What do you do when you can’t track project cost? [Video]

From the The Money Files Blog
by Elizabeth Harrin

A blog that looks at all aspects of project and program finances from budgets, estimating and accounting to getting a pay rise and managing contracts. Written by Elizabeth Harrin from RebelsGuideToPM.com.

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can't track project costs

What happens when you can’t track project cost?

This happens when other people are spending your project budget and not letting you know where it is going. The first you hear about resources being acquired or a deal being signed is when the invoice gets passed to you from Finance with a big question mark written on it. When this happens you can’t accurately keep track of what is being spent, and whether it is being spent on the right things. How to fix it: Sort out the process for spending money. Make it clear to the project team (even those people who are more senior than you) that purchase orders have to go through you for tracking, even if you don’t have the authority to actually sign them. Let the Finance team know as well so that they can be copying you in on requests and making sure that the process is adhered to. They have no interest in receiving invoices that can’t be paid or getting the company into debt with inappropriate suppliers so they will be on your side! Read more here:

https://www.projectmanagement.com/blog-post/17629/5-Common-Project-Budget-Problems--and-How-to-Fix-Them-