If you’re a project manager, this is for you. Ever had a budget headache? Wrong estimates, or project expenses going through the roof, or resources getting out of hand?
If so, it’s time to explore the best project management software that can help you with project budgeting.
In this article, we’ll delve into the intricacies of the best project budgeting software and explore the top project budgeting tools. Let’s dig in and simplify the process of choosing the best project budgeting software for you together!
Tracking project time and billable hours can be simple
“Since we started using Timeular and tracking our time, we’ve never made another mistake in planning, creating accurate proposals or budgeting for clients. It’s so easy to use.” – AC Coppens, Founder of THE CATALYSTS
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What is a project budgeting software?
Project Budgeting Software is a specialized project management software designed to streamline the process of budgeting for projects. It allows project managers and teams to accurately estimate their project costs, efficiently allocate resources, and track expenses throughout the project cycle.
Project budgeting software plays an important role in ensuring that projects are delivered within budget, helping both the project manager and the organization to maintain financial control and achieve overall project success.
Benefits of using project budgeting software
Embarking on a project without a solid budget is like sailing without a compass. In the world of project management, the impact of accurate cost estimation and project cost tracking cannot be overlooked.
This is where project budgeting tools come into play.
Here are some benefits of budget management software:
Improved accuracy: Project budgeting tools use advanced algorithms and data analysis to provide highly accurate cost estimates that can significantly reduce the risk of budget overruns.
Resource optimization: Efficient resource allocation and management capabilities help teams optimize their assets, prevent under- or over-allocation.
Streamlined collaboration: Budget management software serves as a centralized platform that promotes collaboration between project managers, team leaders, finance teams, and stakeholders.
Mitigate financial risks: Project budgeting software helps identify potential financial uncertainties early, allowing proactive measures to be taken to mitigate these cost management risks and keep the project on budget.
Integration capabilities: Seamless integration with other project management tools ensures a cohesive workflow. This eliminates data silos and improves overall project efficiency.
Choosing project management budgeting tools: What to consider
Budget planning and forecasting:
Effective budget planning and forecasting goes beyond setting budgets; it creates a detailed roadmap for your financial journey. This feature allows you to anticipate and address financial challenges before they arise, providing a clear course for successful project execution.
Expense tracking and categorisation:
Think of it as a GPS for your project’s financial landscape. Expense tracking and categorization act as your financial navigation system, ensuring you don’t miss a single turn.
Resource allocation and management:
Seen as the gears in the engine of project delivery, efficient resource allocation and management are essential components. They prevent bottlenecks and ensure that each team member is utilized to the full. This underlines the key role of effective team management in maintaining a smoothly running project.
Integration with other project management tools:
In today’s collaborative workplace, seamless integration with other project management tools is critical. This collaboration, managed by team leaders who can easily assign tasks, removes information barriers and makes the entire project more efficient.
Scalability and customization:
Ensure that the software you choose can seamlessly grow with your organization. Customization options are critical, allowing the software to adapt to the unique needs of each project and provide tailored solutions for different requirements.
User-friendly interface:
Choose an easy-to-use project budget software with an intuitive interface. An easy implementation process not only reduces the learning curve for your team but also contributes to the overall efficiency of your project cost management processes.
Integration with existing systems:
Ensure that the project budget software you choose integrates seamlessly with your current systems. This ensures a smooth, uninterrupted workflow and prevents incompatible systems from clashing.
What are the best project budget software solutions?
Timeular
Timeular is a project time tracking software that lets you effortlessly track time with the entire team, allocate resources efficiently, track progress and keep projects on time and budget.
Project time tracking: You can track project time with a physical Tracker and in multiple different ways. With precise time entries, you can create accurate project estimates, improving project planning, resource allocation, task efficiency, project progress and cost control.
Automatic time tracking: Timeular takes the hassle out of timesheets with its automatic time tracking feature. It intelligently fills in timesheets based on your app usage, websites visited and scheduled calendar events.
Budgeting: The budgeting feature of Timeular is your financial guardian. It automatically monitors project budgets and sends alerts before you reach limits. Turn financial management into an alert-driven process for optimal project outcomes.
Billable hours tracking: Calculate billable hours easily with Timeular. By integrating hourly rates and hours worked, the tool automatically provides an accurate billable hours calculation.
Productivity tracker: Improve your team’s productivity by gaining AI productivity reports and insight into the time spent on each task. Timeular’s Productivity Tracker helps identify time-wasting activities, allowing you to reallocate resources to tasks that contribute to revenue generation.
