Budgeting for IT

Creating an IT budget is something that every company should do, if you have no employees or 10,000 budgeting is important. The budget should include hardware replacements, subscriptions, support costs, and any other It related purchases. Your MSP should be providing these numbers to you but if not you can gather them yourself. We typically want to see computers replaced every 5 years and servers every 5-6 years. You should also gather any of your subscription costs for services such as Microsoft 365, Adobe, or any industry specific software you may be using. If you are using a MSP and have managed services your support costs may be pretty predictable, if not you will have to use an average. Other costs to consider is any future projects, non-subscription software costs, and network upgrades. Budgeting for IT is a task that every company should be completing annually.