Manage Your Budget

Tips for managing a trial budget include:
  • Enter actual costs, per invoices received, into a budget tracking tool

See this example of a budget template and tracking tool from Murdoch Children's Research Institute 

  • Keep track of invoices and receipts
  • File the trial budget (forecast and actuals), invoices, receipts and related correspondence in the relevant sections of the Trial Master File
  • Keep track of services that have not been invoiced yet
  • Be aware of when invoices are due to ensure the funds are available and payment is timely
  • Track what you expected it to cost vs what it actually cost and look for discrepancies.
  • Check invoices – they are not always correct!
  • For patient-based payments, monitor recruitment levels at each site to ensure any recruitment caps are not exceeded
  • Income may not track directly with expenses – bill according to contracts, cost expenses according to invoices/quotes
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