Some companies make it very difficult and time consuming to release unneeded project budgets. Project budget release should be simple, quick and easy. This will allow the funding of other projects to be much easier.
Projects are complicated. Lots of agreements and changes are constantly made, these should be managed properly.
Document all changes, variations and agreements on your projects. You should put everything in writing.
Project meetings can take a lot of time and cost a lot of money. A simple way to encourage meeting efficiency is to display the hourly cost of the meeting for all attendees to see. It is a simple way to keep attendees focused on getting things done and ending the meeting sooner.
Automation of the collection of project expense receipts is a key element in improving project efficiency.
Implement a receipt scanning system in your company finance software or project management software.
Project controls are important. They help you keep track of project costs and schedule. A good project controls system will help the project manage its costs and schedule, preferably part of a project management tool. It should be easy to use and automate as much of project controls as possible.
Restricted access to project information, documents and data can cause a significant increase in project cost and schedule. Ensure all your project team has access to the information and data they need.