6 Ways to Track Project Expenses
Sr. Project Controls Specialist
Conconity Project Services
Expenses are an essential part of any project. In this video, Jennifer Bridges, PMP, explains how to better manage and track your project expenses.
The last thing you want is to have your pay or bonus cut because you didn’t keep to the project budget, as Jennifer learned from experience. To avoid that, she discussed six ways to track your projects expenses:
Provide online access
Identify budget items
Assign someone to track
Track and control in real time
These are the critical items that you have to set in place if you want to track your budget. Use a template and don’t neglect to be very detailed-oriented. If you overlook something it’s you who is going to have to pay for it.
Pro-Tip: The use of a project management software tool or spreadsheet where you can note and track expenses is, of course, key. Also, know what has to be done, when it’s going to be done and who is doing it. If you have a system in place you can stop a fiscal leak before it becomes a deluge.
If you’re interested in reading further, and more specifically about a methodology that often doesn’t get into the details of budgeting because of its speed and resource constraints, then check out Debbie Madden’s article in the Harvard Business Review, Your Agile Project Needs a Budget, Not an Estimate.