8 Ways of planning, working and syncing project budgets in Jira

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Having previously established what you want to spend and what you're actually spending, it's the first step, and aligning it with projects and teamwork is the next step can be one challenge to address in Jira. 

Centralizing and aligning this information is key to building and mapping budgets and costs,  bringing time and productivity to the team, advancing projects, and spotting budget overruns as they happen before they escalate.

How to break down silos across teams, budgets, and projects, then?

The right path to keep budgets and your team synced in the same place reduces to the software solution you're using, which should have some specific features along with some best practices:

1. Document everything. Agreements are a must when working as a team, and having this element in place will transform stakeholders into guardians of the budget.
   
   
2. Record and track project budgets in the same place. That's essential. Keeping that project budget data categorized will make it easier to audit the project development as it happens.
3. Focus on the go and performance by being constantly vigilant about the budget performance view (CAPEX) that shows project health, and the operational view (OPEX) will standardize the project track record of expenses across the budget, summed to other custom standards.
   
   
4. Centralize the project work by making data available and transparent to everyone. Keeping everyone aligned.
   
   
5. Control the variance by calculating it and understanding budget spending, being aware of the red lines, and adjusting almost in real time as the project budget is still running.
   
   
6. Establish budget health checks that align with overall project updates, allowing answers to key questions to be brief and actionable.
   
   
7. Having budget ownership it's necessary, especially when action is needed. A simple approval makes the difference in keeping the project budget in place.
   
   
8. Have a roadmap to share project spending context simply, allowing the team to advance faster, and forecasting for similar projects in the future.

By establishing these simple practices around your projects and budgets, you'll get less arguing based on opinions and more agreements, and decision-making based on data, as a team.

If you need a solution to keep budgets and projects aligned, Budgety for Jira is your app to go to, and if you need to go deeper regarding each of these steps, keep reading over here.