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Effective project cost tracking is a crucial element in project management, as it enables project managers to keep up-to-date with the financial situation of their projects. Overspending and delayed decisions on cost reduction are among the critical reasons for the failure of IT projects.
Statistics show us:
So how do you prevent these losses and effectively track costs in IT projects? The process is complex and multilayered, but there is a particular backbone of basic steps that cannot be ignored.
Here are some tips on how to keep your finger on the financial pulse of the project and prevent losses:
Cost Tracker for Jira Cloud is a simple and functional app that will help you implement the above tips.
The add-on will synchronize with all Jira users upon product installation from the Atlassian Marketplace.
How to use the app? Briefly and to the point.
1. Set hourly rates for your teammates. You can also add Billing Hourly Rate (if you sell your company's services to third-party customers, this functionality helps you quickly generate invoices and track the project's current cost with or without a markup).
2. Add expenses associated with the development of the project.
These can be recurring expenses and one-time expenses. The functionality of adding it is quite advanced. You can enter the following parameters:
3. Prepare a Jira filter by tasks that will provide you with a sample for generating cost reports.
It can be a selection of tasks for a project for a month, all tasks included in developing a particular release version, individual sprints, etc. Save the filter and name it.
4. Go to the Cost Report tab and click the Generate report button.
Important - if you need to generate an invoice, you need to enable the revenue tracking settings, and the report will include the cost of billing hours that you set in the first step.
Also, if your company tracks worklogs in Tempo, you can use them in Cost Tracker for Jira Cloud reports (instructions - Get Tempo Worklogs).
When it comes to recurrent activities or tasks that appear in your workflow, the smartest way to save time and prevent yourself from performing useless actions is to automate the creation of tasks or all of the workflow. Jira BPM (Business Process Manager) is there to help you with the optimization of your regular work processes. After setting the process once, BPM will do the same task continuously.
For example, product managers may have typical weekly assignments such as analyzing logs, creating KPI reports for clients, and check tasks. Here is what needs to be done:
list all recurrent weekly tasks and introduce them in BPM,
designate a single or multiple assignees for each task,
BPM will automatically create tasks for the chosen assignees at a specific time.
In addition, Business Process Manager streamlines routine activities and reduces expenses due to the fact that everyone knows where documents and information is stored, the steps that need to be taken, and who is taking part in the procedure. To use BPM, list all activities that occur each week, determine the individual or individuals responsible for each task, and provide authority and direction for each task.
In summary, project cost tracking is essential for project managers to ensure that their projects are completed on time, within budget, and to desired quality standards. It helps project managers make informed decisions, effectively manage resources, and increase project profitability.
To implement this process, we suggest you use the Cost Tracker app. You will get at least a 30-day trial to implement the add-on in your workflows and get to know it well. We hope it will be helpful for you!
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