11 Best Project Cost Management Software for 2024: Optimize Financial Oversight
Effective project cost management is crucial for ensuring projects stay within budget and deliver value. Project cost management software plays a pivotal role in this process, offering tools and solutions that streamline budgeting, expense tracking, and financial forecasting. Additionally, incorporating free employee shift scheduling apps can further optimize resource allocation, ensuring that labor costs are managed effectively alongside other project expenses. Organizations across industries rely on these software solutions to maintain financial discipline, optimize resource allocation, and enhance project profitability. This article delves into the essential features, benefits, and considerations of the best project cost tracking software, empowering businesses to make informed decisions in their project financials.
Understanding Project Cost Management Software: Features and Benefits
Project cost management software serves as a critical tool for organizations aiming to maintain financial discipline and control over project expenditures. It encompasses a suite of functionalities designed to streamline cost estimation, budgeting, tracking, and reporting throughout the project lifecycle. By integrating financial data with project management processes, this software enables accurate forecasting, real-time monitoring of expenses, and informed decision-making to ensure projects remain within budgetary constraints.
Project cost management software plays a pivotal role in enhancing transparency, optimizing resource allocation, and mitigating financial risks, making it indispensable for project managers and teams striving for efficient project execution and profitability.
Key Features of the Best Project Cost Tracking Tools
Project cost management systems offer a robust set of features designed to streamline financial oversight and enhance project profitability. It includes:
- 🤔 Cost estimation: Tools for accurate forecasting of project expenses based on historical data, resource requirements, and scope.
- 📝 Budgeting: Capabilities to create detailed project budgets, allocate funds, and manage cost baselines.
- 💸 Expense tracking: Real-time monitoring of actual expenditures against planned budgets, providing visibility into financial performance.
- 📄 Financial reporting: Customizable reports, variance analyses, and forecasts to stakeholders for informed decision-making.
- 🔧 Integration: Compatibility with project management tools, accounting software, and ERP systems for seamless data exchange.
Note: We prioritize unbiased information and do not accept paid entries, ensuring our recommendations are solely based on software performance and user benefits.
Comparing the Top Project Cost Management Software for 2024
| Tool | Free trial | Standout feature | Pricing |
| Everhour | Yes | Accurate time tracking: Facilitates detailed project tracking and budgeting | Free: $0; Team: $8.50 user/month |
| Zoho Expense | Yes | Easy receipt management: Auto-scans receipts and imports them from cloud apps | Free: $0; Standard: $3 per user/month; Premium: $5 per user/month; Enterprise: $8 per user/month |
| Avaza | Yes | Expense tracking: Robust features for logging project-related expenses | Premium: $9.95 per month |
| actiTIME | Yes | Time tracking: Accurate tracking of billable hours and task management | Free: $0; Starter: $6 per user/month; Plus: Custom pricing |
| Expensify | Yes | One-click receipt scanning: Simplifies the tracking of expenses | Free: $0; Collect: $10 per user/month; Control: $18 per user/month |
| Quickbooks | Yes | GPS tracking: Ensures location-based accuracy for work hours | Starts at $10 per month |
| Hubstaff | Yes | Advanced reporting: Detailed time and activity reports | Starter: $4.99 per user/month; Grow: $7.50 per user/month; Team: $10 per user/month; Enterprise: $25 per user/month |
| TimeCamp | Yes | Deep work analysis: Provides insights into team’s work patterns | Free: $0; Basic: $6.99 per user/month; Pro: $9.99 per user/month; Enterprise: Custom pricing |
| Timeular | Yes | Time tracking cube: Tangible and intuitive way to track time | Personal: €6.30/month (billed annually); Teams: €14.60/month/seat (billed annually) |
| Freshbooks | Yes | Expense tracking: Insightful expense management for profitability | Lite: £12 per month; Plus: £22 per month; Premium: £35 per month |
| Timely | Yes | Automated time tracking: Ensures accurate capture without manual entry | Starter: $9 per user/month; Premium: $16 per user/month; Unlimited: $22 per user/month |
11 Best Project Cost Management Software
Everhour
Everhour excels as a project costing software that seamlessly integrates with popular project management platforms. It empowers teams to meticulously track time, manage budgets, and monitor project expenses in real-time. With its easy-to-follow interface and comprehensive features, Everhour supports businesses in maintaining financial discipline and achieving project success.
