A cost estimate is the approximate possible cost of any product, program, or task that is calculated according to existing information. The four most common kinds of cost estimates are the Planning estimate or ball park estimate, which is a rough calculation of rates that are within a practical scope of values, and are usually for informative use; the Budget estimate which is a preliminary calculation based on precise cost data; the Firm estimate that can be used when entering into a binding contract; and the Not-to-exceed/ Not-less-than estimate, which can be either the most or the least amount needed to complete a particular project and is based on a solid cost approximation. An estimate template is designed to organize all data for cost estimation. By utilizing a word processing or spreadsheet program, you can save money by making your own template and use it for all your cost estimation jobs. Here’s how:
- Open up a new document. Print “Estimate” as you title on the topmost part of the page. Your company’s name, phone number, address, and other contact data must be printed below your title.
- Fill in your customer information on a table you will insert which will have enough space for all data. This must contain the customer’s contact information like name, address, and phone number. Include the date. When making an estimate for repairs of automobiles, create a space to print in the vehicle description.
- Below the customer information area, create another table where you can place in all the pertinent categories regarding the estimate. You must have enough free space to fill in both the job description and estimated amount. Parts and labor costs are extra categories to add in for vehicle and construction projects.
- Your estimate form must be completed with a space provided for the breakdown of the full amount for the job. Disclosures are normally placed at the bottom part of the page. You can save these templates for future use.
- Free downloadable templates are also made available from websites like Microsoft Word Templates, among others. You can make use of them as your blank forms and simply fill them in with all your cost estimate information. Project Bubble is another site you can visit when creating a template for your cost estimate jobs. Their “Project Templates” help you to make a good template that you can duplicate for various jobs.
Making a Cost Estimate template is an efficient way of not only keeping all your work organized, but also being able to present them in a professional manner. You will find it a very handy helper for yourself since you are able to view all your data in a precise and clear-cut way that will keep the job less complicated on your side of the fence. Your customers will also appreciate the fact that that you have taken measures to give them a clearer picture of what the job you are doing for them entails. With very little effort on your part, you can come up with a practical way of making your job much easier for you to do.