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Cost Tracking for Businesses in Dallas-Fort Worth

Cost tracking is available for your whole business or for a specialized project like a second location or a new product line. We can do it before the project begins to help you forecast, mid-project to see if you are staying in budget, or afterward to evaluate the total expenditures. For your entire business, we can allow you to see where your money is being spent to ensure you are keeping your spending in check to stay profitable and that your business will continue to grow.

Benefits of cost tracking

Benefits of cost tracking

When it comes to your business's budget, ignorance is not bliss. No matter if your business is successful or it's struggling, you need to know where you stand on profits, losses and expenditures. Effective cost tracking has business advantages that business owners shouldn’t overlook. Here are some of the benefits of cost tracking:

  • Spending Prevention: When a team allocates and estimates costs in the pre-planning stages, the project manager can ensure overspending doesn’t occur in specific areas.
  • Risk Management: A budget estimated using the correct data will have a low-risk allowance, giving the project its best chance of success, even if unforeseen risks occur.
  • Forecasting: Good forecasting can allow your team to identify what resources you will need for successful implementation including accurate budgeting.

Some of Our Cost Tracking Steps

Some of Our Cost Tracking Steps
  • Pre-planning: Our team will work with you to gather data to create a budget estimate. Potential resources are explored, and components like labor costs, software, and other materials are considered.
  • Estimating budgets: We then use the data from the pre-planning process to create a project budget estimate. This is then shared with you and any key stakeholders. This estimate is used to measure actual expenses so the team can see how the project is progressing.
  • Establishing cost controls: Establishing a good budget that forecasts when you will need to have capital available during the stages of a project rollout is essential. Cost controls help project managers get the right amount of money where it needs to go to ensure a smooth and successful project. This can include things like materials, hardware, software, vendor invoices, timesheets, and unexpected expenses.
  • Tracking costs: Budget tracking is an essential step to record all costs and how they relate to the baseline budget. By keeping up with the expenses in real-time, the team can understand how the project fits into the budget and where adjustments must be made.
  • Measuring results: At the end of each reporting period for a project, we will calculate if the project is staying within the estimated budget and if expectations are being met.
  • Updating forecasting: During this phase, we will meet with team members and stakeholders to discuss what has changed within the project or the budget. We can identify if there are any areas of concern so the project manager needs to make changes to ensure costs don't get out of hand and the business or project stays profitable.
  • Continuous improvement: Cost tracking allows your team to improve how a team executes projects, while also providing transparency to everyone involved in the finished project.

Contact Anik & Associates for Professional Cost Tracking for Your Business

When you are ready to take a project or your business to the next level, trust your bookkeeping needs to Anik & Associates. Whether you need help with one project or assistance with overall business forecasting, call 469-382-3539 or complete our contact form to set up a consultation.