Saving Money On Projects – Finding The Best Expense Tracking Software for Project Managers
Whether you are managing a small business or you are a project manager handling a large team, it will be useful for you, as a project manager, to employ an expense tracking software. Expense tracking software will help you track, manage and control all expenses related to the project at hand.
When managing a business or a team, there will always be a need to spend money. Project expenses are synonymous to project development. After all, you can’t expect for a good return on investment (ROI) if you don’t invest in the first place. However, what sets good project managers apart from others is that they keep track of all expenses. Without a tracking system, you will not know if you are already spending too much than what the project’s budget allows or you may overlook some expenses that should be made for the project to continue.
Finding The Best Expense Tracking Software For Project Managers
There are many different tracking software out there but if you want to get maximum benefits from expense tracking, you should only find the best expense tracking software. There is no point buying software that will not be able to deliver the result that you want.
What constitutes the best expense tracking software? The best expense tracking software:
* Is able to track all expenses incurred in the project; * Is able to capture all billable time; * Is able to bill your clients in different currencies; * Offers real time updates of all the expenses in the project; * Can be customised depending on the needs and requirements of the project; * Offers security and is not accessible to anyone outside the project management team or overall team; and * Is easy to operate especially for busy project managers.
Can The Best Expense Tracking Software Save The Project Money?
Yes, using the best expense tracking software will definitely save the entire project a large amount of money. Tracking all project expenses is time consuming and so some project managers don’t really put effort into doing it. This can cost the project a lot of money.
What happens if project managers are not able to track expenses? They will not know if the budget is already consumed. They will just keep on approving expenses without knowing that they are already over spending. With the help of an expense tracking software, project managers will be able to see which areas of the project spend more budget. This way, project managers can sit down and think of ways to cut down expenses on those particular areas.
The best expense tracking software also allows project managers to set a budget and stick to it. They will be able to see how much is already taken out of the budget. This allows them to control expenses so that they will be able to stick to the budget of the project. PMCAMPUS also offers a great 15 PDU Course on using Project Management Software successfully that can help project managers get the most out of their pm software.
What expense tracking software do you use to help stay on top of project costs? Post a comment or head over to our Project Management Facebook Page and let us know!