Project Cost Tracker: Free Templates to Stay Within Budget

Keeping track of expenses is crucial for staying within a budget. According to Strategy+business, 91.5% of projects go over budget, schedule, or both.

A project cost tracker is an essential tool that helps managers monitor costs effectively. Using project cost-tracking tools such as templates is a great way to keep tabs on your costs throughout the entire project.

Are there any free project cost-tracking templates?

Even better than project cost tracking templates are 'free' project cost tracking templates.

We have found four different types of free project cost-tracking tools and templates that will help you manage all aspects of your project expenses more effectively:

Project Cost Tracking Template - Smartsheet

Link: Project cost tracking template

A project cost tracking template is an essential tool for managing project finances. It provides a structured approach to recording, monitoring, and analyzing project expenses. 

This template helps project managers ensure that the project stays within the project budget, track actual costs against planned or budgeted projected costs, and identify variances to take corrective actions if necessary.

Parametric Project Cost Estimating Template - Smartsheet

Link: Parametric project cost estimating template

A parametric project cost-estimating template is a powerful tool that leverages historical data and statistical relationships to provide accurate and efficient project cost estimates. 

Project managers can quickly generate reliable cost predictions by defining key parameters and using established estimation formulas, enhancing the planning and budgeting process. This method benefits projects with well-understood cost drivers and available historical data.

Three-Point Project Cost Estimate Template - Smartsheet

Link: Three-point project cost estimate template

A three-point project cost estimate template is a valuable tool for project managers seeking to enhance the accuracy and reliability of their cost estimates. This method provides a more comprehensive view of potential costs and associated risks by considering the best-case, most likely, and worst-case costs.

Integrating this approach into your project planning process can lead to better risk management, improved decision-making, and more effective stakeholder communication. 

Whether you are managing small projects or large or complex initiatives, a three-point estimating template is an essential component of modern project management practices.

Project Cost Schedule Template - Smartsheet

Link: Project cost schedule template

A project cost schedule template is a valuable tool that combines project cost management with scheduling. It helps project managers track costs and expenses over time, ensuring that the entire project's financial and time-related aspects are managed effectively. This template works as both a 12-month planning and cost-tracking tool.

Not only is a project cost-tracking template essential, but a project budget template or project budget spreadsheet are some other resources that come in handy when managing projects.

Whether managing budgets for a small project or a large-scale initiative, these templates will help you avoid the 91.5% of projects that go over their budget, ensure you stay on track financially, and achieve your project goals.

Is there a better alternative to project cost-tracking templates?

Expense management software automates data entry, expense category assignment, and report generation, making it a more efficient solution.

Shoeboxed

Shoeboxed stands out as an excellent alternative to traditional project cost-tracking templates due to its comprehensive automated features and ease of use.

While free project cost trackers are helpful, they require manual input and maintenance, tasks which can be time-consuming and prone to errors. That's why you should consider expense management software for efficiency and accuracy.

For those seeking a more efficient and effective way to track their project budgets, costs, and expenses, Shoeboxed presents a robust alternative to project cost-tracking templates.

Here’s why Shoeboxed stands out:

Digital receipt management

Shoeboxed transforms the way you manage receipts and project-related costs. It automatically turns receipts into digital data.

Mobile app

The Shoeboxed app allows you to scan receipts instantly using your smartphone camera, ensuring that expenses are recorded in real-time.

The app uses OCR (Optical Character Recognition) technology to automatically extract critical data from receipts, such as date, amount, vendor, and category, minimizing manual data entry errors.

The Shoeboxed app allows you to track expenses on the go. This is particularly useful for project team members who are at the site or working remotely.

Magic Envelope

The unique thing about Shoeboxed is its Magic Envelope.

If you don't want to do the scanning yourself, Shoeboxed will do it for you. Drivers can keep the Magic Envelope on their car's dashboard, filling it with receipts as expenses occur, such as gas, etc., and then mail them in the postage-paid envelope to Shoeboxed. The receipts will be scanned, human-verified, and uploaded to your Shoeboxed account for you.

Shoeboxed is the only receipt scanner app that will handle both your paper receipts and your digital receipts—saving customers up to 9.2 hours per week from manual data entry!

Gmail sync

Shoeboxed has a feature for Gmail users that automates receipt management and project expense tracking. Once you link your Gmail account to Shoeboxed, if you have any project cost receipts in your Gmail account, the system will scan and identify those emails containing receipts.

The software automatically pulls receipts from your emails and imports them into your Shoeboxed account. This includes receipts embedded in the subject line or body of the emails and those attached as PDFs, images, or other document formats.

Organization and categorization

Immediately after scanning, project costs are automatically organized into 15 tax or customized categories.

Detailed expense reporting

Shoeboxed automatically takes these categories and generates detailed expense reports. These reports can be customized to show specific project categories, dates, and other relevant information, making tasks such as monitoring project costs and preparing for audits quick and easy.

Mileage tracking app

Shoeboxed is also a mileage tracker app that uses your phone's built-in GPS.

Shoeboxed's mileage tracker is a valuable feature that enhances project cost tracking by accurately tracking travel related to projects.

Shoeboxed will auto-categorize your trip under the mileage category for expense tracking and tax purposes.

Accessibility and security

With Shoeboxed, there are no more manual or typed entries of project costs into the appropriate columns. Shoeboxed's mobile app will conveniently scan receipts, automatically extract the data, and categorize expenses for you, which minimizes the risk of human errors.

You can also access your project costs from anywhere, at any time. Shoeboxed uses secure cloud storage to ensure your financial data is safe and always accessible.

Integration

Seamlessly integrate Shoeboxed with accounting software like QuickBooks, making it easy to synchronize your project costs for accounting and tax purposes.

