Project Cost Estimation and Budgeting
Planned Cost Estimation Is Critical to the Success of Any Project
Are your project finances clearly defined? If not, you are setting yourself up for failure.
No project plan is complete unless a budget is completed and approved, which makes a budget the most important part of any project work. A budget is the total projected cost to complete a project during a certain timeframe. It’s the engine that drives the project as it moves between phases because it shows stakeholders exactly how much money is needed and when. A well-crafted budget controls costs and acts as a baseline to measure performance once the project has begun.
The financial budget is a key element to project success...
The financial budget is a key element to project success, and for most small and medium businesses, this kind of project budgeting is either new to the people involved or there are day-to-day tasks that can’t be ignored. Rubino is an outsourced financial services provider that can drive your project budgeting from concept to completion.
Rubino is a trusted partner. We help clients achieve their goals and grow by being in sync with what they need and by providing the experience and expertise of a large firm with the service of a small firm. Learn more about our staff or find out more about us and what drives us to be a complete CPA firm.
Your project cost estimate must be created without bias. This means there are no reasons to over or understate the numbers—it’s just an accurate cost assessment.
An accurate cost estimate is one that defines the purpose of the project and what it will accomplish. It should show the cost of resources to complete the project clearly and accurately.
Tolerance and Contingency
Unforeseen circumstances are common to projects, and a budget tolerance is a range of how much can be spent without making major alterations to the budget. This offsets some of the risks of the project.
To help you draft the perfect project budget, we help you assess and leverage:
We review the reasonableness of all aspects of the budget, and once the project has started, we update the budget in real time and re-calibrate the baseline, so you stay on track and fully informed about your performance and how close you are to reaching your project goals.
With over 40 years of accounting experience, Rubino knows how to manage the moving parts and limited budgets of any internal project. Do you have an important project on the horizon? Reach out to Rubino for help.
With Rubino, there truly is strength in numbers. We are a nationally recognized leader in public accounting, financial services, tax advisory services, and regulatory consulting.