Cost management software is essential for your business to plan and control costs. It will help you estimate your financial activities for your business or project. The software will enable you to manage and plan the cost associated with your business. Finding the right software for your business can be challenging, but I have developed a list of the best cost management software that will help you take control of your business’s finances.

9 Best Cost Management Software

  1. actiTime – Best Cost Tracking Tool
  2. Harvest – Best Tracking Software
  3. Hubstaff – Best Cost Management Software
  4. Runrun.it – Best Work Management Solution
  5. Oracle Primavera Unifier – Best Project Management Software
  6. Avaza – Best Integrated Project Management
  7. Rydoo – Best Cost Tracking Tool
  8. Easy Projects – Best Project Management Platform
  9. TimeCamp – Best Time Tracking Software

1. actiTime – Best Cost Tracking Tool

PRICING: Starting at $6/per user/per month.

actiTime is a cost-tracking software that helps you monitor labor costs incurred by the project. It gives you the ability to calculate project revenues while staying in the know of changes in the financial performance of your business.

KEY FEATURES:

  • Time tracking
  • Reports and data analysis
  • Project tracking
  • Customer care
  • Billing and invoicing
  • Team management
  • Workflow
  • integrations

REASONS TO BUY:

  • Keeps track of employee’s working hours
  • Easy to use
  • User-friendly interface
  • Easy to manage
  • Ability to use on mobile devices
  • Great customer service
  • Reporting
  • Accurate cost analysis

REASONS TO AVOID:

  • The sync function tends to stop functioning
  • Only enters one day at a time
  • Unavailable costing for a project

2. Harvest – Best Tracking Software

PRICING: 30-day free trial. Starting at $12/per seat/per month.

Harvest is a tracking software that combines time tracking and expense monitoring functionality. You will be able to keep detailed records of hours worked and retrieve data on billable time and labor costs in a report on project progress. If this sounds like something you need, then Harvest will work for you.

KEY FEATURES:

  • Time tracking
  • Reports and analysis
  • Invoicing and payments


REASONS TO BUY:

  • Great customer support
  • Ability to track hours for projects or tasks
  • Robust software
  • Easy to use
  • Set budgets for every project
  • Compartmentalize time spent on projects
  • Easy to send invoices

REASONS TO AVOID:

  • Different projects have to be separated
  • Notifications can’t be configured for a project
  • Lack of screen printing job tracking

3. Hubstaff – Best Cost Management Software

PRICING: Starting at $5.83/per user/per month.

Hubstaff is a cost management software that offers a variety of project cost management solutions and provides managers with a complete profile of employees’ online activity. It will help you set budget limits based on time or cost and set weekly limits to prevent your team members from driving up project costs.

KEY FEATURES:

  • Time tracking software
  • Online timesheets
  • Time reporting
  • Time clock app
  • Geofence time tracking

REASONS TO BUY:

  • Task time calculation
  • Activity screenshot
  • Reporting
  • Intuitive user interface
  • Add various projects
  • Track worker’s time on every project

REASONS TO AVOID:

  • Sometimes shows wrong activity count of team
  • Lack of discounts
  • Lack of flexibility
  • Clumsy payroll incorporation

4. Runrun.it – Best Work Management Solution

PRICING: Free package available. Starting at $8/per user/per month.

Runrun.it is a work management solution software that enables your company to track employees’ time. It will help you with your tasks, projects, and workflow while being simple to use. If you’re looking for a software that will automatically count hours, and allocate costs to clients, projects, and task types, then Runrun.it is the solution for you.

KEY FEATURES:

  • Smart time tracking
  • Dashboard
  • Costs
  • Reports
  • Predictability
  • RR-board
  • Integrations and API

REASONS TO BUY:

  • Data-driven decisions
  • All-in-one location
  • Automated operations
  • Interactivity
  • Keep up with coworkers
  • Constant improvements and updates
  • Learning opportunities

REASONS TO AVOID:

  • Sometimes plugins and features do not work
  • Timer counter stops unexpectedly
  • Hard to keep track of workers tasks
  • Clumsy calendar interface

>>More: Best Threat Detection Software | Best Digital Marketing Software | Best Antivirus Software For The Dark Web | Best Artificial Intelligence (AI) Investing Software

5. Oracle Primavera Unifier – Best Project Management Software

PRICING: Custom-quoted.

Oracle Primavera Unifier is a project management software that focuses on helping project-intensive businesses manage their entire project portfolio lifecycle. You can leverage extensive configuration and prebuilt processes for a rapid start to automate any process with custom forms and workflows.