IRS compliance

Shoeboxed ensures that all digital copies of receipts are legible and categorized following IRS guidelines, which is crucial for tax preparation and audit protection.

An overview of Shoeboxed

While a free project cost-tracking template can be a good option, the time and effort required to create and maintain one can be considerable.

Shoeboxed offers a powerful and efficient alternative. It automates the project cost-tracking process and provides added benefits such as secure storage, easy integration, and compliance with tax regulations. For modern professionals and businesses looking for a streamlined approach to finance and project budgeting and management, Shoeboxed is undoubtedly the best choice.

What project expenses should you track?

Here are the key types of project costs that you should consistently monitor and track:

Labor costs

Employee salaries and wages

Track the salaries and wages of all employees working on the project, including full-time, part-time, and temporary staff.

Overtime pay

Record any overtime work hours worked by employees and the associated costs.

Contractor and freelance costs

Include payments made to contractors, consultants, and freelance workers involved in the project.

Material costs

Raw materials

Track the total costs of raw materials needed for the project, such as construction materials, manufacturing components, or office supplies.

Supplies

Include the cost of consumable supplies used during the project, such as stationery, cleaning, or small tools.

Equipment costs

Purchase costs

Record the purchase price of any equipment needed for the project.

Rental and leasing costs

Include costs associated with renting or leasing equipment.

Maintenance and repair costs

Track expenses related to the maintenance and repair of equipment used in the project.

Travel and transportation costs

Transportation

Record the cost of transportation for team members, including airfare, train tickets, car rentals, and fuel.

Accommodation

Include the cost of hotel stays or other accommodation for team members traveling for the project.

Meals and per diem

Track meal expenses and any per diem allowances provided to team members while traveling.

Mileage

Record mileage costs if team members use their vehicles for project-related travel.

Software and technology costs

Software licenses

Track the cost of software licenses required for the project, including any project management software, tools, design software, or specialized applications.

Subscription services

Include costs for subscription-based services such as cloud storage, online collaboration tools, or other recurring technology expenses.

Administrative and overhead costs

Office supplies

Track the cost of office supplies used for the project.

Utilities

Include costs for utilities such as electricity, water, and internet services.

Rent and lease

Record the cost of renting or leasing office space or facilities used for the project.

Marketing and promotion costs

Advertising

Track expenses related to advertising and promotional activities for the project.

Marketing materials

Include costs for creating and distributing marketing materials such as brochure templates, flyers, and digital content.

Event costs

Record expenses for hosting or participating in events, such as trade shows, conferences, or product launches.

Training and development costs

Training programs

Include costs for any training programs or workshops attended by team members to improve their skills for the new project.

Certifications

Track expenses for certifications or courses required for the project team.

Contingency costs

Risk mitigation

Allocate a portion of the project budget for unforeseen expenses and risk mitigation. This helps to cover unexpected costs that may arise during the project.

Miscellaneous costs

Unplanned expenses

Track any other miscellaneous expenses that do not fit into the above categories but are necessary for the successful completion of the project.

Effectively tracking these key project expenses ensures that you have a comprehensive view of where your budget is being allocated and can make informed decisions to keep the project on track by comparing actual costs with budgeted estimates.

Comparing estimated and actual costs

Comparing actual costs with budgeted estimates is critical to project cost management. This comparison helps identify variances, understand their reasons, and take corrective actions early on to keep the project on track financially.

You can create a visual that compares actual vs project budget estimates. Group your estimated costs by category and list fixed costs for each item. Then, enter actual costs as they occur to track project costs and see if they are under, on point, or over the project budget.

Example of budget vs. actual cost comparison

Frequently asked questions

What project costs should I track?

You should track the following project costs:

• Labor costs

• Material costs

• Equipment costs

• Travel and transportation costs

• Software and technology costs

• Administrative and overhead costs

• Marketing and promotion costs

• Training and development costs

• Contingency costs

• Miscellaneous costs

How often should I update the project tracker?

Ideally, you would need to update the project tracker in real-time or at least daily. Regular updates ensure the data is current and accurate as the task or project progresses, allowing for timely decision-making.

Can I use a cost tracker for multiple projects?

For example, many project tracker templates are designed to handle multiple projects. You can create separate sheets or tabs for each project within the same tracker to keep costs organized and manageable.

In conclusion

Whether managing a small project or a large-scale initiative, a complete project budgeting template ensures you stay on track financially and achieve your project goals. 

Integrating Shoeboxed with your project cost-tracking tool can further streamline the process by simplifying cost-tracking and categorization. Shoeboxed better ensures accuracy and efficiency over project cost-tracking tool templates. 

By regularly updating and reviewing project costs, project managers can identify potential cost overruns early and take corrective actions to keep the project on track.

Caryl Ramsey has years of experience assisting in bookkeeping, taxes, and customer service. She uses various accounting software to set up client information, reconcile accounts, code expenses, run financial reports, and prepare tax returns. She is also experienced in setting up corporations with the State Corporation Commission and the IRS.

About Shoeboxed!

Shoeboxed is a receipt scanning service with receipt management software that supports multiple receipt capture methods: send, scan, upload, forward, and more!

You can stuff your receipts into one of our Magic Envelopes (prepaid postage within the US). Use our receipt tracker + receipt scanner app (iPhone, iPad, and Android) to snap a picture while on the go—auto-import receipts from Gmail. Or forward a receipt to your designated Shoeboxed email address.

Turn your receipts into data and deductibles with our expense reports, including IRS-accepted receipt images.

Join over 1 million businesses scanning & organizing receipts, creating expense reports, and more—with Shoeboxed.

Try Shoeboxed today!