If you’re still using excel or whiteboards you should consider that it may be time to make the switch to a project management cost planning and control software application to increase your work productivity, reduce risks, measure costs through the full life cycle of a project and consolidate data for your entire business.
The tool you choose must have at least the following features:
- Cost estimation. One of the most important elements of a project management cost planning and control tool is cost estimation. The solution shall have at least the forecasting feature for a complete project with a defined scope. There are several types of cost estimation in project management, including fixed, variable, direct, and indirect cost estimation. Because the project scope, project schedule, or other factors can change, it’s important to update price estimates with the help of cost management software so you have an accurate idea of how much the project will cost.
- Budgeting. The best cost management tools generate weekly and monthly reports on expenses, so you can be sure that your projects never goes over budget, which could cost you unexpected expenses. Plus, these tools allow teams to set budget limits based on time or cost. When a project budget is nearing its limit, the software will send you a notification so you can adjust the project’s scope. Having regular updates on a project’s expenses can offer you important clues about the direction your project is going and whether or not additional action is required.
- Reporting. To keep projects running smoothly, find a cost management tool that offers a variety of easy reporting options. If building a report requires a manual or the help of an outside consultant, continue your search. Secure sharing in the cloud for total visibility is also important when it comes to reporting.
- User-friendly interface. Cost matters and accounting are difficult as they are, so a user-friendly cost management tool is a must. A user-friendly interface can minimize project hiccups and increase your team’s productivity. If you’re struggling to use your tool, you should probably look for another one.
- Affordability. Small businesses need functional cost accounting tools to achieve business success. Fortunately, many of these tools offer low-cost or even free options to help increase productivity while reducing costs.
While there is no perfect project cost management tool, it’s not so difficult to find one that covers the features that are important for your business.
Try Wibiway, a Business Management application which replaces in an innovative way the classical ERP, CRM and Project Management applications. Is based on Project Management Cost Planning & Control principles and can help you identify and eliminate the unnecessary expenses in order to boost the profitability of your business lines.
Create your free account at https://www.wibiway.com/