In project management, several types of spreadsheets have used the achievement of project goals on time. One of the must-have project tracking is the project cost tracking spreadsheet.
Project cost estimations are made at different stages of the project. At the very start, a ballpark estimate of the project costs is made for decision making between the project alternatives. Multiple businesses like restaurant expense spreadsheets easy.
Let’s check out
- Which spreadsheet is the best for Cost tracking?
- Is Excel-Spreadsheet is the Best for Cost management system?
- Can I Use it for personal?
- Expense Budget spreadsheet for easy costing
Key Features of Cost Tracking Spreadsheet:
To understand the importance of cost tracking spreadsheet in project management. It’s essential to have a look at the applications of the cost tracking sheet.
A project tracker is a core element of the project cost management process. Cost tracking spreadsheet helps to control the project costs effectively. It keeps the estimate within budget limits. That ultimately results in the success of the project.
- Manage or can create multiple sheets for different businesses
- Excel-Formulas Based Tracking sheet
- Vehicle to Construction businesses cost tracking
- Easy create income and expense budget through this sheet
- Save Cost and employee time
- Travel expense spreadsheet
Also, the purpose of tracking the project costs is to compare it with the estimates created during the budgeting phase of project management. In this way, project managers may have to look at the actual costs of project activities and analyze the authentication of the project budget plan. In case of any disparities, project managers review the cost estimations for all activities for accurate estimation.
However, it is later refined depending on the interest of investors for project cost estimation and then during the budgeting process, it is further refined till the level of project statement of work (SOW).
This tool is part of the project cost management process. In which, project costs estimations are created, delegations are made to all the project activities and control system is developed for the realization of cost estimates.
Our project cost tracking spreadsheet is compatible with both MS Excel and google sheets. It requires basic skills on spreadsheet tools for using it efficiently and effectively.
Components of Cost Tracking Spreadsheet:
The cost tracking process of the project isn’t just limited to the budgeting and comparison phase. It helps in all the functions of the project cost management system.
A basic cost tracking spreadsheet contains the following information;
- Project summary in terms of the project name, project manager name and project start date.
- Original and current costs of the contracts. Also, the gross mismanagement index for budgeted and estimate the costs of the project.
- List of all project activities by differentiation of completed, in-process and upcoming activities.
- Costs estimations of all the tasks, budgeted costs, cost committed, the cost up to date, shipping costs, EAC (estimated cost at completion), and ETC (estimated cost to completion).
Types of Cost Tracking Using Spreadsheet:
There are several types of cost tracking using spreadsheets. However, a six steps approach is most commonly used by project managers.
Starting from the establishment of the system for the monitoring and controlling of project costs and expenses by defining each function in detail. After that, it is recommended to confirm the availability of cost management sheets online.
- Later, enlist all the activities and allocate budget based on their nature. Also, get the approval of all the stakeholders on the system.
Let’s explore some of the very popular cost tracking templates.
Daily Income and Expense Sheet
This template has been using a daily basis either personal or business cost management. This sheet will also help you in creating income statements yearly or monthly. For almost all types of business, this sheet is reliable.
Cost Saving Tracker Excel
A different type of tracker relates to the cost management category. During completing project life-cycle this sheet must use for overall costing. Through the interactive dashboard, you can save the time-efforts of multiple projects.
Construction Project Cost Tracker
Special sheet for construction management projects only. All in one construction tracker, you can download Free from ProjectSpreadsheet.com
For effective cost tracking, nominate a specific person for this job. So, the costs can be tracked and controlled in real-time.