The purpose of having a budget is to control the money that is present on hand. The expenditures accumulated for the year must be put into record as an important document for keeping financial status and history so that it will be easy for any individual to monitor and track. With the use of sample budget templates, it helps people in the IT department to budget their plans and proposals for the company that requires money allotment. This is an easy way to present the annual budget at the end of every year.
FREE 15+ Sample IT Budget Templates
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2. IT Department Budget Template
3. IT Project Budget Template
4. 3-Year IT Project Budget Template
5. IT Budget Template
6. Annual IT Budget Template
7. 3-Year IT Budget Template
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12. IT Budget Template Excel
13. Free IT Department Budget Template Spreadsheet
14. Simple IT Budget Template Excel Download
15. IT Project Budget Template
16. IT Budget Template PDF
What Is an IT budget?
An IT budget refers to a company’s monetary allocation for its information technology-related spending over a given time period, usually twelve months. This can affect any area of the company where IT costs are incurred, making it inclusive of any IT organization or information technology project. The development of an IT budget can be done from scratch or through the use of a sample budget template or a sample IT budget spreadsheet.
How to Develop an IT Budget
Whether you want to create an IT operations budget or if you’d rather be budgeting IT projects, you still need to learn how to do so from scratch. Should the sample information technology budget above be inadequate for your needs, then the following general steps should give you an idea of how to begin.
Step 1: Review the Previous Budget
The first thing you need to do to create a new budget is to review what came before it. This is where you’ll find information like how much money was spent on office supplies, new computers, and other utility expenses. Doing so will inform you of what you already have, what you don’t need to get, and what you have to spend on for the present budget.
Step 2: Know How Much Your Recurring Expenses Cost
It is worth mentioning that there will be costs that do not change much if you compare your budgets for one specific year to another. Among the recurring IT expenses would include the cloud storage space, URL registration, and content marketing management systems. Knowing what these are will help you anticipate how much you’ll spend again for this year.
Step 3: Do an Inventory
The next step involves making an inventory checklist of what equipment and tools you have. As you do this, take note of how old your equipment is. Hanging on to older computers, as an example, to avoid spending can actually backfire on you. Equipment will break down and making your employees use antiqued equipment will only serve to lower their productivity. So take note of what you have and determine what you can retain and what you need to replace.
Step 4: Consult the Company’s Managers and Employees
The last step involves taking the time to consult your managers and employees. The reason why it is important to get an employee assessment of your equipment is that they may have more intimate knowledge of your equipment than you. Therefore, they can provide you with unique insight. Listen to them one by one about their experiences with the equipment.
What is a budget for?
A budget is meant to help individuals or groups plan out their finances for a particular period. For businesses, this will include any project sales revenue, costs of resource and talent acquisition, cash flow, and more.
What are the different budget types?
A business can come up with multiple kinds of budgets, with notable examples being the cash flow budget, an operating budget, a financial budget, and a sales budget, among various others. These are necessary for the completion of documents like a sales plan, for instance.
How do you manage an IT budget?
Those who are new to IT budget management must first take care to review the existing budget carefully. To make sure nothing falls under the radar, be as transparent with your team as possible, especially when it comes to the spending. Encourage them to do the same with you. Also, keep documents such as cost proposals close to you as much as possible. Lastly, don’t be afraid to ask for help from your superiors.
Like any other kind of budget, an IT budget is an important part of running your company and must be carefully made. Downloading an IT budget spreadsheet template, an information technology budget template excel, and a sample information technology budget, among others, will surely help you out. Then again, writing it from the ground up works too. So let’s not waste any more time; take what you’ve learned and develop your company’s IT budget today!
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