Project Cost Tracking Checklist ( FINANCE )

This checklist is designed to ensure that all costs associated with a project are tracked and documented accurately throughout the project's lifecycle. It helps in maintaining transparency and aids in financial analysis and reporting.

• Define Project Budget

  Establish a comprehensive budget that includes all expected costs such as materials, labor, and overhead.

• Set Up Cost Tracking System

  Implement a software or method for tracking expenses related to the project, ensuring all team members are trained on its use.

• Record Initial Costs

  Document all initial expenses incurred during the project setup, including any deposits or preliminary costs.

• Track Ongoing Expenses

  Regularly update the cost tracking system with all ongoing expenses as they are incurred throughout the project duration.

• Review Costs Weekly

  Hold weekly meetings to review tracked costs, comparing them to the project budget and discussing any discrepancies.

• Prepare Cost Reports

  Generate monthly cost reports that summarize the project's financial status, including total costs, remaining budget, and any variances.

• Conduct Final Cost Review

  At project completion, conduct a final review of all costs associated with the project to ensure accuracy and completeness.

• Archive Project Financials

  Store all project financial documents and reports for future reference and compliance purposes.