Work budgets

[SunMootStars]

Ive name changed for this because it's embarrassing. I'm head of a department in a new-ish role. I've been asked to prepare the budget for the next year for my whole department. It includes headcount, travel, expenses, third party services etc. I have absolutely no idea how to budget for this!! I don't know the costs of half the things. I've also left it really late to look for help.

Any tips for filling my Opex Forecast??

Can't you access the budget - or reality of what was spent from last year, at least as a starting point ?

Talk to the management accountants in your finance team and get the year to date and last years figures. Ask HR or finance for an average cost per grade for planned new starters. Ask commercial if any contracts have changed.

Yes I can - I think it's the tool that is concerning me. All the numbers, actual/forecast etc I find it really hard to figure out what it all means. I just feel out of my depth. I don't know what consulting fees will come up over the next year... how do you account for that?! Can you tell I've had no financial or business training before...?!

Yes, even though I'm late with this, I'm going to need to ask for some support here to get it right. Ugh. Thanks for your replies.

Get the previous budget. Identify anything that was a one off or a project that isn't repeating. Identify any new projects or expectations for the following year. Then guess and ask your manager to help assign values.

Then add 10-20% to everything before you submit so it can be knocked down by your Finance dept who think they are doing their job

Lol - love it this is my plan of action. Thanks all!