Top Project Management Software for Finance Industry

Top Project Management Software for Finance Industry

 

 As a finance project manager, you understand the importance of keeping track of tasks, your company’s cash flow, and sticking to project budgets and deadlines. Whether you’re calculating an estimate or looking for ways to save money, you need to cover all of your bases to avoid tasks falling through the cracks and causing bottlenecks that slow down progress. 

By automating project tasks, monitoring the project timeline and budget, tracking milestones for each phase, and reporting the financial status of projects across departments or campaigns, financial project management software can make your job easier.

Top 5 Financial Project Management Software

Aha! Software

Aha software is project management for finance professionals that helps them define strategy, document ideas, and collaborate more effectively. They can also organize feedback, budget projects, and prioritize requests. 

You can use Aha! to create project schedules and financial reports based on project data, task assignments, and task reminder automation. For example, using the scorecard feature, you can rank project initiatives based on how they will increase sales, help retain customers, contribute to marketing, and impact operational efficiency. You’ll also need to specify how much effort each task will require. After that, the software calculates and assigns a score to each task to assist you in prioritizing your efforts. 

Clickup Software

ClickUp software is a web-based project management financial services tool that makes task management and collaboration easier. It includes, among other things, reminders, goal setting, scheduling, and an inbox. It’s completely customizable, and any team that needs to plan, organize, and collaborate on projects can use it. 

The tool’s recurring task feature aids in the management of multiple projects’ finances. For example, when you pay a monthly bill and mark it as complete, the platform automatically creates a new task for the following month. This makes it simple for your bookkeepers and accountants to keep track of invoices and prepare for audits. 

Evernote Business

Evernote Business platform offers project financial management tools and aids in simplifying workflows and project collaboration. In addition, Evernote teams software provides a centralized repository for project documents and data, making it simple to search for and locate your required data. 

As a cloud-based platform, Evernote Business allows your finance teams to collaborate and access information from any location, whether they’re in the same office or working from home. Its “spaces” feature allows them to connect, share updates, and pin notes in one convenient location. 

A library of templates is also available, including project timelines and deliverable templates. Your finance team can use these templates to create project budgets, trackers, and plans.

MeisterTask

MeisterTask is a task management tool with a user-friendly interface. You can customize its Kanban-style project boards to fit the various workflows that your finance team is working on. For example, Kanban boards can help your team stay on top of budgeting, accounting, and resource management projects. 

The tool’s project timeline feature, which works similarly to a Gantt chart software, allows you to see how project tasks and dependencies are progressing. It highlights incompatible tasks or overlaps, and it has a drag-and-drop interface for changing the start and end dates. From the timeline, you can also assign tasks to team members. 

Todoist

Todoist Software is a task management platform with a focus on project management. It allows you to make to-do lists, add tasks and subtasks, schedule tasks, assign task priority levels, and much more. 

You can use the software to track progress, delegate tasks, set due dates and set up automatic task reminders for any budgeting project. In addition, project team members can add comments, upload files (including voice notes), and access a task calendar to manage their schedules better. 

The software allows you to customize your task view based on the due date, priority, campaign, and other factors. In addition, its productivity visualization feature lets you keep track of each team member’s contribution. Individuals and teams can both use Todoist. 

Related Article: Top Project Management Software Dashboards, Compared

Bottom Line

The ability to automate recurring tasks like billing and invoicing, connect with teams from different departments, and keep financial documents and information centralized while managing projects appeal to finance leaders. This is why they are looking for finance software with all the required features. You can schedule a demo or read user reviews to make a knowledgeable decision.

Top Project Management Software Dashboards Compared

Top Project Management Software Dashboards Compared

 

Dashboards for project management (PM) provide you and your stakeholders with a quick overview of team progress. These dashboards take data about project performance and milestone achievements and display it in an easy-to-read format so you can figure out what to do next. PM tools often include reporting and project tracking features, such as visual reports or dashboards that allow managers to see project status, costs, and other key information at a glance. 

Choosing top project management software can be complicated; different tools provide different features, and pricing varies greatly from one vendor to the next. Let’s look at five of the best project management dashboards based on ease of use and customer satisfaction. 

WorkOtter

You can use a widget format in WorkOtter to customize the layout of each dashboard. For example, the most critical project information and data points should be at the top, while the details should be at the bottom. You can also send stakeholders recurring automatic dashboard report emails. This may reduce or eliminate the need for weekly meetings with high-level stakeholders, which can be time-consuming.  

