In project management, cost control and budgeting are major factors. The cost can only be controlled in the project when you are able to keep track of the expenses carried out for the project. An expense is the actual amount of money spent on goods or services. Constantly monitoring these expenses will help cut down the inflating unwanted expenses and make the project a success.

 

With the Expense module in Zoho Sprints, you can easily track everyday costs incurred as the project progresses. While adding expenses to the project, you can add the category for which the expense is incurred. Some expenses can be recurring, for which you can create recurring expenses.The system automatically creates these recurring expenses and calculates them as per their frequency set. These expenses can also be viewed in the budget dashboard. The total amount spent in the project will be available in the Expense module's expense list view. The approved spending will have the green font, while the pending submissions will be in the orange font.

A software development firm has taken on a new project to develop a web application. As part of the project requirements, the client has requested a working prototype to be demonstrated before the official release.To facilitate this, any travel expenses incurred by the development team for client meetings or on-site demonstrations will be covered by the company. Team members are required to submit the relevant bills to claim these expenses. Once submitted, the system logs and tracks all expense claims to ensure accurate budget management throughout the project's lifecycle.

Any item purchased for the project will be considered an expense of the project. There can be times where you need to buy raw materials for the project. They can be logged in the project as an expense. Also, when you need an expert to work on a particular work item, you can outsource the same, and it can be added as an expense in the project. Once it is added, the admin can cross-verify and approve or reject the expense after proper verification. Only the approved expenses will be considered as expense in the project.

When a new working space is rented to carry out a new project, the rent should also be considered under the project budget. This rental expense is a recurring one, and it is expected to incur every month. Therefore, you would like this recurring expense to be added to the project budget automatically every month. This can be done in Zoho Sprints with the help of the Recurring Expense feature, wherein you can create an recurring expense within the respective project and provide the necessary details of the recurring expense, and the expense will be calculated every month without any manual entry. As this one is already known, you can also make the recurring expense as an auto approved expense.