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What is a Cost Tracker?

A Cost Tracker is a tool that consolidates all financial aspects of a project, program or portfolio, including budgets, contracts, variations, payments and more into a single table. This integration provides a series of registers and a complete 'Overall' view of the finances, integrating all financial elements to enable accurate tracking of total costs and variances against the budget.

In ���Ķ���vlog, this view is the 'Overall' page within the 'Cost' module. This view is the pinacle of financial reporting and represents best practice, featuring in nearly all reports and dashboards of projects, programs and portfolios around the globe.

Challenges with Cost Tracking

Common challenges we see in managing costs on projects, programs and portfolios:

❌ Fragmented Data: Collecting and consolidating financial data from multiple sources into registers can be time-consuming and complex.

❌ Complex Cost Tracking: Setting up, maintaining & troubleshooting spreadsheets, linking tabs, building wild formulas to incorporate commitments and payments etc is error-prone and cumbersome.

❌ No Drill Down: Without drill down visibility from program to project, key decision makers can't answer their mission critical questions.

❌ Reporting: Formatting / transposing spreadsheet tables into charts and visualizations for reporting takes a huge amount of time for an unsatisfactory, out of date result.

❌ No Standardization: Project data is in different formats and of varying quality. Lack of standardization makes it time consuming to streamline and automate processes or reports.

❌ Manual Aggregation: To achieve a program or portfolio, someone has to try and copy + paste many project spreadsheets together across many projects.

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💡 One, Beautiful & Familiar Table: Automated view of all financial elements and variances in a single, automated table that matches principals of typical old spreadsheet systems making transition easier.‍

💡 Standardized, Easy to Use: Simple and standardized use at project level saves projects time, increases collaboration and captures data efficiently and automatically.

💡 Budget vs Actuals vs Forecast: Easily compare budget data against commitments, final forecast cost/total cost to complete, and payments to quickly identify progress and variances.‍

💡 Easy Drill Down: 'Unravel' rows quickly for detailed interrogation and faster decision-making, saving time and unnecessary popups, browser tabs and windows.

💡 Resource Efficiency: Everyone saves time and does more with less thanks to streamlining data collection and reporting processes.

💡 Auto Reporting: Cost track data automatically power reports like dashboards, project status reports, and monthly reports.

💡 Real-time, Automated Data Aggregation: Project finances are automatically integrated in real-time, eliminating manual work and allowing automated roll up of projects into programs & portfolios