38+ Sample Estimate Forms

Estimate Forms: What Are They?

You already know that an estimate form is not similar to a quotation. As discussed above, an estimate contains prices of goods and services that could change over time. The reason why estimates are created because some businesses simply cannot give standard prices as skills, time and materials required for each job vary depending on the different customers’ needs. It is a very common scenario in trades like building work or manufacturing products, where no two jobs are the same. Because it is impossible to work with a fixed price list, you must give an estimate instead.

According to the Associated General Contractors of America, the construction industry is a major contributor to the US economy with revenue that reaches 1.3 trillion US dollars each year.

The Different Elements of an Estimate Form

What do you think is the major game-changer in the US economy and how does an estimate form influence it? Based on an article published by the Associated General Contractors of America, the construction industry is a major contributor to the US economy with revenue that reaches 1.3 trillion US dollars each year. As an important document in the industry, estimate forms are used together with bids and project proposals by contractors to get jobs. Below are the different elements of an estimate form.

Title and Logo: Every important business document needs a title. It will help you differentiate an estimate form from a quotation. Titles are written on top of the estimate form in bold font style to make it stand out.Company and Client Details: Details of the company and the clients used in the transaction must be present in the estimate form. It commonly includes a complete name, location. contact information, email address, and validity date. Description of Work: The description of work is the most important part of the estimate form. This section depends on what jobs need to be done in a project scope. It is in tabular format and has the quantity, unit price, and total line.Subtotal, Discount, Tax, and Total: The most important feature of an estimate form is its ability to obtain the total amount. To do this, the subtotal must be added first before deducting the applicable sales tax and discounts.

How to Make an Estimate Form

Although estimate forms are common documents used in the construction industry, it is also used in a lot of service-oriented businesses like HVAC, logistics, cleaning, and so much more! Because of that, learning to create one is crucial if you are in the business. Below are steps to help you make an estimate form.

1. Choose a Template

The best way to make an estimate form is by using a template. However, you can opt to start from scratch if you wanted a new format. With a template, modifying your form’s content is so much easier. It also ensures consistency in your document as it is professionally create by our designers. Start by browsing through our website to unveil a collection of business stencils.

2. Edit Your Template

One of the many features of a template is it compatibility with various editing tools. But you cannot use whatever editing tool you want. Before accessing an editing tool, make sure it is compatible with your template’s file format. You can know whether an editing tool is suitable or not if it is featured on template source’s website.

3. Get the Numbers Right

If you use the estimate form as a printed copy, make sure that when you calculate the values, it is accurate. On the other hand, if you use the estimate form as an electronic copy, it will automatically sum up the amount. But for extra precautions, conduct at least three calculations and compare the results.

4. Finalize Your Form

When you are done, do not forget to review the estimate form before using it. You can avoid errors or any consistencies if you do the editing. Because your job relies on this, you should strive for accuracy more than anything else.

FAQs

Why estimates are important?

The importance of estimating is it provides a rational basis for providing a price. A good estimate form keep costs on track.

What is a price estimate?

A price estimate is an educated guess of what a job may cost. So, to account for possible unforeseen job developments, one must provide several estimate versions based on various circumstances.

How to give a price estimate?

To work out an estimate, you should know the fixed costs and variable costs. These are the following: cost-per-hour of manual labor and the cost of the materials needed.

A good estimate form contains a deatiled breakdown of all materials and services needed to complete an undertaking. It will help any business owner avoid disputes about what work is included in the overall price. For more ready-template, visit our website now!