Insights and project reporting: Generate detailed timesheets at the click of a button, providing comprehensive insight into project timelines. Timeular’s reporting and analytics features simplify the process of reviewing and analysing project progress, making it easier to stay on top of your project’s time and budget constraints.
Integrations with top project management tools: Seamlessly integrate Timeular with popular project management tools like Jira, Asana, ClickUp and more. This ensures a smooth flow of data between your time tracking and project management systems, giving you a holistic view of your project’s progress.
Optional time tracker hardware: Timeular goes beyond software with its optional time tracker hardware. This physical 8-sided cube allows you to assign over 1,000 activities. Simply flip the cube to track the time spent on each activity. The customizable nature of the cube makes time tracking a tangible and engaging habit.
Reviews:
“Since we started using Timeular and tracking our time, we’ve never made another mistake in planning, creating accurate proposals or budgeting for clients. It’s so easy to use. Everyone uses it and it shows.” – AC Coppens, Founder of THE CATALYSTS
“We want to know that the fee charged was fair for both parties based on the time given to that project. Timeular provides me with that insight in just a few clicks.” – Richard Wingfield, Head Geek at Envision Design
“My time spent on revenue-generating projects has increased by ~10% each week and time in meetings decreased by about 1-2 meeting per week.” – Angela Morisette, SVP Business Operations at Scratch Financial
Pricing:
30-day free trial
Starts at $7.50 per user/month
Start tracking project’s time in an effortless, smart, and secure way
“Timeular is simple and really easy to use, so the teams took to it very quickly. It makes it really easy for us to see where we can optimize our time and processes.” – Nadiya Eichberg, Head of Battery Testing at Kiwa
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Planview
Planview is a powerful solution designed for large enterprises, providing comprehensive project and portfolio management capabilities.
Key features:
Resource management:
For the big players out there, Planview has your back with resource management. It’s like having the ultimate tool to effortlessly juggle and optimise your workforce across multiple projects.
Project planning:
Planview is a handy project planning platform designed to help plan and execute large projects. It offers advanced features that allow project managers to create detailed plans, set milestones and establish a roadmap for successful project delivery.
Drawbacks:
The higher price may be a barrier for smaller businesses, and the feature-rich interface may be overwhelming for simpler projects.
Pros reported on Capterra by Planview users:
“Planview is very similar to Microsoft project which made implementation easier. It is also helpful for keeping track of financials across a variety of sites.”
“I would compare it to a microsoft project software. It is easy to manage multiple things at the same time and has many useful reports to run.”
“Planview has been easy to teach to people working on all levels of our projects. It’s fairly intuitive and user friendly.”
“Great for looking at various financial views at different levels from enterprise to program to project. Time-sheet tool for time tracking by resources.”
Cons reported on Capterra by Planview users:
“For example “Project Start Date” stops displaying the correct project date once the project starts.“
“It has a big learning curve and it difficult to learn on the fly. It does crash and glitch frequently and there is no way to undo a mistake with a clock of a button.”
“The navigation/search functionality often doesn’t work well when your company has a very large amount of projects.”
“But unless you speak “Planview” you have no idea what they are talking about.”
Smartsheet
Smartsheet is a versatile, team-focused solution that emphasises collaboration, planning and project management flexibility.
It’s a choice for teams that value efficiency and collaboration without over-engineering the platform, thanks to its user-centric approach.
Key features:
Collaboration tools:
Collaboration features create a unified workspace where team members can communicate, share ideas and work together to make a project succeed. This feature fosters a culture of collaboration, the breaking down of barriers and the increase of team synergy.
Project planning:
The project planning features enable the creation of detailed project plans that outline project scope, project tasks, dependencies and timelines. The interactive Gantt charts and intuitive user interface make project planning accessible and effective for teams of varying levels of complexity.
Drawbacks:
Advanced productivity reporting features may be limited compared to specialised tools and may lack some in-depth project analysis.
Pros reported on Capterra by Smartsheet users:
“Dashboards can be a nice way to have an overview with links to different sheets if you have a project with several documents, and are willing to spend the extra time and money to set it up.”
“The ability to populate each line with any & all documentation for that line item is a dream come true. Pictures, Emails, documents, spreadsheets, budgets … they’re all at my fingertips.”
Cons reported on Capterra by Smartsheet users:
“I miss the overall definition of “project” which makes it more difficult to group sheets that belong to the same project and to get an overall view on all our running projects.”
