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 Budget Tracking Software Keeps Project Costs Within Limits | PM Tools - PM Tools

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Budget Tracking Software Keeps Project Costs Within Limits

Web-based portfolio management software is used to improve the performance of the project team and reduce the expenditures. The budget tracking software is used to check the amount of money that is being spent in the different stages of a project and limit excess expenditure. The software is used to compare the actual expenditure against the estimated expenditure and track the cause of deviation, if any.

With the budget tracking software the project managers will be able to understand the differences in their estimates and the actual expenditure and also study the cause of such deviations. This software is an effective tool for you to follow up your expenditure at various stages of the project. The web-based portfolio management software can be used to get an overall view of all the major portfolios of a project and to estimate the amount of finances or resources being spent on the different portfolios in the different phases of the project.

Using the budget tracking software you can manipulate the costs and the budget of your project as it virtually puts the entire control of the resource expenditure under your power. It can be used to make highly detailed reports and get an overall and elaborate picture of any discrepancies. It will show the financial health of the project. The web-based portfolio management software can be used to provide a precise account of the finances that have been expended and the degree of variance.

The budget tracking software also helps the project owner to calculate the monthly, quarterly, or annual costs of a project and allocate the budget accordingly. By using it, the project manager can assess the payments or fees that he or she has to pay to the suppliers of the project and the expenses that are incurred in purchasing and consuming resources. The web-based portfolio management software can then be applied to estimate the total expenditure of a project. Using it the project manager can calculate the amount of finances that were allotted for the resources, the actual amount of money that is spent on each resource, and the number of resources on the project.

The budget tracking software is used along with the web portfolio management software to make some trial estimates. One can use these software applications to fill in various inputs in terms of the resources used, the amount of money spent on each resource, and the total amount of money allotted initially before the project started, and then estimate if the budget is going beyond the expected budget or is staying within it. The financial heads can readjust the expenditure to fit within the budget.

The budget tracking software allows the project manager to get an accurate idea of the different types of costs involved in the project and the actual expenditure. The software can be used to prepare multiple rate matrices that can be used for maintaining the billing, cost, and human and material resource expenditure of the project. The web-based portfolio management software has some powerful and advanced functionalities which can be used to display only the required information. These functionalities are used to provide an overall view of the different aspects of the project.

There are some very good web-based project portfolio management software that you can use along with the budget tracking software to keep your project budget under control without compromising with the quality of the project.
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