KEY FEATURES:

  • Project cost control
  • Contact management
  • Cash flow management
  • Earned value management
  • Fund management
  • Maintenance management
  • Space management
  • Transaction management
  • Dashboard and reporting

REASONS TO BUY:

  • Ability to automate most of the processes
  • Detail-oriented
  • Variety of features
  • Accurately manage projects
  • Track projects progress
  • Manage resources
  • Identify backlog of operations
  • Easy to use

REASONS TO AVOID:

  • Java does not update
  • Lack in updates
  • Can be complex

6. Avaza – Best Integrated Project Management

PRICING: Starting at $0/per month.

Avaza is an integrated project management software that offers many useful features for an integrated project management experience. You will have everything you need to monitor employee expenses and create invoices. It will increase the cost and time efficiency of your expense tracking process and aid you in making more informed management decisions.

KEY FEATURES:

  • Project management
  • Project resource scheduling
  • Team chat
  • Online timesheets
  • Expense management
  • Online invoicing
  • Recurring invoicing
  • Quotes and estimates
  • Business reporting
  • Integrations

REASONS TO BUY:

  • Time and expense reports
  • Fits varying preferences
  • Report generation
  • Task management
  • Invoicing
  • Creates dependencies and links tasks to calendars
  • Clean and intuitive dashboard

REASONS TO AVOID:

  • Lack of due dates for sub-tasks
  • Lack of phases for big projects
  • Lack of flexibility in quoting system

7. Rydoo – Best Cost Tracking Tool

PRICING: Starting at $8/per user/per month.

Rydoo is a cost-tracking tool that streamlines the expense management process. You will have the ability to access and overview submitted data at any time and without investing extra resources into its processing. It will prompt detection of possible adverse changes in team spending trends and lower workload within your financial department.

KEY FEATURES:

  • Integration
  • Real-time expense reporting
  • Expense policy rules
  • Receipts and expenses

REASONS TO BUY:

  • Easy to use
  • Interface can review expense reports by trip
  • No need for training
  • Syncs into ride-sharing
  • Detailed expense management
  • Scanning receipts via mobile devices
  • Reporting of expenses

REASONS TO AVOID:

  • Support responsiveness
  • Lack of flexibility in setting approval flows
  • Lack of features to detail

8. Easy Projects – Best Project Management Platform

PRICING: Starting at $12.58/per user/per month.

Easy project is a management platform designed to assist you in managing all aspects of your company’s projects. It provides you with powerful functionality for budgeting and cost monitoring. You will have access to a multitude of metrics for comparing budgeted estimates with actual costs and checking the profitability of your projects.

KEY FEATURES:

  • Project management
  • Reports
  • Resource planning
  • Business intelligence
  • Collaboration tools
  • Project portfolio
  • Time tracking
  • Integrations
  • Budgeting


REASONS TO BUY:

  • Allows stakeholders to track progress
  • Easy to manipulate information
  • Reporting is easy to see and produce
  • Fast adding and updating
  • Resource allocation is simple and easy to use


REASONS TO AVOID:

  • Hard to navigate
  • Challenge to filter through projects
  • Challenge to search through projects

9. TimeCamp – Best Time Tracking Software

PRICING: 14-day free trial. Starting at $0/per user/per month.

TimeCamp is a time tracking software that is designed to monitor and optimize the efficiency of your work. It will help you measure the time spent on computer activities. You can use it for stationary work within your company and remote employees.

KEY FEATURES:

  • Graphical timesheet
  • Automation
  • Computer time dashboard
  • Integrations and add-ons
  • Invoicing


REASONS TO BUY:

  • Free to use up to 5 users
  • Track your productivity
  • Accurate reporting
  • Clean dashboard
  • Time tracking
  • Automate time tracking

REASONS TO AVOID:

  • Lack of customized automatic time tracking
  • Lack of clean reporting
  • Lack of intuitiveness

References & Links

  • https://www.actitime.com/
  • https://www.getapp.com/project-management-planning-software/a/actitime/reviews/
  • https://www.getharvest.com/
  • https://www.getapp.com/finance-accounting-software
  • https://hubstaff.com/
  • https://www.trustradius.com/products/hubstaff/reviews#reviews
  • https://runrun.it/en-US
  • https://www.capterra.com/p/178611/Runrun-it/#reviews
  • https://www.oracle.com/industries/construction-engineering
  • https://www.capterra.com/p/181519/Oracle-Primavera-Unifier/?featureDD=on#reviews
  • https://www.avaza.com/
  • https://www.trustradius.com/products/avaza/reviews#reviews
  • https://www.rydoo.com/
  • https://www.trustradius.com/products/rydoo/reviews?qs=pros-and-cons#reviews
  • https://www.easyprojects.net/
  • https://www.trustradius.com/products/easy-projects/reviews#reviews
  • https://www.timecamp.com/
  • https://www.trustradius.com/products/timecamp/reviews?qs=pros-and-cons#reviews

Read More