“Gets frustrating going back and hiding 20 columns again afterwards.”
Monday.com
Monday.com is shaking up project management by combining visual tracking and flexible workflows in a dynamic space for modern teams. It’s all about an intuitive design that lets teams work their way, encouraging collaboration and efficiency.
Think of it as a visual canvas for teams to easily manage projects – less a tool, more a game-changing experience for project and team collaboration.
Top features:
Visual project tracking:
In Monday.com, visual project tracking isn’t just a feature – it’s a whole new way to track project progress. With dynamic snapshots of Kanban boards, timelines and charts, the platform keeps teams in the loop.
Collaboration tools:
Monday.com understands the importance of teamwork in today’s workplace. The many collaboration features and tools built into the platform create a space where teams can chat, set tasks, share updates and work together effortlessly. It’s all about harnessing the collective brainpower of the team for project success.
Drawbacks:
Pricing may be relatively higher for smaller teams, and may require some time for users to fully adapt to the platform.
Pros reported on Capterra by Monday.com users:
“Overall it is brilliant to use, the customer support is good and the visualisation and vibrant color’s are great.”
“A great software that enables us to be happy individuals in business life. Easy to use, flexible and functional, a product with excellent service.”
“I pretty much like this platform because this platform could really help me organize our projects. It is really easy for me to track progress of every project I am working on.”
“Ease to use as an end user, and a great dashboard / interface. Customization options for our specific project made it super intuitive, and there was very little learning curve.”
Cons reported on Capterra by Monday.com users:
“The layout is confusing and hard to follow the chain of events in each task.”
“Some of the metrics or field that i need to be on the report is missing and no possible way to include it to the report as the customization of the report is not flexible enough.”
“This was a pain and eventually I stopped attempting to work around the lack of features I needed.”
“I don’t like the “info boxes” feature because I feel it’s limited. Textareas are tight and there is very limited text formatting, and the fact all boxes are collapsed by default.”
LiquidPlanner
This platform gives teams the power to manoeuvre through ever-changing project landscapes by adjusting plans in real time.
It’s no ordinary project management software. LiquidPlanner is a dynamic space where projects can grow naturally. It keeps teams agile, ready to deal with shifting priorities and unexpected challenges.
Key features:
Dynamic scheduling:
Central to LiquidPlanner’s ability to adapt is its Dynamic Scheduling feature. This allows teams to flexibly adjust project schedules and milestones as things change, keeping plans in sync with evolving project needs. It’s not just a cool feature, it’s about promoting agility in project delivery.
Resource management:
LiquidPlanner doesn’t stick to old-school resource management. Instead, it gives teams the tools to fine-tune their capacity on the fly. This ensures that resources are used intelligently, avoids bottlenecks and gives teams the flexibility to adapt to project changes without missing a beat.
Drawbacks:
Advanced features may not be necessary for simpler projects and may require thorough training to get the most out of them.
Pros reported on Capterra by LiquidPlanner users:
“I like how flexible it is. Projects never move along perfectly, and I feel like this is the software that actually built-in functionality to account for that.”
“The product and support are great. If you put the time and effort into learning the tool and you have complete buy-in from your team, you’ll be successful with it.”
“The product as well looked after, continues to expand and improve, and customer support and resources are excellent. All praises for LiquidPlanner.”
“LiquidPlanner is our one-stop-shop for all of our projects, tasks, timelines, and supporting documentation. Fantastic customer service — quick, accurate, patient, and friendly.”
Cons reported on Capterra by LiquidPlanner users:
“No integration that I know of with Outlook calendar.”
“There’s no ‘undo’ function, so if you make a change accidentally, it can take a while to figure out how to go back.”
“Very few features, Clients can’t be set at the task level, no integration with services like Github for goal tracking, terrible UI.”
“There’s lots of gray throughout it, which is kind of boring when I have to stare at it every day.”
Procore
Procore goes beyond traditional project management software, serving as an indispensable ally that optimises workflows and raises industry benchmarks.
Rooted in a commitment to precision and domain expertise, Procore equips construction professionals with specialised tools tailored to navigate the intricacies of projects.
Key features:
Construction project management software:
Procore has the construction industry covered with its specialised project management tools, fine-tuned to meet its unique requirements.
Whether it’s the start of a project or crossing the finish line, Procore offers a complete package to manage every aspect of construction projects.
Budget tracking:
Procore’s Budget Tracking feature is designed to bring financial precision to construction projects. It allows construction professionals to monitor project spend in real time, ensuring that budgets are met and financial decisions are made with accuracy.
