Continuous budget oversight is key – keeping a close eye on those projects nearing completion is even more important. If your budget reaches 80% or 90% percentage of completion special attention may be required. You may still have time to review, change scope, or change resource allocations. Taking such preventive actions helps you to to prevent budgets from getting too far out of hand.
In Exact Online for Project Management it is possible to monitor budget progress using ‘green – orange – red’ progress bars. (see image below). These progress bars are used in various reports and are designed to help you better monitor progress and identify budget overruns.
The orange progress bars help you to easily identify those projects nearing completion. We now made it easier to monitor these projects. You can set a default threshold to e.g. 80% or 90% of budgeted hours. Upon entering the hours budget in the project, the hours value in the ‘Alert when exceeding (Hours)’ field is calculated automatically. If your budget reaches that level progress bars will turn orange.
Do you have further ideas on how to prevent budget overruns? Leave a reply and let us now!