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Budget Control

Budget planning is an essential part of the project management process. It estimates the total cost of the project and helps to measure your success.

Plan, implement, and control your budget with KeepSolid Goals

Benefits of Project Budget Management

There are several benefits of planning and monitoring a business budget, including being better able to:

  • Allocate monetary resources to proper key results and tasks
  • Identify possible financial issues and prevent them well in advance
  • Manage costs more effectively and reduce unexpected expenses
  • Set up only tasks that make your team closer to achieving the objective
  • Monitor financial performance to be aware of the current state of affairs

Reasons to Start Budgeting

  • Not to waste time on useless tasks

A budget forces you to map out your key results, not to waste both time and money on inappropriate tasks, and finally to make your main objective a reality.

With a fixed budget, each step should be scheduled and evaluated. There could be no such thing as This task seems to be very necessary and high-priority. Check if it is so and make sure your team obtains benefits upon this task completion, not loss of time and funds.

 

  • Not to overspend money

Starting any new project with fixed seed money, you should clearly understand no matter how brilliant and highly thought-out your plan is, risks are always a common factor. It means you shouldn’t rely on future income ahead of time and spend any more money.

Stick to your budget and you'll never find your team in a precarious position. Always be aware of your current budget, adequately assess ongoing waste, clearly think out further costs, and do not overspend money.

 

  • To be able to safely maneuver

New unexpected tasks? Additional sprints? It’s all right, if you prepare well in advance, of course. When planning a project budget make sure not to cut it too close. Thus, you can change your plan according to additional details and whatnot.

Having an additional amount of money means staying on the safe side in case something goes wrong. It’s a good practice to budget an additional 10% for unforeseen expenses. However, you shouldn’t get carried away with cost exaggeration, otherwise, your project risks not getting budget approval.

Keep your budget on schedule with our versatile project management tool

How to Create a Project Budget Plan

  1. First of all, break down your main objective into more concrete key results and set up appropriate tasks to achieve them.
  2. Then, estimate each task in the to-do list and calculate the cost of all needed resources, materials, and human assets to complete each key result.
  3. After evaluating all outlined tasks, you can calculate the total fast by adding all your estimates together.
  4. Budget an additional 10% for unforeseen expenses. It's better to be safe than sorry.
  5. Get approval of the final project budget and that’s it!

Benefits of the KeepSolid Goals App

See the big picture of your project

KeepSolid Goals presents your project plan in the form of a structured mind map. This allows you to have a helicopter view of your business. Objective, key results, tasks, team members, deadlines, estimated budget - everything is on the plate.

 

Also, our tool provides the Automatic Reports feature which is great to monitor task implementation and track progress towards your key results. Being aware of what’s going on you can easily plan further steps based on the current status.

Be on the same page with your team

With our project managing & business budgeting tools and the Team Collaboration feature, you can create a comprehensive plan and invite all team members as easy as 1-2-3. Create a team, assign appropriate roles to all your teammates, and organize the work process. With a well-structured project plan and scheduled works, each member of your team would always know their tasks and key results towards which they are working. 

 

To the top of it, KeepSolid Goals provides Kanban Board with ongoing tasks statuses (to do, analysis, in progress, on review, done). According to them, you can quickly make changes if needed (for example if you are going to miss deadlines).

Organize the budget of your project and stick that way with KeepSolid Goals

How to Manage Project Budget with the KeepSolid Goals app

Note: Objective budget is a must element to get Objective Reports and to calculate the Objective Score.

  1. Open task settings and navigate to the Budget option.

 

  1. Set up the planned budget for this task.

Select Hourly Billing to calculate your budget based on the Hourly Rate and Planned Hours. If you choose this option, fill out Hourly Rate and Planned Hours values and select Billing per Team / Member. As a result, the Planned Budget value will be automatically calculated.

Note: Billing per Member means that the Hourly Rate is going to be multiplied by the team members’ quantity.

 

Or

 

Leave the Hourly Billing option off and set up Planned Budget value on your own.

 

  1. Planned key result Budget is calculated based on the Planned Budgets of all related tasks. Thus, fill out all tasks that belong to the same key result with the Planned Budget value and figure out the estimated budget to complete this key result.

 

  1. Planned objective Budget is calculated based on the Planned Budgets of all your key results. It means, as far as you estimate the cost for all tasks, you will be able to see your final project budget.

 

  1. Well, planning a budget is only half of the project's success. The next step is monitoring your expenses throughout the whole project implementation and considering the actual budget. Calculate the monetary costs of each task and fill out correspondent values in the task settings menu.

 

  1. As the Actual key result Budget and Actual objective Budget are calculated based on the Actual Budgets of all your tasks and key results respectively, you shouldn't worry about their management. All you have to do is compare a planned project budget with an actual one.

Start Benefit from KeepSolid Goals Right Now

Budgeting is an essential ingredient in your company’s success. KeepSolid Goals is a great tool to organize and track your budget. So what are you waiting for?

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