![]() You basically outsource the entire task of managing, analyzing, and updating the budget to a fully automated cost tracking solution. ![]() Tracking a project budget automatically is the only way to go. That way, you at least skip the step of manual data entry, which comes with the potentially dramatic chance of human error. What usually happens is this: someone has to sit down, export data from all the project management apps, and bring them all together in a spreadsheet - managing different file types, formats, and formulas. Sure, you can use Excel templates but prepare for lots of customization to make them reflect how your team actually works.Īlternatively, I've seen many IT companies using various project management apps for different purposes - like financial management, resource allocation, and time tracking.īut the problem is bringing all of this data together to create a detailed view of costs and profitability. Tracking a project budget manually requires lots of patience, attention, and awareness. They enter and crunch numbers manually by adding row by row. Many businesses get away with budget tracking using a standard spreadsheet tool like Excel. Needless to say, spreadsheets can't give you any of these things. A project management solution takes that into account and shows you how that rise in costs impacts the profit margin of your projects three quarters from now. Your organizational overheads might change because you're planning to open a new office location. View costs over a long-term - this is especially helpful for understanding the profitability of a project and your entire company within a longer time horizon.Get actionable insights - for example, you can see how much there is to gain if you made an effort and finally optimized your non-billable costs. ![]() You can also see what costs are generated in your billable and non-billable hours to keep an eye on your company-wide profit margin. A few clicks, and you can check your profitability level per project, per team, or even per individual developer.
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