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The Power of Expense Tracking

The Power of Expense Tracking

By Product Team

Expense tracking allows users to track expenses for specific tasks. Workzone project management software keeps running totals of expenses by task, expense class, project, and workspace, which can then be compared to project budgets in a number of useful reports. In the setup page, such administrators can create a list of expense classes, which can be used for grouping expenses in categories that are meaningful to your organization.

Once these expense classes have been created, over in Project Tracker a budget can be laid out for a project by selecting the name of the project to view the details page and then clicking the budget.

Here you can choose how much money will be budgeted for each expense class. While working on a project, the far left column, represented by the dollar sign, is where the expenses will be tracked for individual tasks.

The dollar sign lets you know that expenses have been entered for a task and even give you a summary of the total money spent when moused over. Clicking on the dollar sign or in an empty cell adjacent to a task will bring you to the details page, allowing you to view all expenses that have been entered for this task.

Expenses can be added by choosing to add a row, choose the appropriate expense class, and enter the amount spent. To add expenses across multiple tasks, you can check off the tasks and then use the add expense button in the toolbar. Here you can adjust then the dates and the appropriate expenses.

Workzone now has a record of all money spent and can provide reports to compare money spent versus the original budget. Along the left side of the reports page, you can view expenses by project, showing a sum of what money was spent from the workspace level down.

Clearly, this is an important tool for a company no matter its size. Project management software for small businesses can yield great dividends.

As you expand projects, you will see a breakdown of how much money was spent on each task or how much money was spent on individual expense classes. And you can filter this data along the right to show certain projects, dates or expense classes. There is then an option to turn on the costs compared to the budget. You now have a detailed view of where money was spent and where you were either over or under budget. Any of these reports can be exported to Excel for a more personalized analysis.