One of the most important objectives for any organization is to avoid budget overruns in their projects. Stakeholders only want to invest time and energy in projects that are profitable, and the risks of project costs running over the board can seriously hamper the project profitability. SolutionCorp’s project software offers plenty of project budgeting options to keep the project costs organized, accounted for, and most importantly under control. The project cost tracking of the software enables the managers to keep close track of the costs incurred in the project by various related activities and employees at every phase.
Some of the key functionalities offered by SolutionCorp’s project budgeting and project cost tracking modules are:
- Organize the project costs into different phases of the project so that the project budgeting requirements and expenditures of each phase are clearly outlined.
- Plan the expected costs for labor, equipment and other overhead expenses in advance.
- Calculate and track the actual costs that are incurred for labor, equipment and overhead expenses, and thus monitor the variance occurring between the planned and actual costs.
- Get reporting of project expenses by expense code. Using parameters like project, expense, customer, account director and project manager, user can retrieve a report on expenses for a given time period.
- An expense entry system where a user can input and save expense details like date of expense, project name, expense type, expense description, invoice id, cost, employee by whom expense is incurred, etc.
The project time and expense system by SolutionCorp is smartly designed to help managers bridge the gap between the expectations and reality of their project expenses. It is only when this happens that the annoying problem of project budget overruns can be successfully avoided and the project can meet its profitability goals and criteria.