Drawbacks:
Industry specificity may limit its use for non-construction projects, actual costs and pricing may be relatively higher for smaller construction firms.
Pros reported on Capterra by Procore users:
“Overall experience has been fantastic, whenever I need anything all I have to do is pick up the phone or send a quick email and they promptly respond.”
“Good initial onboarding and training from the company. This was very helpful so IT did not have to train.”
“The customer support is best in class and vital in making this tool effective across an organization. Procore listens to feedback very well, also, and is at the leading edge of the industry’s needs.”
“I love the fact that I can have an up-to-date status of all of my project elements and know what I am responsible for.”
Cons reported on Capterra by Procore users:
“The issues cause lost time, loss of production and money.”
“Not able to manually sync projects ourselves in real time. Given the cost of the software I’m shocked there’s no solution.”
“Everyone I know who has used the Procore bidding tool thinks it is horrible. Subcontractors hate it and GC’s do, too.”
“Procore can be very difficult for people that are not tech savvy. I have foremen in the field that struggle using it due to being unfamiliar with technology.”
Wrike
Wrike is your cloud-based project management software for seamless collaboration and effective team coordination. Easily accessible, it provides a versatile platform for project success.
Wrike breaks down barriers with its cloud-based design, creating a hub for thriving team collaboration and seamless project management.
Top features:
Collaboration tools:
Its robust collaboration tools create an environment where not only team members but also project managers can seamlessly interact, share ideas and collectively contribute to project success. This feature transforms collaboration from a process into a dynamic force that drives projects forward.
Project planning:
Wrike’s project planning stands out. It provides detailed planning, task assignment and milestone tracking, giving project managers a strategic roadmap for success. This ensures that projects don’t just get done. They get done accurately and strategically.
Drawbacks:
Advanced features may not be as extensive as specialised tools, and prices may be higher for smaller teams.
Pros reported on Capterra by Wrike users:
“Wrike has a great interface. I have come to love this software because of how easy it is to use.”
“Overall definitely satisfied and would recommend. The customer service/support is good.”
“This user friendly software help to manage project easily with its functionalities and I’m pretty happy to use it.”
“So far Wrike has been fantastic. It’s helping us transition to a more natural work flow and keeping everyone on top of projects.”
Cons reported on Capterra by Wrike users:
“Who can say for sure that I didn’t utilize the assistance, in light of the fact that there are access logs, and still keep up with the unapproved charges.”
“Customer support is poor, be very cautious about changes to level of service or SLA’s mid-contract with no recourse.”
“I was introduced to Wrike by a client who swore by it (and still does) but I’m sad to say my experience with Wrike ended there. In my experience, it was needlessly confusing and just not intuitive.”
“Then they deactivated our account with no warning, and when I asked they said “it’s written on the invoice. I supposedly had access to a CSM, but they never called.”
ProjectManager.com
ProjectManager.com is a premium cloud-based project management software. It offers a complete suite for project planning, tracking and budget management.
It streamlines project workflows for project managers and enhances management capabilities through the cloud.
Key features:
Task and project planning:
The task and project planning functionality of ProjectManager.com provides the plan for success. It enables teams to outline tasks, manage resources, set milestones and create detailed project plans, ensuring a strategic approach to project delivery.
Budget tracking:
Budget tracking isn’t just a feature, it’s a tool for financial precision. Project managers and teams can monitor and control spending in real time, ensuring that projects stay within budget. It also comes with robust budgeting features to keep your finances on track.
Drawbacks:
Advanced reporting features may not be as comprehensive as in some more specialized tools.
In addition, the learning curve can vary depending on user experience, so be prepared for some adjustment time.
Pros reported on Capterra by ProjectManager.com users:
“I spend a whole day looking for an alternative to Asana. I spent two days setting it up and was super excited.”
“Prioritization of tasks is incorporated, and I have found the app useful for business, personal, and education tracking, as it is user friendly, easily used on the go, and best of all, free.”
“Overall a great platform that is user friendly and quick to learn. Being able to easily share projects and monitor timelines with team members is a big plus.”
“The customer service is fabulous at ProjectManager.com.”
Cons reported on Capterra by ProjectManager.com users:
“The worst part of this software, is the company behind the software.”
“I forgot to cancel my trial at the end of 30 days, and I was charged $400 for 15 users at the end of the month. And that was just for 1 month.”
“I’ll never consider the software for the rest of my team in the future due to that poor service.”
