Software for Budgeting and Cost Management Essay

Software for Budgeting and Cost Management Essay

Length: 1057 words (3 double-spaced pages)

Rating: Strong Essays

Open Document

Essay Preview

The key to prosperous project management is to anticipate the needs and problems of customers and to set accurate and realistic expectations through customer education and communication tactics. “Project management software can help make your business process more efficient and effective”. (Lim, 2012) It takes the guess work out of project management; everything is at your fingertips no matter where you, your team or your customers are located. Utilizing common features like budgeting and costs, document, and collaboration management will allow you to stay on track, on budget and evaluate any risk factors and manage the risk accordingly.
Within in the budgeting and cost management you are able to review earned value, percent-to-complete tracking, project cost, integrate payroll, track time and expenses. These are all important features not being able to gather this information could cost you money. Controlling budget, means that the project needs to adhere to the timeline, including payroll allows you to evaluate if you need additional resources or if you have too many at one time. One of the most important features of a software is the budgeting and cost management; this information vital to your business and profit.
Documentation management captures critical information about the project. Utilizing this feature allows a business to track the project from the beginning to the end and allows you to streamline areas and share vital information with your team. As a project manager if you need to change an order it just takes a few clicks and everyone that needs to know has access to the information immediately.
The ability to a web-based system means that you have access to information from virtually any computer that has ...

... middle of paper ...

...nformed and put together a plan of action. However, this system does not include invoicing tools.
Project Manager – this is an online system and you can access it from any location. Geographical concerns are no longer a concern. This system provides training for team members and managers. Project Manager has the capabilities of managing numerous numbers of projects, unlimited resources and budgeting. This system does not have invoicing available until the end of quarter 4 in 2013.
EPM Live - this system uses technology that you are already know and understand. It integrates with Microsoft SharePoint and Office to create the complete project management solution. EPM Live provides professional support options. This system is designed to collaborate with SharePoint. If you are not using SharePoint you may want to select another project management software.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on The Cost Of The Project Will Be A Bottom Up Budgeting Approach

- The approach that will be taken to estimate the cost of the project will be a bottom-up budgeting approach. The work breakdown structure will be utilized to determine both the direct and indirect costs of equipment and activities. All of the costs will then be combined stating at the work package level up to the deliverables all the way up to each task until illustrating the total cost of the project. This might take more time and research however will be more accurate to not only stay within budget but also use the money allotted to ensure no wasted funds or capital....   [tags: Project management, Management]

Strong Essays
927 words (2.6 pages)

Essay about Cost Accounting Software Regarding the Budgeting Process

- Cost Accounting Software Regarding the Budgeting Process Budget tracking and control is a key decision-support tool, so it comes as a surprise that the budgeting capabilities of most accounting suites is rudimentary at best. There are also few stand-alone budgeting packages that deliver budgeting functionality beyond budget templates designed for use in spreadsheet packages. While there are at least four different software approaches to managing budgets, some stand-alone budget packages can add value to the budgeting process by providing such features as workflow, the ability to account for many scenarios, and additional options for budget entry and reporting....   [tags: Papers]

Strong Essays
1311 words (3.7 pages)

System/Software Process and Quality Factors Essay

- System/Software Process and Quality Factors Quality Factors System quality factors are important to both hardware and software applications. Several factors must be considered when addressing hardware and software quality. Factors such as functionality, reliability, usability, efficiency, maintainability, and portability are among the considerations. Functionality and reliability quality factors can potentially affect other components of system quality. Thorough quality assurance programs can help ensure quality and overall system efficiency....   [tags: Software Engineering Programming]

Free Essays
1219 words (3.5 pages)

The Value Of Having Good Time And Cost Management Plans When Undertaking Project Execution

- Assignment 1c a1639948 Yimin Jiang 1. What is the value of having good time and cost management plans when undertaking project execution. Project time management includes some processes to ensure project finalising on time. There are seven processes in project time management: plan schedule management, define activities, sequence activities, estimate activity resources, estimate activity durations, develop schedule and control schedule (PMBOK, 2013). This indicates a good time management plan is on top priority when executing a project, because project is the combination of variety of processes....   [tags: Project management, Management]

Strong Essays
721 words (2.1 pages)

Cost Control, Contracts, And Procurement Essay

- was based on estimation, cost control, contracts and procurement. This class was very important for me as I got to know about gantt charts, logic diagram, price of estimate, Project Risk, Payback Period and risk analysis. Gantt chart is a graphic display of the output on a time scale. It also shows the amount of work done or production completed in certain periods of time in relation to the amount planned for those periods. I also came to know that Senior management must create a corporate culture that supports project management and demonstrates faith in the methodology....   [tags: Project management, Management, Net present value]

Strong Essays
997 words (2.8 pages)

Budgeting Essay

- Budgeting Budgeting is the systematic method of allocating financial, physical, and human resources to achieve an organization’s strategic goals. Budgets are utilized by for-profit and non-profit organizations to monitor the progress towards the goals, assist in the control of spending, and help predict cash flow for the organization. The central challenge that budget developers encounter is predicting what the future holds for the internal business and external factors. Reading the future is something that can never be done with perfect precision....   [tags: Finances Accounting Budgets Essays]

Strong Essays
3561 words (10.2 pages)

The Objectives Of Project Risk Management Essay

- All projects have risks.It is the duty of the project manager to manage these risks and prevent them from ruining the project.If risks are not managed well the project may end up at a high risk of completing within the budget,the scheduled time or even meeting the required standards.Management of risks in a project involves identifying and analysing possible risks and finding the best ways of controlling them. The objectives of project risk management is to minimize the likelihood and effects of negative events in a project.Proper risk management increases the chances of project success.A project risk can either be positive or negative.A positive risk refers to the positive outcome that ma...   [tags: Project management, Risk management, Management]

Strong Essays
1348 words (3.9 pages)

Duties Of A Management Accountant Essay

- A. Duties of a management accountant The role of the management accountant is to perform a series of tasks to ensure their company 's financial security, handling essentially all financial matters and thus helping to drive the business 's overall management and strategy. Management accountants are key figures in determining the status and success of a company. Some choose to become a Certified Management Accountant (CMA), a similar credential to CPA, but with a greater focus on cost accounting, financial planning, and management issues....   [tags: Management accounting, Management, Accountancy]

Strong Essays
981 words (2.8 pages)

Essay about Strategic Planning And Human Resource Management

- Strategy Strategic planning means thinking and taking initiative steps and further implementing them for the better performance for the business. Strategic plan may vary according to different types of business and generally involves setting goal, allocating action to achieve goals and implementing resources to perform the actions. Role of strategy Strategy provides framework for making plans and further implementing them. The strategies should be understood by the managers and team members then they provide more effective decisions for the organisation....   [tags: Strategic management, SWOT analysis, Management]

Strong Essays
1595 words (4.6 pages)

What Are Database Management Systems? Essay

- In our world, people rely heavily on the power of technology every day. Kids are learning how to operate an iPad before they can even say their first word. School assignments have become virtual, making it possible to do anywhere in the world. We can receive information from across the world in less than a second with the touch of a button. Technology is a big part of our lives, and without it life just becomes a lot harder. Just like our phones have such an importance to us in our daily lives, database management systems are the same for businesses....   [tags: Database management system, Database, Computer]

Strong Essays
1411 words (4 pages)