What Is Project Expense Tracking?

Project expense tracking is the practice of monitoring and managing all costs associated with a specific project in your business. These expenses can include labor costs, materials, equipment, software, and other resources needed to deliver the project. Accurate tracking can help you ensure the project stays within budget and avoid overspending.

What is the most important project expense to track in your organization?

One of the most important project expenses to track in your business is its payroll costs. Unlike other expenses, like equipment and software costs, payroll costs typically cannot be shared between several projects. Moreover, payroll is typically the largest cost associated with any given project, so tracking it accurately is important to ensure your projects don’t go over budget.

How to track payroll spending on a specific project in your business?

To track how much you spend on the payroll of a specific project, you should use a productivity tool that offers such functionality. For example, by using the Project Budgeting functionality of WebWork, you can know exactly how much each of your team’s projects costs over a given period of time.