Budget management software

Software for creating and tracking project budgets in real time, ideally with seamless links to Xero

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Hi all,

 

A client is looking for some software to track their budgets and I am struggling to find something from an initial search. I wondered if anyone had any experience with budget tracking software that links to Xero (their current bookkeeping system).

 

They are a project-based business. So they will pitch for a project, price it up and agree a budget with the client (with margin built in). As ever, these budgets are constantly evolving, especially on the bigger projects. They want to be able to:

- Set a budget

- Amend it easily if things need to be 

- Assign actual costs to budget lines (ideally at the same time the invoice is processed in Xero).

- Easily review the remaining budget on the project.

 

They tried Xero Projects but found it did not quite work as they wanted. 

 

If anyone has any recommendation, that would be great.

Replies (4)

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John Toon
By John Toon
06th Apr 2023 08:55

You don't say what sector they work in but sounds like they need a sophisticated project system not budgeting system. There are a ton of them on the marketplace so I'd start there then come back for some insights once you've narrowed the field

Thanks (1)
Replying to johnt27:
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By Davemaverick
06th Apr 2023 15:03

Hi John,

It is a marketing agency/production company, but the projects can vary in budget size and requirement. For example, it could be a five-figure budget where they are writing and designing simply copy and ads for a social media campaign. Or it could be a six figure budget for a TV advert they produce in-house for brands.

I say budgetting as that is the thing I (as the accountant) have been asked to help with - namely finding a solution that gives better, real time information on the performance of a project. This has become more of an issue as the business has grown and the directors can no longer have a close handling of each project.

If that helps with any recommendation, they would be very much appreciated.

Thanks (0)
Replying to Davemaverick:
John Toon
By John Toon
06th Apr 2023 15:19

I'd start here: https://apps.xero.com/uk/search?q=marketing%20agency but also bear in mind that many agencies operate in products like Clickup, Monday, Trello etc and are building budgets and recording time by connecting to these products and then integrating back into Xero for invoicing

Thanks (1)
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By frankfx
06th Apr 2023 09:24

I do not have the answer.

However Excel Power Bi may provide you with a flexible solution.

Design your project template in Excel.

Then transfer _in a data file from Xero.

Clean that data file

Then wrangle to populate selected parts of your own excel project sheet.

Do this preparation once.

Then rince and repeat many times.

Thanks (1)