Top 54 Project Budgeting Software (Jun 2024)

Project Budgeting Buyer's Guide

Overview

Project budgeting software is a specialized tool designed to help businesses plan, track, and manage their project finances efficiently. It enables organizations to create accurate budgets, monitor expenses, allocate resources effectively, and ensure that projects are completed within the specified financial constraints.

Why Businesses Need It

Businesses need project budgeting software to streamline their budgeting processes, improve cost control, and enhance overall project financial management. This software provides real-time visibility into project finances, enabling stakeholders to make informed decisions, identify cost overruns, and take corrective actions promptly. By using project budgeting software, organizations can optimize resource utilization, minimize financial risks, and improve project profitability.

Main Features

Some of the key features of project budgeting software include budget creation and tracking, expense management, resource allocation, forecasting, reporting, integration with other project management tools, collaboration capabilities, and customizable dashboards. These features help businesses effectively manage project finances, monitor financial performance, and ensure project success within budget constraints.

Main Business Processes

Project budgeting software can assist businesses in various critical processes, including budget planning, cost estimation, resource allocation, expense tracking, financial reporting, variance analysis, risk management, and decision-making. By automating these processes and providing real-time insights, the software helps organizations optimize their project budgets, improve financial control, and achieve project objectives efficiently.

Steps to Buy Project Budgeting Software

1. Assess your organizations budgeting requirements and objectives. 2. Identify key stakeholders and involve them in the software selection process. 3. Research project budgeting software vendors and their offerings. 4. Request demos or trials from selected vendors to evaluate the software. 5. Consider scalability, integration capabilities, ease of use, and customer support. 6. Review pricing plans, licensing options, and contract terms. 7. Seek references or case studies from the vendors existing clients. 8. Negotiate terms, if possible, to get the best deal for your organization. 9. Select the most suitable project budgeting software that aligns with your business needs. 10. Implement the software with proper training and support for successful adoption.

Things to Consider

When buying project budgeting software, consider factors such as scalability, ease of use, customization options, integration capabilities with existing systems, data security measures, vendor reputation, customer support quality, pricing structure, licensing models, and future upgrade paths. It is essential to choose a software solution that not only meets your current budgeting requirements but also scales with your organizations growth and evolving needs.

Popular Vendors and Market Share

Some of the most popular project budgeting software vendors in the market include:

• 1. Oracle Primavera
• 2. Microsoft Project
• 3. SAP Business ByDesign
• 4. Deltek Vision
• 5. Procore

While market share may vary based on industry and region, Oracle Primavera and Microsoft Project are among the leading vendors with a significant presence in the project budgeting software market.

Trends and Future of Project Budgeting Software

The project budgeting software market is witnessing trends towards cloud-based solutions, mobile accessibility, AI-driven analytics, automation of manual processes, real-time reporting capabilities, and integration with advanced technologies like IoT and blockchain. The future of project budgeting software lies in providing more predictive insights, enhancing collaboration among project teams, and enabling better decision-making through data-driven intelligence.

10 Questions to Ask Software Vendors During a Demo

1. 1. How does your software facilitate budget creation and tracking for complex projects?
2. 2. Can the software integrate with other project management tools used in our organization?
3. 3. What reporting capabilities does the software offer for monitoring project finances?
4. 4. How does the software handle resource allocation and optimize resource utilization?
5. 5. What security measures are in place to protect sensitive financial data within the software?
6. 6. Does the software provide forecasting functionalities to predict project budget outcomes?
7. 7. How does the software support collaboration among project team members for budget-related tasks?
8. 8. What customization options are available to tailor the software to our specific budgeting needs?
9. 9. Can you provide examples of successful implementations of your software in similar organizations?
10. 10. What ongoing support and training services do you offer to ensure successful software adoption?

List of Project Budgeting Software:

Project Management Software Price Range

Project management products pricing are divided into three tiers. The prices range between $0 to $7, $7 to $10, and $10 upwards. In addition to this, the prices are set on a "per user, per month" basis or a bulk "per month" basis. However, it is worth noting that these price ranges are mostly for the lower offering found on each vendor website.

Enterprise plans on project management software have more robust features; thus, they cost more but are adjusted to suit each organization based on their number of employees; as a result, their prices are mostly made available upon request. For instance, Asana basic plan costs ₦11, Miro costs $10, and Toggl pricing falls around $8— all per user per month; but their prices for their enterprise plan quotes are not made available.

In addition, project management prices are set based on the size of an organization. Their ranges are as follows:

• Small Businesses can expect to pay around $5 per user for the basic plan of a project management software. However, small businesses with a very tiny workforce can get many project management products for free because they have free versions that allow between 2-5 employee sizes. Examples of these vendors offering free versions for a small employee size are Candy, Lumeer, and Quire. Some premium project management for small businesses are MetaTask, which starts at $6 per month, FreedCamp pricing starts at $1.50 per month, and Tracked for BaseCamp cost around $3 per month.
• Medium Businesses can expect to pay between $5 to $25 for project management software, depending on the package type and their number of employees. Todo.Vu costs around $9 per user, per month, Studio Organizer pricing starts at $19.50, and Lumeer costs around $8.
• Large Businesses can expect to pay less than medium-sized businesses for standard project management packages because their workforce is larger. However, prices for enterprise plans cost more. For example, Agile CRM costs around $80 per month, JotForm pricing is around $100 per month, and Kanbanchi $40 per month.

The price ranges for project management best of breeds are as follows:

• Collaboration Software Most of the collaboration tools in the market are priced per month and per user, and their pricings are usually divided into three tiers, which range from $0 to $4, $4 to $16, and $16 upward, respectively. However, these are the entry-level plans; premium and enterprise plans cost more depending on the vendors. An example is Pobuca Connect, which costs $2 monthly per user for its standard plan and $8 monthly per user for its enterprise plan. Others are Loop email, which costs at $8 monthly per user; HeySpace pricing starts at $4 monthly per user.
• Time Tracking Software Vendors of most time tracking software charge on a per user, per month basis, and the prices are divided into three tiers; they range from $0 to $3, $3 to $9, and $9 and above. Note that these are prices for the entry-level plans. For instance, Time Doctor pricing starts from $5 per month, TimeCamp pricing from around $6 per month, and Elorus costs up to $9 per month.
• Workflow Management Software Like other products related to project management, workflow management software are usually priced on a per-user, per-month basis, and the prices range from $0 to $13 and above. For example, Forms on Fire pricing starts from $20 monthly per user, Formstacks Form starts from $19 monthly, and KissFlow Digital Workplace from $360 per month for 30 users.
• Time & Expense Software Time and expense products in the market have pricings that range from $2 and $11 upwards, depending on the type of plan and number of users. Examples are EverHour, which starts from $5 monthly per user, Microsoft Dynamics GP costs for less than $1, and WorkTime Professional pricing starts from around $12 per month.
• Professional Services Automation Software Users can expect to be charged per month for most products in this category. The prices can be divided into three sections, and they range from $3 to $50 and above. For example, TigerPaw Software pricing is priced around $80 per user, per month, Business VoiceEdge costs around $30 per month, and Coaches Console pricing is around $150 per month.