“We missed the deadline for canceling the product and were charged the full monthly rate, with only a few days past deadline. When contacted the provider wouldn’t even consider cancelling the charge.”
QuickBooks Online
Renowned for its accounting prowess, QuickBooks Online extends its capabilities to include financial planning and budgeting features, making it an ideal solution for small to medium-sized businesses.
And it’s not just the numbers – with its financial tools, QuickBooks Online becomes your ally in steering your business toward financial success.
Key features:
Expense tracking:
QuickBooks Online excels at tracking expenses, giving businesses precise financial control. It allows you to keep a close eye on your expenses, ensuring that every penny is accounted for. Whether it’s fixed expenses or actual costs, QuickBooks Online has you covered.
Budget planning:
Beyond accounting, QuickBooks Online helps businesses create a strategic financial roadmap through effective and efficient budgeting and planning. As a budgeting tool, it allows businesses to set realistic financial goals and navigate towards them with precision. Future projects become more manageable with the right financial data andtools.
Drawbacks:
While QuickBooks Online excels in budgeting and financial tracking, it may lack advanced project management features. It’s not a comprehensive solution for tracking projects or extensive file sharing and data storage.
Pros reported on Capterra by QuickBooks Online users:
“We has also been thrilled with the extensive help library, the how-to videos, and the awesome customer support.”
“I appreciate the ability to use it anywhere, on any computer. AndQuickBooks is the best for my personal business.”
“Great smart accounting software that is very responsive and nice to send invoices and get paid faster.”
“This has been a lifesaver on multiple occasions. Another feature I like is the ease of use with categorizing bank transactions and expenses.”
Cons reported on Capterra by QuickBooks Online users:
“The biggest downfall of QBO is that it is very different from QBD and has a learning curve. If the users do not learn how to propertly use QBO, they can mess up the companies books BAD.”
“When you first start using the app it can be irritating and tricky.”
“No ‘undo’ button and not excessively intuitive. If you make a mistake, have to know how to reverse/correct it.”
“Quickbooks left me feeling incapable of completing the simple tasks required to run our day to day business. I hated every moment I spent logged on to quickbooks.”
Implementation and best practices
Define project goals and budgeting processes:
Clearly outline the objectives you aim to achieve with the software, ensuring alignment with your organizational strategy. Establishing a solid foundation sets the stage for effective implementation.
Train team members effectively:
Conduct comprehensive training sessions to ensure that your team members are well-versed in using the project budget management software for efficient task management.
Regularly review and update budgeting strategies
A fixed down budgeting process is like a static object, ineffective and unresponsive to changing circ*mstances. Regularly review and update your budgeting strategies based on real-time data and project insights.
Monitor and analyze project budget data for insights
Project budgets are a rich source of untapped insight. Implement a strong system for monitoring and using project data and analyzing this data with reporting and analysis capabilities.
Encourage collaborative practices
Cultivate collaborative practices within your project teams to create tasks together, fostering open communication and shared insights.
Conclusion
In conclusion, project budget software, such as Timeular, is proving to be an essential tool for any project manager to effectively manage project costs, offering a range of benefits, features and solutions.
By carefully considering the factors outlined in this guide, organizations can choose the right project budget software to improve accuracy, streamline processes and ultimately achieve successful project delivery.
FAQs
Which is the best project budget software?
Determining the best online project project budget management software andtool for project budgets depends on your specific needs, and among the top contenders, Timeular stands out for its robust budgeting features and great project management capabilities that cater to effective task management.
How can project budget software benefit my organization?
Project budget software is a game changer, helping to manage costs, refine the accuracy of estimates, and strengthen overall financial control for more successful projects. Its reporting and analysis features contribute to excellent financial reporting.
Is project budget software suitable for small businesses?
Absolutely. Many project budget software options are designed to meet the needs of small businesses, providing scalable solutions and facilitating efficient workload management.
What are the key features to look for in project budget software?
Key features include budget planning, expense tracking, resource management and seamless integration with other project management tools for effective task collaboration.
How does project budget software integrate with other project management software?
Project budget software often integrates seamlessly with other project management software through APIs, ensuring a cohesive workflow and data consistency.
How much does project budget software cost?
Costs vary depending on the software and features. It’s important to check pricing plans and choose one that fits your budget and needs.
What are the risks of not using project budget software?
Risks include inaccurate budget estimates, overspending, lack of financial control, cost overruns, and difficulty in effectively tracking project spending.
