Feature

Cost Tracker

Automate financial project controls, including budgets, contracts, payments, forecasting & more in a single table for projects or programs.

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Cost Tracker

Automate financial project controls, including budgets, contracts, payments, forecasting & more in a single table for projects or programs.

More about this feature

Cost Tracker in Mastt

Eliminate spreadsheet cost trackers with a single, easy to use table bringing together budgets, committments, payments, risks and more to quickly drill down, identify variances and make decisions.

  • Familiar Look & Feel: Combines all financial data into one cohesive view that matches typical spreadsheet systems.
  • Real-Time Tracking: Bring together budgets, contracts, variations, payments, risks & uncommitted amounts into a single, streamlined table.
  • Auto Reporting: Create dashboards, reports and more from Mastt's extensive library of charts, tables and visualizations
  • Roll-Up Projects: Roll up project costs into programs and portfolios automatically for aggregated reporting.

Learn more about Mastt's incredible cost tracker below. 👇

What is a Cost Tracker?

A Cost Tracker is a tool that consolidates all financial aspects of a project, program or portfolio, including budgets, contracts, variations, payments and more into a single table. This integration provides a series of registers and a complete 'Overall' view of the finances, integrating all financial elements to enable accurate tracking of total costs and variances against the budget.

In Mastt, this view is the 'Overall' page within the 'Cost' module. This view is the pinacle of financial reporting and represents best practice, featuring in nearly all reports and dashboards of projects, programs and portfolios around the globe.

Challenges with Cost Tracking

Common challenges we see in managing costs on projects, programs and portfolios:

Fragmented Data: Collecting and consolidating financial data from multiple sources into registers can be time-consuming and complex.

❌ Complex Cost Tracking: Setting up, maintaining & troubleshooting spreadsheets, linking tabs, building wild formulas to incorporate committments and payments etc is error-prone and cumbersome.

❌ No Drill Down: Without drill down visibility from program to project, key decision makers can't answer their mission critical questions.

❌ Reporting: Formatting / transposing spreadsheet tables into charts and visualizations for reporting takes a huge amount of time for an unsatisfactory, out of date result.

No Standardization: Project data is in different formats and of varying quality. Lack of standardization makes it time consuming to streamline and automate processes or reports.

Manual Aggregation: To achieve a program or portfolio, someone has to try and copy + paste many project spreadsheets together across many projects.

Cost Tracking before Mastt has typically been a nightmare of spreadsheet tabs, error and complexity, that only one individual understands.

Mastt Cost Tracker Solutions

💡 One, Beautiful & Familiar Table: Automated view of all financial elements and variances in a single, automated table that matches principals of typical old spreadsheet systems making transition easier.

💡 Standardized, Easy to Use: Simple and standardized use at project level saves projects time, increases collaboration and captures data efficiently and automatically.

💡 Budget vs Actuals vs Forecast: Easily compare budget data against commitments, final forecast cost/total cost to complete, and payments to quickly identify progress and variances.

💡 Easy Drill Down: 'Unravel' rows quickly for detailed interrogation and faster decision-making, saving time and unncessary popups, browser tabs and windows.

💡 Resource Efficiency: Everyone saves time and does more with less thanks to streamlining data collection and reporting processes.

💡 Auto Reporting: Cost track data automatically power reports like dashboards, project status reports, and monthly reports.

💡 Real-time, Automated Data Aggregation: Project finances are automatically integrated in real-time, eliminating manual work and allowing automated roll up of projects into programs & portfolios

Mastt's 'Overall' is the pinacle of financial reporting and represents best practice.

Cost Tracker Features

Mastt's intuitive cost tracking tools simplify your workflow, making it easy to get started today.

🔷 Registers & Overall View: Digital & automated registers for budgets, contracts, variations, payments and more + complete 'Overall' view of the integrated finances.

🔷 Budgets & Sub-Budgets: Create budgets and sub-budgets for detailed tracking and management of work elements, scope, contracts etc.

🔷 Contracts Linked to Budgets: Configure contracts and link line items to one or many budgets, cost codes or work breakdowns.

🔷 Variations & Payments: Add variations and process payments against contracts, line items, and variations with a single click.

🔷 Risks & Uncommitted: Bring risks directly into the cost tracker from the risk module. Add uncommitted amounts for scope and other potential costs.

🔷 Variances: Compare budget data to actual costs, final forecast cost, total cost to complete, and identify variances.

🔷 Drill-Down: Access detailed breakdowns of cost data by unravelling rows for in-depth analysis and faster decision-making.

🔷 Adjust or Configure Columns: Customize and adjust columns within the cost tracker to display the most relevant financial data for your project.

🔷 Charts and Visualizations: Utilize out-of-the-box charts and visualizations for all contract data, covering committed, uncommitted, risk, and contingency categories.

🔷 Auto Reporting: Automatically generate charts, tables and visualizations for reports and dashboards from Mastt's extensive library of charts, tables and visualizations

🔷 Add Projects to Programs: Add and remove projects from programs and portfolios easily to create a program or portfolio cost tracker.

Add data easily and incorporate risks from the risk register for integrated control.

Cost Tracker Best Practices

🟢 Start Small: Ensure all projects, budgets, contracts, variations, and payments are integrated into the Mastt cost tracker from the begining before things snowball out of control in a spreadsheet.

🟢 Incorporate costed Risks: Contingency is dying off. Risk based build ups for final forecast costs / total cost to be completed provide a more accurate and comprehensive report.

🟢 Accurately Forecast: Expecting more scope, changes or other costs? Incorporate forecast & uncommitted amounts when identified to maintain accurate final forecast cost reporting.

🟢 Leverage Reports: Automate reporting from day 1 to present cost data clearly and effectively.

Step by Step Guides

Are you a Mastt user? Find detailed help articles by visiting help.mastt.com.

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Andrew Benn, WSP Technical Director

"With Mastt, our client can see the status of the project anytime, reducing back and forth queries, and not having to wait until the end of the month to receive a monthly report."

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Rebecca White, RPS Program Manager

"Mastt has saved our team significant time and effort in managing the financials elements of 65+projects. The team now has total visibility over their individual projects as well as the overarching program of works."

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Erik Maasepp, Capital Insight Senior Project Manager

"Mastt takes away a lot of user error that spreadsheets bring. With Mastt, we are able to combine multiple projects into programs or portfolios for management level analysis and direction."

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CAPT. Dan Foley, Army Digital Transformation Manager

"Mastt is increasing the team’s tempo and productivity by enabling real time information across our portfolio of projects. This transparency is assisting us to make informed decisions, to identify opportunities and reduce the risk."

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Dan Atkins, Jacobs National Program Manager

"Mastt's ability to record critical financial information as well as program forecasted delivery and milestones put Jacobs in a favourable position to our clients."

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Mohammed Salameh, Compass' Associate Director

"Moving to Mastt is one of the best decisions my team has ever made. It’s cost-effective, easy to use, and a quick set up."

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Fergus Bruce, Project Manager at WSP

"A key factor in our decision to adopt Mastt is its user-friendliness. It had to continue to empower us to work smart, allowing us to consistently deliver excellence across multiple sectors and geographic regions."

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