The Best Project Cost Management Software

Here’s a rundown of the top 7 project cost management software based on core features, cost, and customization options.

1 Smartsheet – Best Overall

Why We Chose It: Smartsheet is our top project cost management software pick because of its advanced automation capabilities. These enable users to manage various operational facets, including a ticket system and budget tracking. Furthermore, by updating a single sheet, linking and VLOOKUP features can automate other sheets without even opening them. This capability not only streamlines processes but also minimizes human error, which is crucial for cost management.

Smartsheet’s real-time collaboration features aid comprehensive project visibility. This real-time sharing extends to both internal teams and external stakeholders, ensuring that everyone involved in a project is updated and on the same page. The platform offers a centralized system for managing tasks, projects, and deadlines, ensuring everyone remains accountable. This centralized transparency ensures better project and cost oversight.

2 Monday.com – Most Versatile Option

Why We Chose It: Monday.com is our most versatile pick because it caters to numerous use cases and industries. For example, manufacturing teams can use it to track inventory and manage production schedules. Sales agents can manage leads and sales pipelines. And software developers can do code collaboration and bug tracking.

Monday.com offers a customizable platform for project cost management. Users can set up boards to monitor expenses, adding columns to compare budgeted, actual, and remaining costs. The software supports automated calculations and integrates with tools like Excel for data import and report generation. This ensures teams effectively manage their budgets and achieve their goals.

3 Project Insight – Best for Growing Companies

Why We Chose It: We found Project Insight good for growing companies because of its customization options. As companies expand, their needs change. Project Insight’s high customizability allows businesses to mold the software according to their evolving requirements. This adaptability ensures they aren’t stuck with a one-size-fits-all solution. With varied subscription packages, businesses can optimize their investment by paying only for the features they genuinely require, ensuring they aren’t overspending as they scale.

As businesses expand, decision-making becomes more complex. They may also face challenges with disparate systems. Project Insight’s integration with tools like MS Outlook, QuickBooks, Jira, Salesforce, and Zendesk offers a centralized hub for project and resource management.

4 Genius Project – Extensive Integrations

Why We Chose It: Genius Project provides broad integration capabilities with platforms like Microsoft Project, IBM Notes, Microsoft Outlook, SAP, and AP automation software. Whether deployed from the cloud or hosted on-premise, it offers user-friendly, modular accounting and business process solutions tailored for small to mid-sized custom manufacturers, covering the full engineering-to-cash cycle.

With its unified database, Genius Project caters to all company functions, features advanced planning tools, and manages intricate manufacturing processes. By utilizing its modules, organizations can enhance information-sharing across both large and small teams. Last, it integrates and synchronizes with MS Project plans.

5 mpower – Best for Construction and Engineering

Why We Chose It: We think mpower stands out for construction and engineering firms due to its precision in performance measurement. Mpower enables accurate project performance monitoring by allowing detailed time recording, managing costs, and optimizing expenditure. The software excels in budgeting, offering insights into project profitability by comparing budgets, actuals, and forecasts, and overseeing change requests and cost growth. Users can generate invoices and project valuations through a structured rate system encompassing timesheets, chargeable items, and fixed pricing.

6 Wrike – Best for Small Teams

Why We Chose It: Wrike is a dynamic project management software suited for smaller companies, marketing teams, agencies, and service providers. With diverse and sometimes rapidly-changing needs, small businesses benefit from its customizable workflows.

Wrike’s tiered pricing ensures that businesses can choose a plan that aligns with their budget, avoiding unnecessary expenses. Small organizations may not have the luxury of a dedicated training department. Regular training webinars offered by Wrike equip teams with the necessary knowledge, reducing the learning curve.

7 Contruent Enterprise – Best for Large Construction Projects

Why We Chose It: Contruent Enterprise is our top pick for large construction projects because it provides accurate cost and schedule management. The platform features advanced cost management and integrated scheduling. This precision boosts project deliverability and cost efficiency consistently.

Contruent also brings visibility into every project phase, from estimates to successful completion. This transparency ensures proactive change management and strict compliance, fostering better project control. Last, its scalability allows it to be tailored to individual projects while maintaining a macro view at the portfolio level.