Most Efficient Techniques on Finance Management

La Harba, CA, February 1 /ProjectManager/ --Having insufficient funds is a very common issue with project management. Project finances depend on the size of the project itself and how big the requesting organization is. Big projects require big funds, but there really are times that there isn’t enough.

In bigger organizations, there is usually a department assigned to do nothing but take care of finances for different projects, big or small. Project Manager got a little more realistic on a video release for one of their whiteboard sessions, where they gave techniques on finances management, in the case that the project manager has to take care of the budgeting himself because there is not a department to take care of the finances.

Project Manager’s Youtube Video: http://www.youtube.com/watch?v=5DybRTTvrmY
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In case the project manager has to do the budgeting, the keynotes provided by Project Manager will be his greatest resource. “I found myself in is leaving that environment, going into a project where I had to manage these all on my own. Without the group organization behind me, it was a nightmare. But, these are four tips that help me stay out of the red. I wanted to offer them to you too. If you find yourself in this position with it being the least favorite thing that you enjoy doing.” says Jennifer Whitt- Bridges, Director of projectmanager.com, who conducted the video presentation for How to Manage Finances.

To become an effective finance manager, a project manager should be able to define the budget. A good finance manager should first of all, know how big the budget is and how he can disseminate it wisely into different components. Another important thing is to document each step and to constantly communicate with his team, to know the status of things, in case he needs to bend allocations a little.

Next is to break down the components into trackable items. It is important to constantly track the status of the allocated items in a project, if possible, to make the tracking easier, the project manager can assign these components into groups and each group to a name. This makes the spend easier to track which also helps with the accuracy of documentation, giving his team and clients an easy and accessible way to manage and track their spend.

Third, is to create a system. “it’s not only just having the plan, but having a system in place where things are tracked and added to approved. So knowing who’s going to be doing this, where this is going to be located, when changes can be made, how it’s going to be done, and more importantly who has the authority to approve these budget changes or these financial resources.” Whitt – Bridges says as she explains the importance of creating a system for budgeting.

The most important thing in managing funds for certain projects is to determine and ask for the funds at an earlier date, this allows enough time for approval and allotment to process since these things normally take time. These are the four techniques covered in the 4 minute video by Project Manager to allocate project budgets wisely; it doesn’t necessarily mean that these are the only applicable steps in finance management.

Resources

The Project Management Project Management Leadership video:
http://www.projectmanager.com/how-to-manage-finances.php
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ProjectManager company descriptions and social media info:

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About Project Manager
Founded in 2008 by 4 guys who wanted to create a better toolset for managing projects. In just 12 months of going live, they grew to 25 staff and a healthy revenue stream. Project Manager now has customers in more than 100 countries and is one of the fastest project management service providers on the net. More than 70% of their customers are based in the USA with organizations like NASA, United Nations, Boeing and Volvo all managing projects on their platform.

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This release was published on openPR.