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