Key features
- Accurate time tracking: Utilize intuitive timers and manual entries to track billable hours accurately. Set hourly rates and monitor project timelines efficiently.
- Robust budget management: Create detailed project budgets and receive real-time alerts for budget overruns. Monitor budget utilization and make adjustments as necessary.
- Expense monitoring: Log and categorize project expenses seamlessly. Compare actual costs against budget allocations to ensure financial prudence.
- Customizable reporting: Generate insightful reports on project performance, budget variances, and team productivity. Tailor reports to meet specific business needs and compliance requirements.
- Seamless integration: Integrate seamlessly with Asana, Trello, Basecamp, Notion, ClickUp, and other project management tools. Sync tasks and data for cohesive project oversight and management.
Pricing
- Free plan
- Team plan: $8 per user per month
Everhour offers a free trial to explore its robust features and capabilities, ensuring it aligns with your organization’s project cost management needs effectively
Zoho Expense
Zoho Expense streamlines corporate travel and expense reporting. It simplifies receipt management and makes expense tracking effortless, offering an efficient solution for managing corporate expenses.
Key features
- Receipt management: Auto-scan receipts, forward them to recipients and import them from cloud applications for seamless expense tracking.
- Expense categorization: Upload expenses and categorize them by itemizing, splitting, or adding per diem allowances as needed (you can learn if per diem is taxable here).
- Mileage tracking: Track mileage accurately using mobile devices such as Android, iPhone, or Apple Watch.
- User-friendly dashboard: Organize data intuitively on the dashboard for a comprehensive overview of expense reports at a glance.
Pricing
- Free Plan
- Standard Plan: $3 per user per month
- Premium Plan: $5 per user per month
- Enterprise Plan: $8 per user per month
Avaza
Avaza offers a versatile solution that integrates comprehensive time-tracking capabilities within its collaborative project management platform. It ensures seamless workflows by allowing users to track time efficiently alongside managing projects collaboratively.
Key features
- Multiple-timer support: Track time accurately with Avaza’s multiple-timer support, catering to users managing concurrent tasks and projects.
- Expense tracking: Log project-related expenses effortlessly to gain a holistic view of project costs alongside time allocations.
- Real-time reporting: Access dynamic reports on time entries, project progress, and expenses in real-time, providing insights into resource utilization and financial metrics.
- Integrated project management: Avaza’s seamless integration of time tracking with project management simplifies workflows and enhances productivity.
- Flexible timer options: With support for multiple timers, Avaza accommodates diverse work styles and preferences, ensuring efficient task and project management.
Pricing
Starts at $9.95 per month
actiTIME
actiTIME is a versatile time tracking and work management software designed to streamline time recording, project tracking, and resource management for businesses of all sizes. It empowers teams to accurately track billable hours, efficiently manage tasks, and optimize productivity across projects.
Key features
- Time tracking: A centralized platform for employees to log work hours, ensuring accurate tracking of billable time. Supports daily, weekly, or custom time entry for flexibility.
- Task and workflow management: Organize tasks, set deadlines, and create workflows to streamline project execution. Ensures teams stay on track and tasks align with project objectives.
- Project costing: Track project costs alongside time entries to monitor budget allocation and resource usage effectively.
Pricing
- Free Plan
- Starter Plan: $6 per user per month
- Plus Plan: Custom pricing
Expensify
Expensify is a comprehensive spending management tool that simplifies expense tracking and management for businesses. With features like one-click receipt scanning, credit card import, and advanced tax tracking, Expensify caters to over 10 million users worldwide as one of the leading expense trackers available today.
Key features
- Receipt scanning: One-click receipt scanning for easy expense entry and management.
- Credit card import: Import credit card transactions directly into the platform for streamlined expense tracking.
- Corporate card reconciliation: Simplify the reconciliation of corporate card transactions with expense reports.
- Customizable workflows: Tailor workflows to match specific business processes and approval hierarchies.
- Integration capabilities: Seamless integrations with accounting, HR, and travel management systems for enhanced operational efficiency.
Pricing
- Free Plan
- Collect Plan: $10 per user per month
- Control Plan: $18 per user per month
Quickbooks Time
Quickbooks Time is a dynamic time-tracking software designed to cater to the needs of self-employed individuals and businesses alike. With features like accurate time tracking, GPS tracking, mobile accessibility, scheduling, and customizable reports, Quickbooks Time enhances project cost management by providing detailed insights into time utilization.