Finally, you can customize dashboards based on user roles. WorkOtter can send everyone the same real-time data via custom dashboards that show relevant insights without jeopardizing data integrity because different stakeholders prioritize different information. 

Cost 

The Team edition costs $20 per month per user (the base edition does not include dashboards). 

Claritask

You can see task comments from contributors in the same dashboard as the main project and subtasks with Claritask. When team members require additional context or information, this facilitates better project communication. You can also keep track of time spent on projects by clicking the “play” button on each task.  

Cost 

The software costs $35 for the first seven employees. 

Read More: Project Management 101: Everything You Need to Know

Nifty

Because Nifty is so good at client management, it could be a strong contender for agencies. It also has a portfolio feature that allows you to create a collection of projects from which you can group clients. 

The home screen of your project management dashboard provides a window into every aspect of your project, allowing you to get a high-level status overview in a single glance. In addition, you can control and customize modules with drag-and-drop widgets to create a unique dashboard that meets your specific needs. 

You can also use the discussions tab to send documents to multiple collaborators for brainstorming or working sessions.  

Cost 

Nifty costs $49 per month. However, there are discounts available on annual subscriptions.  

GanttPRO

You can switch between the Gantt chart and the board view on the dashboard. You can also share project plans with others using a “secret public link” to keep stakeholders informed about project progress without requiring a login. 

You don’t have to start from scratch when creating a new project with GanttPRO because it has a template option. Furthermore, the dashboard allows you to access task settings directly from the grid rather than navigate multiple levels. You can, for example, change the priority of a task or its progress without leaving your workspace, and the Gantt chart grid will update the timeline accordingly. 

You can also export your Gantt chart to PDF, XLSX, or PNG formats. In other words, instead of creating a Gantt chart by hand in Microsoft Excel or Google Sheets, you can quickly create a professional project visualization to share with clients or other teams. 

Cost 

The monthly charges are $6.50 per user for up to 40 users.  

Workzone

The Workzone dashboard includes a Gantt chart view to see a project’s timeline and dependencies quickly. You can also access personal to-do lists based on your tasks, including a prioritized view of what you need to accomplish. Members of the team can quickly scan their deadlines to organize their workday better. 

Workzone’s project dashboard is an excellent tool for project managers and executives who want a high-level overview with the ability to drill down into individual projects to look into delays or overdue items as needed. 

Cost 

The Team subscription costs $24 per month per user. Volume discounts are available, and all subscriptions are billed annually. 

Bottom Line

Each project management dashboard has its own set of advantages and disadvantages. So rather than looking at all of a tool’s features, make sure you understand your company’s pain points and any issues with your current dashboard. Then, as you’re researching platforms, look at how the new platform’s features address your particular problems. 

Why You Need an Agile Project Manager?

Why You Need an Agile Project Manager?

 

Small businesses are increasingly employing Agile tools and processes these days. However, as more small and midsize businesses (SMBs) adopt Agile for project managers, questions about how to do Agile correctly will inevitably arise. 

One of the most frequently asked questions is whether traditional roles, such as project managers, are required in Agile Project Management Software frameworks. After all, isn’t the Scrum master in charge of project management? Moreover, is it essential to have a project manager when Agile already has product owners and product managers? 

This blog will look at some of the issues surrounding Agile project management’s changing role. But, first, we’ll go over the key responsibilities of an Agile project manager and why your small business might or might not need one. 

What is an Agile Project Manager?

Using the Agile framework or methodology, an Agile project manager assists with project planning, including budget, timeline, and scope. For example, a Scrum team may include an Agile project manager. 

The “business” side of things, such as resource procurement, contracts, budget reporting, and so on, will be handled by an Agile project manager, leaving the Scrum team to focus solely on iterative development. 

Although long-term planning isn’t typically part of an Agile or Scrum team, it’s impossible to avoid planning altogether—but you must be careful not to over plan. As a result, the Agile project manager’s role is contentious. So, let’s take a closer look. 

PM Role in Agile

A common point of debate is whether Agile teams require project managers. 

Two opposing points of view

1. Are so-called “agile” project managers merely a myth?

According to one school of thought, Agile project managers are a myth. After all, project managers aren’t mentioned in classic works like the Agile Manifesto or the Scrum Guide. 

The argument is that the traditional project manager role of tracking team performance, efficiently allocating resources, and charting detailed project plans is incompatible with self-organizing teams that plan, manage, and follow their work. 

