can affect the company’s growth in the future. Therefore, this template will give you some benefits such as:
- This allows each department to request fund to the finance department based on the fund allocation stated by the finance department.
- The budget plan helps them to control the spending and keep everyone on the right track so it won’t result in huge loss.
- They need to prioritize some functions. By having this budget plan, it is easier for the department to decide which one is more important to execute.
- They can figure out what needs to be improved for the next period plan.
So, that’s all our short tips on how to use the department budget template. Now you can easily create a plan for your next year activity.
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