When we talk about the cost and expenses of a project it is something that needs proper attention and careful handling. If you are in search of a tool to deal with the costs of your project and need to have a record of them then you are in luck.
As here we are discussing and introducing the concept of project cost, tracking, and related templates. We will also see how it works and why these tools are important in money tracking.
Projects cost and expenses can not be handled easily without using a proper tool. As it requires proper planning, documentation, and monitoring. The cost is something which is quite tricky to handle and most of the managers struggle with it especially in the case of bigger projects.
As huge projects need more careful planning and require precision when dealing with costs. Project cost tracking template excel provides you an approach and procedure to work with costs easily and effectively.
Therefore, a well-defined Cost Management gives you guidelines that how the cost must be handled throughout the project till the end.
Here is a Project Tracking related Article with Template access: Project Expense Tracking Template Excel
The project manager is the main person who is responsible for making and dealing with a cost management plan. The main parts which they focus on are the sum costs, planning and monitoring of expenses, and avoid errors.
The managers must be consistent, careful, and very attentive throughout the cost management process. This is important to make sure that the budget is under control to progress and enhance productivity.
The best-related tools are as follow:
- Construction Cost Tracking Spreadsheet
- Research Project Budget Template Excel
- Time Phased Budget Template Excel
- Construction project budget template excel
- Project Cost Breakdown Template Excel
What are the Project Cost Management Templates?
Now let’s get into the concept properly and see what actually is meant by cost management and related tools. The project cost and budget are the financial information of the project. This has the total and brief information about planned and actual costs as well.
Therefore, cost planning and tracking are imperative to eradicate any errors of avoiding going over budget. The cost is the leading part of the project and must be handled properly to lead a smooth project.
There are quite different types of tools and templates available in the market to monitor the project expenses. Money is one of the core components of the project and plays a very important in overall success.
Subsequently, it must be planned, handled, and monitored properly. A professional and suitable tool is required to plan and handle the project cost to avoid cost overruns. In this regard, the project cost and budgeting template come in handy.
You can read a helpful article and also get a template: Milestone and Task Project Timeline Template
Accordingly, you need to make sure you have a well-picked and suitable project cost tracking tool on hand according to your project need.
According to PMBOK® Cost Management includes the process of planning, estimating, budgeting, avoid financing, funding, managing, and controlling to makes sure that the project expenses are within the appropriate budget.
Here is a Project Tracking related Article with Template access: Multiple Project Tracking Template Excel
Benefits Of Project Cost Tracking Template Excel
Money and expenditures are the core component of the project and hold a high stop in the success of the project. Cost project tracking management is a vital factor in managing project costs and expenses.
The bigger and most established companies always make sure they use suitable cost tracking tools for money tracking. As the budget is tricky and tough to handle factor. And losing money can make things worse and cause serious loss situations.
Furthermore, using a cost tracking tool also helps in saving time by keeping everything in check. It also arranges and records things in a more manageable and easier to handle manner.
You can read a helpful article and also get a template: Action Tracker Template Excel
Without mapping out and organizing the money the project cannot be handled effectively. So, you must not underestimate the importance of cost-tracking tools. Moreover, using a suitable tool will also help in avoiding overbudgeting and overrunning of the money flow.
Plus, cost management also makes sure that the risk level is to its minimum level. This practice will also help in overall money estimation and ensures that the project success is not compromised due to any error r negligence.
In some business organizations especially, the large ones there is a need for future budget planning. Subsequently, by using a proper template you can also plan out your budget and expenses for the future. This will eventually lead to success and successful budget planning and handling.
Types of Project Cost Tracking Template
Cost tracking and management basically are taking control of the project money matters which includes overall costs, budget, and expenses.
As we have already discussed the basic concept of cost tracking and management now have a look at some of the examples of this process. Project costs are often organized and managed in the initial planning stage of the overall project plan.
Construction Project Budget Template Excel
As we are all aware that the construction industry usually has big-budget projects. Subsequently, in this case, it is very important to use a proper budget tracking tool for managing the money of a construction project.
For instance, if a house needs renovation and changes you must consider the cost of material, workforce cost, and so many other things. All these things are tough to handle so make sure you have a Project cost tracking template excel on hand to give you a hand with all the money management matters.
You can read a helpful article and also get a template: Construction Project Timeline Template Excel
A project manager already mostly has a lot on his plate, and if he is managing a construction project things get even more tricky and time-consuming. Thus, to handle all this pressure the best solution is to estimate and manage costs using best-suited tools and templates according to your project needs.
Project Cost Breakdown Template Excel
The project has a lot to it that involves so many different factors and elements. One of these is cost and is a major component of the overall project plan. In order to make it manage efficiently, one smart move is to break it down into smaller more manageable pieces.
You can read a helpful article and also get a template: Scope Management Plan Template
There a quite a few varieties of tools for the job, out of them one of the professionals is the cost breakdown template. This tool divided the costs and, in this way, you can easily manage a bigger and complex workload. Accordingly, use a suitable tool and put everything together also do not forget to monitor and review the outcome.
Q. How to track a project cost?
Ans. There are several ways to track a project’s cost, Following are a few productive ways.
- Proper System Establishment
- Online Access
- Budget Items Identification
- Prior Budget Creation
- Designate relevant Tracking Staff
- Real-Time Cost & Expense Tracking
Q. How to manage project budget in excel?
Ans. You need to manage the following areas to manage the project budget in excel:
- Identification & Setting of Financial GoalsSetting Budget Duration for a Specific Time
- Calculation of Total Income
- Creating a Budget Spreadsheet
- Enter financial data in a spreadsheet
- Entering Credits Amounts of Project Transactions
- Calculation of All Expenses
- Identification of Areas where Expenses can be Shorten
- Compare Income & Budget
Q. Do I need to pay any annual charges or renewal fees for the Project cost tracking template excel?
Ans. No, there is only a one-time subscription and you can use it for a lifetime.