Budgeting is a crucial aspect of project management. Sadly, many companies are framing budget manually. Research says that organizations that implement efficient project budgeting practices waste 28 times less money than others.
This is why using a project budgeting software facilitate faster and more accurate details on your income and expense. All these functions are automated.
You can also run warnings and alerts to monitor your project’s expense strictly doesn’t exceed the budget. The next question you might have is “how to choose the right project budgeting software?”
Here are some mandatory things you should know while picking the project budgeting software for your business.
1. Easy to Setup
Be it any software, if user-interface sucks, then all its advanced feature goes in vain.
Some project budgeting software has clumsy and chaotic onboarding procedures that urge you to commit mistakes.
To avoid these mistakes at the initial stages, make use of the free trial version every software is offering. You can switch anytime when you don’t find the interface user friendly.
Remember, once your budget in the software, all the other processes must be automated except for a few minor tweaking.
2. Data Exportation
There are adverse times when you have a low or no network connection but have to access the budget data. What will you do?
Choose the budgeting software that allows you to export the data as CSV files that can be accessed in spreadsheet software like Google Sheets and Excel sheets.
It also helps when you want to shift to a new project budgeting software where you can easily upload the exported data. Else, it is a time-consuming manual feeding process.
3. Comprehensive Budget Reporting
A personal use budgeting tool is different from the software used for business. When you are analyzing the milestones of your project, you certainly have to look into the budget reports too.
For which, your budgeting software must provide comprehensive reports in various formats like Gantt Charts, statistical analysis.
For example, GanttPRO, a project management software has budgeting plugins that provide you concise reports in Gantt Charts format to get a better view of the project’s progress.
Substantially, if you’re working on long-term projects, then monthly, quarterly and annual reports are of great use. Look for such automated reporting tools in your project budgeting software.
Whether you need to print these budget reports, search for that option too since most software provides only onscreen access.
4. Flexible Expense Limits
Income and expense categories organize your budgeting interface. As most software locks you within default settings, you might not get the opportunity to use it based on your budgeting needs.
The software you’re considering must be flexible enough to provide you room for editing & adding names of your own and deleting unnecessary categories.
Such alterations help you in streamlining the budgeting process.
The majority of the time, the budget varies from project to project. In that case, you don’t want to enter the same amount every time which some software is forcing their users.
In these cases, using project budget software that works on the envelope budgeting method would be a savior for your business.
This software rolls the unused funds to the next month for spending thus solving the central issue of fluctuating income and expense limits.
5. Financial Security
End-to-end data encryption is a non-negotiable factor in project budgeting software. Before choosing a software, read its terms and conditions on security and privacy.
Whether it requires transaction by hand or automatically updates the transaction details; besides, some desktop-based budgeting software doesn’t need any password to access. Don’t use this software ever.
A Budgeting software must always provide you login access with password-protected authentication, or else it may get hacked easily.
We hope these budgeting tips help you to choose the right software for your personal and professional use. If you’re using one now, then share with us whether it fulfills all the conditions mentioned above.