The 10 Best Project Cost Management Software in 2024

In today’s fast-paced business environment, effective project cost management is crucial for success. Managing project budgets, tracking expenses, and ensuring cost control can be challenging without the right tools, and that’s where project cost management software comes to the rescue.

Keep track of your project budgets and stop overspending

Track time spent on each client and project to avoid exceeding your budgets

This article will provide you with a list of 10 best project cost management software.

By exploring these tools’ features, benefits, and weaknesses, we aim to help you make informed decisions and streamline your project cost management processes for improved financial control and project success.

The 10 best project cost management software

1. Timeular

In Timeular you can keep a close eye on project budgets to effectively monitor their progress and profitability. You can swiftly identify projects that are at risk of surpassing budgets and reallocate your team’s time to where it is most needed.

Timeular allows you to manage the most important asset – time. It stands out as the most effortless and accurate time tracking solution for teams that want to track their time and project costs under 1 minute a day.

Track your project costs by tracking your billable hours. With Timeular you can do automatically thanks to intelligent time-tracking methods and/or a physical time management cube.

The Timeular Tracker is the world’s first 8-sided tracking dice that automatically tracks activities when flipped.

Track your time and costs with a physical Tracker

Keep your projects’ time and budgets safe with the most accurate time tracking solution

How does it work?

  • Assign an hourly rate to each tracked activity
  • Label each activity as billable or non-billable
  • Set up a budget for each project to monitor how much has been spent

Key Timeular features:

  • Intuitive time tracking: Timeular simplifies time tracking with its innovative physical time Tracker and app combination, allowing you to effortlessly track and allocate time to specific tasks or projects.
  • Automatic time tracking: Capture the applications, documents, and websites you’ve engaged with alongside your calendar events and effortlessly integrate them into your time tracking summary with just a single click! Rest assured, your privacy is fully safeguarded: all data remains exclusively stored on your device, making it inaccessible.
  • Leave management system: Timeular allows you to track all types of leaves, helping teams avoid frustration and mistakes by manually tracking leave requests in spreadsheets.
  • Cost monitoring: With Timeular, you can easily track and analyze time spent on various activities, ensuring accurate cost allocation and better project budgeting.
  • Automated time reports: The app provides a precise breakdown of your activities to ensure that each little task is tracked and added to your invoice. You can export your reports to PDF, XLSX, or CSV.
  • Alerts: Get alerts when you’re close to exceeding your budget.
  • Seamless integration: The software seamlessly integrates with popular project management tools, enabling efficient collaboration and synchronization of project cost data.
  • Real-time insights: Timeular provides real-time analytics and visualizations, allowing you to make data-driven decisions and optimize project costs.
  • Integration with accounting tools: Timeular integrates with popular accounting software, it allows QuickBooks time tracking and Xero time tracking. This integration enables the seamless transfer of time and cost data, updating your financial processes. By syncing project cost information directly with your accounting software, you can ensure accurate and efficient billing, invoicing, and financial reporting.

Reviews:

Capterra: 4.6/5
Apple Play: 4.6/5

Track time of your projects and bill your clients accordingly

No need to chase billable hours timesheets again. Thanks to a user-friendly interface and intelligent timekeeping methods, your employees finally enjoy tracking their billable time

2. Monday.com

Monday.com is a top project management tool and an excellent choice for the centralization of tasks and projects. The highlight of this software is its customization capabilities to make the process easier for everyone.
The software is efficient when it comes to keeping track of group projects. It provides templates and workflows from different areas, such as marketing, project, and cost management, design, software development, etc.

Pros:

  • Intuitive interface: Monday.com offers a user-friendly interface that makes it easy for users to navigate and manage projects.
  • Customizable workflows: The software allows users to create customized workflows, ensuring that project cost management processes align with specific project requirements.
  • Collaborative features: Monday.com promotes collaboration through real-time updates, file sharing, and communication tools, facilitating better teamwork and coordination.
  • Integration capabilities: The software integrates with various third-party tools, enabling seamless data synchronization and workflow management.
  • Visual project tracking: Monday.com provides visual project tracking features, including Gantt charts and Kanban boards, allowing users to monitor project progress and costs briefly.

Cons:

  • Advanced features in higher plans: Some advanced features, such as time tracking and resource management, may be available only in higher-priced plans.
  • Limited reporting capabilities: While Monday.com offers basic reporting functionalities, more advanced reporting options may be limited.
  • The learning curve for complex projects: For highly complex projects, setting up and configuring Monday.com may require some time and effort.

Reviews

Capterra: 4.6/5
Apple Play: 4.8/5
Google Play: 4.7/5

TIP: Discover the greatest Monday.com time tracking integration

3. Smartsheet

Smartsheet is a cloud-based project management app with time management features such as online time tracking, prebuilt timesheet templates, and billable hours calculation.

Get customizable timesheet templates that you can use to capture and manage the cost of a project: work hours of employees, who performed it, the labor or materials used, the total time spent on the job, and the hourly rate.