Key features
- Accurate time tracking: Monitor hours spent on tasks and projects with precision.
- GPS tracking: Ensure location-based accuracy for remote workers, enhancing accountability.
- Mobile accessibility: Track and manage time on the go with mobile apps for iOS and Android.
- Customizable reports: Generate detailed reports to analyze time utilization and make informed decisions.
- Project cost management: Efficiently track and manage expenses related to specific projects to ensure budget adherence.
Pricing
Starts at $10 per month
Hubstaff
Hubstaff is a comprehensive project cost management software that excels in precise time tracking and seamless integration with project management tools. With robust reporting features and productivity monitoring capabilities, Hubstaff empowers businesses to optimize resource allocation and enhance project efficiency.
Key features
- Precise time tracking: Track time accurately using various methods such as manual entry, GPS tracking, and desktop screenshots.
- Project management integration: Seamlessly link time tracking to specific projects and tasks within popular project management tools.
- Advanced reporting: Generate detailed time and activity reports to gain insights into employee productivity, project progress, and resource allocation.
- Location services: Utilize GPS location tracking and geofencing for comprehensive visibility into employee movements and remote work.
- Productivity monitoring: Monitor employee activities to analyze work patterns and improve productivity.
- Alerts and reminders: Configure alerts to manage overtime and send timely reminders to encourage breaks, promoting employee well-being.
Pricing
- Starter: $4.99 per user per month
- Grow: $7.50 per user per month
- Team: $10 per user per month
- Enterprise: $25 per user per month
TimeCamp
TimeCamp offers robust project cost management software designed to streamline time tracking and enhance productivity. With features like accurate time tracking, customizable reporting, and deep work analysis, TimeCamp empowers teams to optimize resource allocation and improve project efficiency.
Key features
- Accurate time tracking: Track time precisely with options for manual clock-in/out or automated tracking methods.
- Project-focused approach: Allocate hours to specific projects for detailed insights into time distribution and resource allocation.
- Project cost management: Track and manage expenses related to specific projects to ensure budget adherence.
- Automatic Pomodoro timer: Encourage focused work intervals and track breaks for enhanced time management.
- Activity tracking and categorization: Categorize work activities with precision using granular activity tracking features.
Pricing
- Free
- Basic: $6.99 per user per month
- Pro: $9.99 per user per month
- Enterprise: Custom
Timeular
Timeular revolutionizes project cost management with its unique approach to time tracking, featuring a physical device called the Timeular cube. This tool allows users to effortlessly switch between tasks by flipping the cube, offering a tactile and intuitive method for managing time allocation.
Key features
- Time tracking cube: Introduces a physical device, the Timeular cube, enabling users to assign different tasks or projects to each side. This unique feature facilitates seamless task switching by simply flipping the cube.
- Customizable tags and categories: Enhances time tracking precision by allowing users to customize entries with tags and categories.
- Flexible and adaptable: Timeular’s approach allows users to adapt time tracking to their specific needs. The ability to customize tags, categories, and tasks ensures that the platform can accommodate various work styles and project structures.
- Integrations: Supports integration with popular project management and time-tracking tools. This integration capability enhances workflow efficiency by allowing users to incorporate Timeular seamlessly into their existing systems, improving overall project cost management.
- Project cost management: Integrate time tracking with project cost management to monitor expenses and resource allocation for projects efficiently.
Pricing
- Personal plan: €6.30 per month, billed annually
- Teams plan: €14.60 per seat per month, billed annually
Freshbooks
FreshBooks is a robust accounting software tailored to simplify expense tracking, time management, and invoicing for businesses of all sizes. As one of the Quickbooks alternatives, it is especially popular among freelancers and small business owners for its user-friendly interface and comprehensive feature set.
Key features
- Expenses: Effortlessly track your expenses with FreshBooks’ expense tracker, gaining insights into spending habits and profitability.
- Time-tracking: Monitor time spent on tasks and projects with FreshBooks’ intuitive time-tracking feature. Generate professional invoices with just one click once the work is completed.
- Invoicing: Create polished, customized invoices using FreshBooks’ easy-to-use invoice generator. Personalize invoices with your logo and include a personalized ‘thank you’ email for clients.
- Reporting: Access a variety of ready-made financial reports, including profit and loss statements, sales tax summaries, and expense reports. Gain valuable insights into your business finances for informed decision-making.