While the logic behind Agile project management is that it eliminates the need for long-term planning—one year or more before projects begin—this does not mean that Agile projects can stop planning. 

Read More: 3 Must have Scrum Tools for Agile Teams

If you’re a small business working with external clients, planning the project budget, task timelines, and promising key deliverables with Agile contracts is required. You’ll need project managers who can create the project plans that you’ll present to clients when they sign the contract in this case.

2. Do Agile project managers serve a practical purpose?

On the other hand, businesses still require project managers to manage budgets, allocate resources, and identify project risks, according to the opposing viewpoint. 

They say that the assumption that Agile team members will take on those responsibilities automatically is flawed. In the “real world,” where projects must meet specific goals and businesses must work within tight deadlines, project managers are critical to ensuring that everything runs smoothly. 

Overplanning is one thing that will sabotage an Agile team’s momentum. Scrum software teams, for example, hold sprint planning meetings to commit to tasks that the development team will complete in a time-limited event (one week to one month). However, when teams spend too much time in these meetings, it is one of the main reasons for sprint planning failures. 

Traditional project managers, who emphasize the importance of planning, can waste hours debating the finer points and plotting out how to build them. 

Conclusion

While both of the above points of view have merits, we’ve seen how these arguments fall short in certain situations. The key to determining whether or not your company requires project managers is to determine how extensive your project planning requirements are. 

Project Management 101: Everything You Need to Know

Project Management 101: Everything You Need to Know

 

You can probably define project management and have been managing projects for your team if you have natural leadership skills, are detail-oriented, and enjoy having clear expectations. However, if you are unknown to the formal project management methodology, it is easy to become overwhelmed by this new responsibility.  

However, don’t worry! We’ll define standard project management terms, tools, and techniques in this guide so that you can lead a project with confidence. 

Project Management Terms to Know

Project management is the practice or discipline of organizing, motivating, and controlling efforts to achieve a specific goal. The project goal is created and delivered within the parameters of a budget, scope, and timeline. 

Project Manager

The project manager is the only person who has the authority to manage the project. They are in charge of defining the work/tasks, developing the project plan, keeping the budget in check, and managing the change order or request process. They also collect the project scope, maintain the project documentation, and report and communicate the project’s progress and status to all stakeholders. 

Project Team

The project team could consist of a mix of full-time and part-time employees or contractors who have been assigned to work on the project. They are responsible for comprehending the work to be completed and recognizing when to escalate concerns or issues to the project manager.   

Project Sponsor

The project sponsor is the person who initiated the project and has ultimate authority and final say over it. They are usually in charge of securing project funding, resolving high-impact issues and scope changes, and approving major project deliverables. Therefore, project isn’t considered successful or completed until the project sponsor declares it so. 

Best Project Management Tools

Gantt Chart

A Gantt chart software is a graphical representation of a project’s tasks along a timeline used to track project timelines. 

Work Breakdown Structure

A work breakdown structure, or WBS, is a hierarchical chart that outlines major project deliverables before breaking them down into smaller, more manageable tasks. It’s useful for complex project work to help identify where your team needs more detailed requirements for that task when identifying the critical path and establishing a reasonable timeline for deliverables. 

Risk Register

Every project has possible threats that, if they happen, will harm at least one of the project’s goals. These are project risks, and as the project manager, you should develop a risk register document to keep track of each risk event, the action required to mitigate or eliminate the risk, and the risk’s current status. 

Key Project Management Methodologies

Agile

The first formal project management methodology we will discuss is agile. Agile is a flexible and adaptive methodology for gathering project requirements and executing and delivering software projects in short bursts known as Sprints. You’ll begin the project with high-level requirements, but not every detail will work out before the team starts working. Instead, the team will concentrate on individual work blocks, present them to the project sponsor, and then make changes or move on to the next work block. 

Scrum

Scrum is an agile teamwork methodology for delivering iterative, incremental work segments. It is most commonly used in the development of software products. The term Scrum comes from the rugby game, where the Scrum Master, the team leader, empowers the Scrum team to work quickly and independently. 

Bottom Line: Project Management Advice

Project management is increasingly essential for companies looking to improve efficiency and timeliness. However, Each project has the potential to be a learning tool. A good project manager will always look at the big picture and individual project components. He can record the success, what went wrong, and what can improve. Overall, evaluating all aspects of a project, including the nitty-gritty, can help ensure future project success.