What is cost tracking?


Monitoring the project's financial health is the goal of the project management component of cost tracking. Throughout a project's entire lifecycle, this ongoing process begins at the beginning and continues until it is finished.
Software for project cost management is frequently used to track a project's profitability, identify actual costs, and compare them in order to calculate profit.

Why cost tracking is so important?


Anyone who has ever taken a project is aware of how quickly and surprisingly costs can rise. The effects can be financially disastrous when they are amplified throughout several intricate projects.
A proactive, preventative process like project cost tracking can halt the snowball before it starts. It is a common method for managing budgets and a crucial element of the project cost management (PCM) procedure.
Cost tracking has several advantages, such as preventing cost overruns through careful resource allocation and estimation, lowering risks, making the best use of available resources, and enhancing forecasting for future estimates and budgeting that are more precise.


Benefits of cost tracking

Prevent cost overruns:

The project manager can prevent cost overruns in certain areas when the team allocates and estimates costs during the pre-planning phase.

Avoid risks:

A budget calculated based on the right data will have a low-risk level, giving the project the best chance of success even if unforeseen risks arise.

Improve forecasting:

Reports generated from cost tracking can help the team optimize the resources needed to achieve success. This can lead to more accurate budgets for future projects.


Meet Tempo Cost Tracker!

Cost Tracker lets you quickly assess and monitor the financial health of a project by leveraging data from Tempo Timesheets. All you need to get started is a Jira filter, whether it’s an existing filter or one you create to encompass all the Jira issues you wish to include. Tempo Cost Tracker then translates the time logged on all issues in your project into a snapshot of how your project is progressing financially.

In Focus Visualization

Provides both a high-level and detailed picture of project metrics on one graph. The summary and visual indicators allow you to quickly assess project performance so you can keep moving with peace of mind.

Autonomous Feeding

Autonomously classifies expenses and collects logged time data from Tempo Timesheets to display the most accurate reflection of project progress, cost and revenue so Managers focus their effort only on valuable tasks.

Mighty Financial Tracker

Tracks budgets, milestones, labor costs, fixed recurring expenses, billable non-billable time, CAPEX vs. OPEX and revenue in real-time. Leverage that data to manage budget allocation, craft accurate & detailed estimates.

Stages of cost tracking

Clipboard List

Preliminary planning

The project team gathers data to create an estimate. Potential resources are identified and elements such as labor, software, and other materials are considered.


The information from the pre-planning is used to create a project estimate that is approved by key stakeholders. This estimate is used to measure actual costs so the team can see how the project is progressing.

 Establish cost control

Cost control helps project managers get the right amount of money to ensure the project runs smoothly and successfully. Cost control is necessary for items such as materials, equipment, software, vendor invoices, timesheets, and contingencies.


Expense tracking

Budget tracking captures all expenses and how they relate to the baseline budget. Tracking these costs allows the team to understand how the project fits into the budget and where adjustments need to be made.

Measurement of results
At the end of each project reporting period, calculate how well the project is on budget and whether expectations are being met.
Organization insights
Update forecasts

Communicate with relevant team members and stakeholders what has changed about the project or its budget. This will allow the project manager to document and justify any changes that have been made.

Asset 633@2x

Continuous improvement

Tracking costs improves how the team executes projects and also provides transparency for everyone involved in project completion.

Used Software: 

EazyBI for Jira  logo

EazyBI for Jira

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Issue picker based asset inventory and data catalog in Jira & Service Management with advanced links, link graph and matrix panels. STAGIL Assets - Advanved Links for Jira transforms your ...
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Jira Software

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Cost Tracker for Tempo Timesheets

Mighty project tracker that autonomously turns Tempo Timesheet data into a real-time reflection of your project's financial health
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Tempo Budgets

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sumUp for Jira

No-code real-time calculations in Jira and on dashboards - for story points, time estimates, budgets, worklogs and custom fields.
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Your point of contact:

Sarah Antrop

Agile & Scrum Consultant

Sarah Antrop
Cost tracking, Jira Software, Jira Service Management