Pros:

  • Flexible project tracking: Smartsheet provides customizable templates and a user-friendly interface, allowing users to create personalized project tracking systems.
  • Resource management: The software offers resource allocation and utilization features, enabling efficient management of project costs and team resources.
  • Collaboration and sharing: Smartsheet enables real-time collaboration, file sharing, and document management, promoting team productivity and visibility.

Cons:

  • Limited reporting capabilities: While Smartsheet offers basic reporting features, it may lack advanced reporting and analytics functionalities.
  • Integration limitations: Integrations with external software and tools might be limited, potentially requiring manual data entry, or exporting.

Reviews

Capterra: 4.5/5
Apple Play: 4.8/5
Google Play: 4.5/5

TIP: Read our post, if you are looking for the best timesheet software.

4. Toggl Track

Toggl Track is one of the best project cost management software because it’s a time tracking app with project management features, which makes it a valid alternative to RescueTime. No, Toggl is not perfect in any of these areas, as we are going to see.

The reporting and analytics features are somewhat limited, resulting in restricted insights into your time-tracking data.

Toggl is a versatile and valid option for many professionals who need to track their time and manage their tasks. However, it may not be the perfect choice for those who need a high level of accuracy and reporting and analytics features

Pros:

  • Easy time tracking: Toggl Track simplifies time tracking with its intuitive interface and easy-to-use timer, making it suitable for individuals and teams.
  • Integration options: Toggl Track integrates with various project management tools, facilitating seamless workflow management and cost tracking.

Cons:

  • Limited project management features: Toggl Track primarily focuses on time tracking and may lack extensive project management functionalities.
  • Advanced features require a premium subscription: Some advanced features, such as billable rates and project estimates, are only available in the paid plans.
  • Price: many users consider the non-free packages expensive, considering the features available.
  • Reporting and analytics: The available features are limited for those who want detailed reports.

Timeular vs Toggl

Which one is the best app for your team and business? Find out in our detailed comparison.

Reviews

Capterra: 4.7/5
Apple Play: 3.2/5
Google Play: 4.7/5

5. Harvest

time tracking software harvest

Harvest is one of the greatest project cost management software because it focuses on time tracking, project management, and invoicing.

It allows users to track time spent on specific projects and tasks, manage budgets, and generate professional invoices for clients.

Summing up, Harvest is a time tracking app suitable for small businesses that helps to manage their time and finances.

Pros:

  • Time and expense tracking: Harvest allows users to track both time and expenses, enabling accurate cost allocation and budget management.
  • Budget monitoring: The software offers budget tracking features, providing real-time insights into project costs, and ensuring financial control.
  • Integration capabilities: Harvest integrates with various project management and accounting tools, ensuring seamless data synchronization and workflow management.

Cons:

  • Limited project planning features: Harvest primarily focuses on time and expense tracking and may not provide extensive project planning and scheduling functionalities.
  • Invoicing limitations: While Harvest offers invoicing capabilities, it may lack advanced customization options or integration with accounting software.
  • Stability: Users report that recent updates to the mobile app created glitches and made the app slower.
  • Difficult to use: Users are generally not happy with the new interface and say it became overly complicated, slow, and clunky.
  • Connectivity: Some users have reported occasional issues with working offline.

Reviews

Capterra: 4.6/5
Apple Play: 3.8/5
Google Play: 4.0/5

Read also: Harvest alternatives and competitors

Integrate your project management tools with Timeular to track time automatically

6. ProjectManager.com

ProjectManager is a SaaS solution with tools for project planning, workflow management, resource management, and time tracking across the entire project lifecycle.

What makes ProjectManager one of the greatest budget management software is its versatility. Anyone in the company can use it, and it will be powerful enough for managers to make data-driven decisions and for businesses to manage projects of all levels of complexity.

Pros:

  • Comprehensive project management: ProjectManager.com offers a robust suite of features, including task management, resource allocation, time tracking, and budget control, making it suitable for end-to-end project cost management.
  • Interactive Gantt charts: The software provides visual Gantt charts that help teams plan and monitor project schedules, ensuring better cost control and project success.
  • Collaboration and communication: ProjectManager.com offers real-time collaboration and communication tools, fostering better teamwork and coordination.

Cons:

  • Steeper learning curve: Due to its extensive functionality, ProjectManager.com may require some time for users to familiarize themselves with the software.
  • Limited customization: While the software offers various features, customization options might be limited, restricting adaptability to unique project requirements.

Reviews

Capterra: 4.1/5
Apple Play: 3.0/5

Resource management tools

Did you know that Smartsheet is a top resource management software and planning tool? Get to know the full list in our post.

7. Wrike

Wrike is a remote employee time-tracking software with dashboards, Kanban boards, and Gantt charts available.
The Wrike workload charts help spot overloads, reallocate resources, and reduce the risk of burnout.

Despite not being a “natural” budget management software, it also allows tracking of project budgets and performance.

Pros:

  • Agile project management: Wrike offers robust project management features, including task management, resource allocation, time tracking, and budget control, suitable for agile project cost management.
  • Collaboration and workflow automation: The software provides collaborative workspaces, customizable dashboards, and automation capabilities, enhancing team productivity and efficiency.
  • Extensive integration options: Wrike integrates with numerous external tools and software, enabling seamless data exchange and process synchronization.

