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How does one calculate budget variance?

To calculate a static budget variance, simply subtract the actual spend from the planned budget for each line item over the given time period. Divide by the original budget to calculate the percentage variance.

How to calculate budget variance?

How to calculate budget variances. To calculate budget variances, simply subtract the actual amount spent from the budgeted amount for each line item. So, in the sample budget vs. actual below, under revenue, for product sales you would subtract the actual from budget, $125,000-$109,750 = $15,250.

What are factors causes budget variance?

What Factors Cause Budget Variances? Labor. Labor costs are affected both by the budgeted pay rate and the number of hours that employees work. ... Materials. The cost of materials is the other major factor in the budget variance. ... Flexible Budget. To avoid variance because a company made more or less products than normal, a company creates a flexible budget. Cost and Efficiency. ...

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