5 Superb Benefits of Using a Cost Estimating Tool

Maria J. Danford

Insufficient financing is one of the top reasons why startups fail. Sometimes, startups get all the money they need to proceed and operate but things go south come daily deployment due to poor financial management. This should not come as a surprise as not everyone is financially savvy. Financial management is not taught in school and it’s not something that you can expect to learn in a short amount of time. This is why startups with no designated expert financial officer easily get lost in the fray and soon surrender. It’s a good thing that today’s available technology has a solution for this. With today’s apps, it’s possible to venture into business without extensive financial know-how. This is possible through the use of nifty cost estimating tools. 

Today, if you’re planning to venture into a business and you have no financial know-how whatsoever, apps can efficiently do all the work for you. All you have to do is look for a project management app that comes with a cost estimating tool. With one, you will enjoy the following benefits: 

Benefit #1: Accurate Tracking of Expenses

Effective financial management all boils down to the accurate tracking of expenses. This is tricky to do because not all businesses have the budget to designate a person or a group of people to do all the nitty-gritty and meticulous tracking of expenses. Businesses incur expenses by the minute and tracking them can simply be too overwhelming. Such concern will be a thing of the past if you’re going to use a project management tool that comes with an automated expense tracker. Project management apps with cost estimating tools can easily do this. With one, you simply have to input all necessary factors and values. Tracking can be done by the hour or by the minute. That is how precise today’s project management apps are. With it, you can easily see if your company is already overspending on one project. With such seamless monitoring, your company can easily prevent needless financial loss. 

Benefit #2: Easy Customization

People are adamant to use project management tools because customization can be such a headache. Such is very far from reality though. Today’s project management tools are very easy to use and highly customizable. Effortless customization is now easily made available to users because app developers fully understand how no two businesses are ever alike. With easy customization, you’d find it effortless to input, track, and manage expenses. No minute will be wasted as all factors and values can be quickly organized to reflect your office’s daily workflow and expenditure structure. Such customization will also allow you to determine parts of your workflow that need recalibration or improvement. As you would clearly see how things go, you’d have a bigger perspective of your workflow that would show its weak spots and strong parts. 

Benefit #3: Optimized Cost Allocation 

Users of project management apps with cost estimating tools also get to enjoy ease when it comes to cost allocation. This is the case because apps with cost estimating tools can now do in seconds what a group of financial analysts can do in weeks. Without a cost estimating tool, it would take weeks for your financial managers to collect data, evaluate costs, and duly compute for ongoing and projected cost allocation. As you are always supported with real-time data, it would always be effortless for you to make all kinds of financial decisions — may they be big or small. If you want to see just how sweet it can be to easily know where to allocate your budget in just a click, you should check outthe WorkSavi cost estimating tool that you can explore and work with on a 30-day free trial.

Benefit #4: Seamless Monitoring of Multiple Projects 

Businesses need a special finance expert for every separate project. This becomes a tricky concern when you come up with numerous projects and run out of available finance experts. Having to hire numerous finance experts is not ideal as it would cost much when it comes to salary and employee benefits. Not to mention the fact that startups always have projects that can be terminated in an instant. This nature leaves new hires afloat and clueless as to what to do next. This also costs a lot. With today’s project management apps, such instances will no longer be your concern. Today’s project management apps with cost estimating tools would allow you to not have numerous finance experts on board. Project management apps with cost estimating tools can easily track, evaluate, analyze, and oversee numerous projects with separate and unique budgets. Monitoring will also be extremely easy for you as all active projects can be seen in one sweep through a centralized dashboard that all project management apps now have. 

Benefit #5: Advanced Reporting 

You will also enjoy the sharp AI reporting and analytics that project management apps with cost estimating tools offer. Such reports will give you insights that finance experts and administrators don’t normally notice. You can set your app to send daily, weekly, and monthly financial reports to allow you and your team to get full control of the flow of your company’s money. Automated reports are fantastic because you’d get to see how your money flows from one department to the next. You’d also see plain and transparent figures on projects that bring in money and projects that don’t. 

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