How To Make Federal Budget Estimates

The fiscal year begins in October of the present year, to September, the year following. But usually towards the middle of summer, those in charge of the budget have to already come up with its projection. Every year, budget managers fuss over it. This is not an easy feat. The budget manager usually spends weeks trying to make sure that the figures estimated fall within the company's funds and are justified expenses.

If you are the company's budget manager, or has been given the task for this, this guide should help you make a federal budget estimate. Hopefully, this will ease away the stress and worry of the job you are supposed to handle:

  1. Make use of the Excel worksheet on our computer. This will come in really handy and convenient. On the spreadsheet, organize and classify company spending by column and month; with the months further reclassified and arranged by quarters, beginning with October through December, and followed by the succeeding quarters.
  2. Some of the categories you can put include payroll, office maintenance, utilities, office supplies and so forth. Do not worry if you will fill it up with too many categories as this should be more helpful than forgetting to put an item there. Print out a hard copy of this so that you can write down everything first using a pencil. But be sure to save an original file on your computer, as you will need this to finalize your data later.
  3. If you have old records, you can look into this to project your expenses. However as prices and rates also change, it's also best to double check with people concerned. For instance, with supplies, you should go ahead and contact those who provide these to your office and ask for a price check. For salary concerns, contact the payroll head so that you would have an idea of how much to allocate for these spending. It would also be helpful to ask each of the department head in your office for their own projected expenses. Maybe the Marketing Department is planning on a special event next year… and the cost for this must be entered into the budget. Department heads must also indicate whether they plan on hiring another staff or promoting someone in their group, so that you could add this projection to the budget for salaries.
  4. Contact other budget managers from other branches and see if you can also get an idea of their budget and where they spend the company's money on. If you have to, compare spreadsheet with them, as it would give you better ideas. Once you have someone else's spreadsheet, see if everything is applicable to your company. If not, you can scratch it off the list.
  5. Ask the employees for what they hope to see next year, in terms of additional office equipment and supplies and include this in your projection.
  6. Once you have all the necessary data gathered, input this in your Excel worksheet and then distribute this to the people concerned for their perusal and filing.


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