Running a company can be challenging, and is even harder when your business and team are expanding at the same time. Project budget tracking software can help keep your business and projects on track, and also provides you with an advantage against your competitors.
1. Staying on budget
Understanding your project processes can give you a better overview of your project budget. Being able to track your job costs and commitments (pay applications) will improve the delivery of your project on your expectations. With a transparent overview, you can mitigate the risks and stay on track from the beginning of any project, as by tracking your budget in real time with the proper software, you can immediately see if you go over budget.
Keeping an eye on essentials
Dividing a project task into smaller categories allows project managers to ensure that every single task is finished, allowing them to focus on tasks that need more attention. With project budget tracking software, project managers will be able to easily monitor the stages of each project and can gain insights into whether or not project tasks will be completed on time. Monitoring projects is essential.
Optimized decision making
From project estimation, you are able to see how much time is allotted to every task of the project and which sub-contractor is responsible for completing the determined task. You will then immediately recognize any unbalanced tasks. By improving project resources and tasks, your business will reap a nice profit from organized teamwork.
Quick access for documentation
Some businesses still use pen and paper, and many project managers use Excel (spreadsheets) to keep track of their project´s progress. This is alarming because spreadsheet data contains a high percentage of user error. Using project tracking software ensures accurate data-based documentation. Project budget tracking tools guarantee that all documentation and communication is digitally in one place for easy retrieval and viewing.
Improving time management
Invoicing is time-consuming and time wasting, but a proper tool can considerably reduce this. These necessary tasks can be automated, allowing people to manage projects with much higher efficiency.
Providing great customer service and increased competitiveness
By keeping your project on time and within budget, your customer will be happy too. This high customer satisfaction will be reflected in your bonuses. Great customer service helps you stand out from the competition. A happy client won´t look at your competitors´ offers.
For any given project, each team member is designated individual tasks. A project tracking solution simplifies team collaboration. Quick access will reduce time lost in searching for answers. Members can also communicate with each other easily, allowing for timely responses to critical and concerning tasks.
An efficient project tracking tool helps project managers stay on top of subcontractor commitments. Even contract changes and extra work is all tracked, and sub-contractors have access to standardized commitment templates. This unique solution will save a lot of time on budget updating, downloading files, creating folders and updating accounting.
No matter how small or large your project, project tracking software adds value to your company. The final outcome is that using project budget tracking software is a win-win situation for everyone participating in a project; the biggest benefit of any good project budget tracking software.
Still using Excel for budget management?
There’s a better way.
Spreadsheets are not the best way for managing job costs
- It’s too easy to make mistakes;
- You can’t see behind the numbers;
- It’s hard to standardize and ensure compliance;
- There’s no real-time overview of profitability forecasts;
- It means duplicate work for PMs and accountants.
Planyard saves time and nerves
Follow your budget in real time and take immediate action when errors occur. Job costs are organized, and fully searchable and accessible for forecasting, project management and more.