Bringing your budgets to the place where you’re already managing your projects changes the game, allowing shared views for different stakeholders, enabling a more critical view of the project progress, and making faster and better informed decisions.
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Usually, project budget information is scattered in different systems because the finance teams are probably relying on spreadsheets, managers might track cost approvals in other documents, and other departments might keep their own “mini-budget” in another tool.
This happens because, when designing the initial boards design in Monday, the financial data is not considered because it might be “too sensitive or complicated” to bring it to the project operations tool. Monday, in our case!
As a workaround, by not having a centralized data system, someone has to manually export project data from Monday.com, match that data with budgets living in third-party tools, and then report in extra meetings with the Project Management Office (PMO).
And this, as it seems… It’s a waste of time…
How to create a centralized data system for projects and budgets in Monday
This can be solved by bringing Budgety for Monday to your project boards, adding a budget management that brings together project data with financial data.
Budgety for Monday, allows to log budgets, its costs, linking them to boards, and classify them as CAPEX, OPEX, and direct, and indirect, besides allowing the possibility of forecasting project budgets, given the real time opportunity to calculate budget variance by just a glance, and calculating it easy, as you can see below:
By centralizing all this project data you’ll create a single source of truth allowing the PMO looking at the same project reality, advancing faster and more effectevely.
If you want to learn more about Budgety, keep reading, and if you want to try it, click here.