Cost tracking is an essential aspect of project management, and keeping track of the costs incurred within a project is crucial. At SaaSJet, we understand this problem and have created a solution to help us and other organizations track project costs effectively. Our solution is called “Cost Tracker for Jira Cloud” — a simple and functional application that optimizes the process of monitoring costs in the company.
What is the best way to calculate the costs of a project using Cost Tracker?
The formula for calculating the project cost is simple — people’s rates are multiplied by the allocated time plus direct expenses.
To use Cost Tracker, all you need to do is install the application from the Atlassian Marketplace and synchronize all Jira users with the add-on.
The first step is to set an hourly rate for each team member.
Next, you can add a list of costs associated with the project, including one-time and recurring expenses related to projects, users, or any user.
To estimate the scope of a project, you need to create a Jira filter that displays all tasks that have work logs for a certain period, say, the past month. Then you can generate a report by selecting the saved filter, specifying the default hourly rate (for users who do not have an hourly rate), and specifying the period for work logs and direct costs.
The generated report will include the following:
- The cost of the volume.
- The cost of the team.
- The costs associated with the selected period.
In addition, the report has a direct link to all its elements and is automatically adjusted as soon as something changes. The project manager can finalize the report, making it ready for reporting to stakeholders, and the financial data will be protected with the suitable restrictions set in the advanced settings.
So, Cost Tracker for Jira Cloud is an effective solution for tracking project costs. Based on our experience at SaaSJet, we are sure that many companies face similar problems, and this app can solve them. The app is currently free, and we hope it will be helpful for everyone.