Pricing
- Lite: £12 per month (up to 5 clients)
- Plus: £22 per month (up to 50 clients)
- Premium: £35 per month (unlimited clients)
Timely
Timely is an advanced time tracking solution designed to enhance project cost management and streamline workflow efficiency. By offering automated time tracking and a project-centric organization approach, Timely ensures accurate time capture and insightful reporting. With a user-friendly interface and real-time collaboration features, teams can easily manage and monitor project progress, making it an ideal choice for businesses seeking precision and productivity in their time management practices.
Key features
- Automated time tracking: Capture work hours accurately without manual data entry, optimizing time card management.
- Project-centric organization: Gain a detailed view of time allocation per project, facilitating precise tracking and budgeting.
- Real-time collaboration: Enable dynamic time card analysis that aligns with ongoing project progress, ensuring up-to-date insights.
- User interface: Praised for its clean and intuitive design, Timely offers a user-friendly experience for seamless daily time tracking.
Pricing
- Starter Plan: $9 per user per month (billed yearly)
- Premium Plan: $16 per user per month (billed yearly)
- Unlimited Plan: $22 per user per month (billed yearly)
Frequently Asked Questions (FAQ) about Project Cost Management Software
What is project cost management software?
Project cost management software helps businesses track, manage, and optimize expenses related to projects. It typically includes features for time tracking, expense management, budgeting, invoicing, and reporting to ensure projects stay within budget and deadlines are met.
Why are project cost management tools important?
Effective project cost management is crucial for businesses to maintain profitability, allocate resources efficiently, and deliver projects on time and within budget. The project cost control software automates processes, provides real-time insights, and improves decision-making based on accurate financial data.
Who can benefit from using project cost management software?
Project management costing software is beneficial for a wide range of users, including project managers, freelancers, small businesses, and large enterprises. It helps streamline project workflows, enhance collaboration, and improve financial transparency across teams.
What are the key features of project cost management software?
Key features typically include:
- Time tracking: Accurately track hours spent on tasks and projects.
- Expense management: Monitor and control project-related expenses.
- Budgeting: Set and manage project budgets to avoid cost overruns.
- Invoicing: Create and send invoices based on tracked time and expenses.
- Reporting: Generate detailed financial reports to analyze project performance and profitability.
How do I choose the right project cost management software for my business?
Consider factors such as your budget, team size, specific project needs, integration capabilities with existing tools (e.g., project management software, accounting software), and user interface preferences. Look for software that offers scalability, customization options, and robust customer support.
Is project cost management software secure?
Most project IT cost management software solutions prioritize data security and compliance with industry standards (e.g., GDPR, HIPAA). They use encryption, secure authentication methods, and regular audits to protect sensitive project and financial information.
Can project cost management software integrate with other tools?
Yes, many project cost management software solutions offer integrations with popular tools such as project management software (e.g., Trello, Asana), accounting software (e.g., QuickBooks, Xero), and communication tools (e.g., Slack, Microsoft Teams). Integration capabilities enhance workflow efficiency and data synchronization across platforms.
What are the benefits of using project cost management software for remote teams?
For remote teams, project cost management software with attendance provides visibility into team activities, facilitates remote time tracking and expense reporting, and ensures consistent project monitoring. It promotes accountability, collaboration, and efficient resource allocation despite geographical distances.
If you are managing a team of 5 or more and looking to boost efficiency, Everhour is the best team management software to keep your team on track. With seamless time tracking, you can easily estimate task durations, set clear budgets, and generate detailed reports inside Asana, Trello, Jira, or any other pm tool.
Conclusion: Best Project Cost Management Software
Everhour stands out as a top choice in project cost management software, offering robust features tailored to meet diverse business needs. From precise time tracking and budget management to seamless integrations and powerful analytics, Everhour empowers businesses to streamline operations and enhance project efficiency.
Why Everhour?
- Accurate time tracking: Ensure precise monitoring of work hours in real-time, facilitating better project oversight and resource allocation.
- Seamless integrations: Integrate effortlessly with leading project management tools for enhanced workflow efficiency and data synchronization.
- Budget control: Set, track, and manage project budgets effectively to avoid cost overruns and optimize financial resources.
- Comprehensive reporting: Gain actionable insights into project performance and resource utilization through detailed analytics and reporting features