Cons:

  • Complex setup for complex projects: For highly complex projects, the initial setup and configuration in Wrike may require technical expertise and dedicated effort.
  • The learning curve for new users: The software’s broad functionality can be overwhelming for new users, requiring time and training to utilize its full potential.
  • Lack of automatic time tracking

TIP: Don’t waste time with manual time tracking. Discover how this Wrike time tracking integration boosts your productivity.

Reviews

Capterra: 4.3/5
Apple Play: 4.6/5
Google Play: 4.4/5

8. Zoho Projects

This online project management software compiles many useful tools for project management to help you organize work and prioritize tasks.

It also combines features of the best budget management software to help you guide your project to success.

Pros:

  • Project planning and tracking: Zoho Projects offers features such as task management, time tracking, and budget control, facilitating comprehensive project cost management.
  • Document and file management: The software provides a centralized repository for documents and files, ensuring easy access, version control, and collaboration.
  • Customizable dashboards: Zoho Projects allows users to create personalized dashboards, providing real-time project cost insights and key performance indicators.

Cons:

  • Integration limitations: While Zoho Projects integrates with popular applications, some niche or industry-specific integrations may be limited.
  • Advanced features in higher plans: Some advanced functionalities, such as resource utilization charts or time tracking reports, may only be available in higher-priced plans.

Reviews

Capterra: 4.3/5

Apple Play: 4.7/5

Google Play: 4.2/5

9. Basecamp

Basecamp centralizes everything you need to complete the tasks required to complete projects.

Basecamamp establishes maximum communication through various cards along a dashboard, where you can customize each subject and tag the members you wish for.

Although it presents a simple line of communication, such as the chat, it looks to improve it through the different cards. And, that’s why Basecamp is considered one of the greatest and most used communication team apps.

Pros:

  • Simplified project management: Basecamp offers an intuitive interface and straightforward project management features, promoting ease of use.
  • Communication and collaboration: The software provides messaging, file sharing, and document storage, enhancing team communication and collaboration.
  • User-friendly interface: Basecamp’s user-friendly interface requires minimal training, making it suitable for individuals or small teams.

Cons:

  • Limited project tracking capabilities: Basecamp may not provide extensive project tracking features, making it less suitable for complex or large-scale projects.
  • Lack of customization options: The software’s simplicity may restrict customization options or specific project requirements.
  • Lack of time tracking time tracking features: Time tracking it’s a basic feature for any project and team manager.

Read also: The best Basecamp time tracking integration

Reviews

Capterra: 4.3/5
Apple Play: 4.7/5
Google Play: 4.7/5

10. Asana

Considered a productivity app booster for Android by many users, Asana is a project management software that helps individuals and teams organize and manage work.

Pros:

  • Task and project management: Asana offers comprehensive task and project management features, enabling efficient resource allocation and budget control.
  • Collaboration and visibility: The software provides real-time collaboration, progress tracking, and customizable dashboards, ensuring team transparency and alignment.
  • Integration capabilities: Asana integrates with various external tools, enhancing workflow management and data synchronization.

Cons:

  • The learning curve for new users: Asana’s extensive functionality may require some time for new users to familiarize themselves with the software.
  • Advanced features in higher plans: Some advanced features, such as custom fields or project portfolios, are only available in higher-priced plans.
  • Time tracking: Despite offering time tracking functionalities, they are not easy and accurate to use. Most of the users need to get an external time tracker.

Read also: Top-rated apps for productivity

Reviews

Capterra: 4.5/5
Apple Play: 4.7/5
Google Play: 4.7/5

Tracking time in Asana

Get to know the most accurate and effortless Asana time tracking solution.

Conclusion

Project cost management is essential for successful project execution and financial control.

With the right project cost management software, task tracker template, or tool, you can streamline your projects, optimize costs, and achieve better financial outcomes.

From the innovative Timeular app to the comprehensive Monday.com and other notable solutions like Smartsheet, Toggl Track, and Harvest, each software brings its unique features and benefits to the table.

Evaluate your project requirements, budget, and team needs to select the best fit and embark on a successful cost management journey!

FAQ

What is project cost management?

Project cost management is the process of planning, estimating, budgeting, tracking, and controlling project expenses to ensure that projects are completed within the allocated budget. It involves monitoring costs, analyzing variances, and making informed decisions to optimize financial resources and achieve project goals.

Budget management software vs project cost management: are they the same?

Project cost management is the process of planning, estimating, budgeting, tracking, and controlling project expenses to ensure that projects are completed within the allocated budget. It involves monitoring costs, analyzing variances, and making informed decisions to optimize financial resources and achieve project goals.

What is a budget management system?

A budget management system is a tool or software that helps organizations plan, track, and control their financial resources. It enables businesses to create budgets, allocate resources to different departments or projects, monitor spending, and ensure that expenses align with the overall financial goals and objectives of the organization.

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