Budgeting software for project management - what's good to use?

Keeping track of you budget for any project that you are managing is very important, going over budget can have a significant impact on your project and the end results. Parallel Project Training recommend choosing a good budgeting software to help you manage your project is a must.

There are so many different software programs out there that it can be hard to know which one will work best for you. Here we will examine just a few of the best project management software applications that are out there that can really help you when it comes to managing that budget.

This is a software application that as the name would imply is specifically dedicated to the intricacies of managing a project budget. This software has a really easy to use interface which makes it not just great for accountants but also project managers as well. The application only deals with budget management, so it gives you great control of your budget planning, tracking and monitoring. The software is very flexible and offers the user the opportunity to work on the budget for the project based on a variety of different things; activities or other categories such as labour costs or even equipment.

It is also great for keeping track of those small expenses, no matter how small they are and how often they occur – this is something that other software applications don’t really address.

This is an all-inclusive project management software application that includes a dedicated budget module that can really help you when it comes to managing the budget of your project. This module allows for the planning of a project wide budget using a variety of different cost and billing resource rates. This software also features a rather nifty budget alert which will let members of the project team know when the budget for your project is going off track. There are plenty of inbuilt budget planning tools which make it easier for you to prepare those initial revenue and cost estimates as well as keeping a proper eye on the actual costs of the project in comparison to the planned estimates.

You can also look at and analyse the financial status of the project in a number of different views such as budget, revenue, extended budget and even properties.

Using project management software can really have its advantage for any project manager whether they are fully qualified or a project management apprentice it allows you the ease of maintaining a good level of accuracy over the original quotes and the final profitability of the project – ensuring a good result for everyone involved. Just how complex a system you choose to use is entirely up to you and may in some way be governed by the complexity of the project itself.

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