Best Project Finance Management Software

Best Project finance management software are PlanStreet, ProofHub, FinancialForce, Scoro, and PROCORE. If you’re concerned about managing the finances for your project, you can use one of these management software systems that come with the latest features required for managing different projects.

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List of 20 Best Project Finance Management Software

Showing 1 - 20 of 26 products

Leading cloud-based business management solution

Oracle Fusion Cloud ERP is a cloud-based, end-to-end, business management solution designed for mid to enterprise-level customers with advanced capabilities. Read Oracle Fusion Cloud ERP Reviews

Emergents | 2024

Transform Visibility and Alignment: Strategy-Led P

KeyedIn Projects is a fully featured Project Management Software designed to serve Enterprises, SMEs. KeyedIn Projects provides end-to-end solutions designed for Web App. This online Project Management system offers Filtered Search, Resource Management, Collaboration, Issue Management, Capacity Management at one place. Learn more about KeyedIn

Emergents | 2024

ProofHub helps you to manage projects of all sizes

ProofHub is an online project management software and collaboration tool. ProofHub provides your team the right tools for better project planning. Make notes of important points that get skipped after a discussion within this online project management tool. Read ProofHub Reviews

Contenders | 2024

FinancialForce Supply Chain Management (SCM) your data is in real-time and easy to access so you will always know the accurate status. Most organizations manage the procure to pay and quote to cash processes in multiple systems requiring cumbersome integration points and without real-time visibility. Read FinancialForce Reviews

Emergents | 2024

All-in-one work management software

Scoro is one of the best budgeting software which comes with tools for CRM and project management as well. It helps you manage your entire business by providing you access to all the financial data at one place. It helps you with budget planning, preparing financial reports and analyzing, invoicing, and much more.  Read Scoro Reviews

Emergents | 2024

Software by Procore Technologies

Procore provides cloud-based construction software to clients across the globe. Using its award-winning suite of project management tools, hundreds of thousands of registered Procore users manage all types of construction projects including industrial plants, office buildings, apartment complexes, university facilities, retail centers, and more. Read PROCORE Reviews

Emergents | 2024

The “just-right” project management software that’

Workzone is the perfect balance between usability and features. Trusted for almost 20 years, Workzone's goal is to keep you successful over the long haul through unlimited training and personal-touch support. Learn more about Workzone

Category Champions | 2024

Best-in-class Cloud Accounting & Financial Managem

Sage Intacct is a cloud-based financial statement solution designed for small and mid-sized businesses. This robust and innovative software automates critical finance and accounting processes besides providing users with real-time financial insights. Read Sage Intacct Reviews

Category Champions | 2024

Powerful collaboration tool for teams of all sizes

Wrike is an online project management software that gives you complete visibility and control across your tasks. Online project management software to establish an advantage and align your team to work quick and active across your organization. Read Wrike Reviews

Category Champions | 2024

Easy Projects is an award-winning collaborative work management platform used by local and remote teams to achieve quantifiable operational improvements. On average, teams that use Easy Projects report 30% decrease in project duration and 60% increase in productivity. Read Easy Projects Reviews

Category Champions | 2024

Non-coding process management software

CMW Platform provides non-coding workflow software for business process modeling and management, workflow automation and productivity boost. Minimize dependency on IT and empower non-technical users to design, run and modify Workflows with drag-and-drop simplicity. Read CMW Platform Reviews

Most Reviewed

Contenders | 2024

MavenLink is one of the Best Project Management Software that provide to manage resource planning, every task and deliverable, and project financial in one place. It mostly successfully of project planning into reusable templates. Read MavenLink Reviews

Emergents | 2024

Software by Buildertrend Solutions Inc

Buildertrend is one the top most using construction software in the world. The software is integrated with mobile apps and all the features are customized. Buildtrends helps to build the project by powerful cloud system, and this is designed especially for custom builders, remodelers, and contractor. Learn more about Buildertrend

Emergents | 2024

Manage Your Projects Effectively and Efficiently

ProjectManager is a powerful online project management tool that enables you and your team to plan, track, monitor and report on your projects in real-time. Read ProjectManager Reviews

Emergents | 2024

Software by Planview, Inc

Starting from planning to execution, Cascade Strategy maintains quality in your strategies. The strategic management software offers a whole range of KPI and project management and on-report tracking tools to eliminate hassles and errors. Learn more about Planview

Category Champions | 2024

Founded in 2008, Acumatica is a future-proof Cloud ERP solution for managing the complexities of distribution such as purchasing, ordering, tracking inventory, filling orders, and delivering customer support. Read Acumatica Reviews

Emergents | 2024

Software by Zilicus Solutions

Zilicus, is project management software and collaboration tool on the market, includes in addition to typical features resources tracking, wide reporting options or customization options. Its user interface with icons makes it easy to use. Read Zilicus PM Reviews

Emergents | 2024

Software by Synergist Express Ltd

Synergist is a project management software suitable for the small and mid-size organizations, it provides with a  cloud-based and on-premise deployments and offers tools to help users manage time and expenses, scheduling and job costing, reporting & communication. Learn more about Synergist

Emergents | 2024

Cloud-based All-In-One Business Solution

WORKetc is an all-in-one cloud computing platform that powers fast-growing businesses across multiple countries. It integrates CRM, projects, billing, help desk, and more into one software solution. Learn more about WORKetc

Emergents | 2024

Easy Redmine is a highly adaptive project manageme

Easy Redmine is a fully featured Project Management Software designed to serve Agencies, Startups. Easy Redmine provides end-to-end solutions designed for Macintosh. This online Project Management system offers Cost-to-Completion Tracking, Time & Expense Tracking, Milestone Tracking, Portfolio Management, Agile Methodologies at one place. Learn more about Easy Redmine

project finance management software guide

What Is Project Finance Management Software?

Project finance management software helps businesses manage and analyze financial data related to specific projects. It is designed to assist project managers, accountants, and financial analysts in tracking the financial aspects of a project, such as budgeting, forecasting, cost management, and financial reporting.

Some key features of project finance management software include tracking expenses, monitoring project budgets and financial status, generating financial reports, and managing financial risk. It can also give project managers real-time insights into project performance and help them make informed decisions about project finances.

Some common project finance management software examples include Oracle Primavera, Microsoft Project, SAP Project Systems, and Deltek Vision. Large organizations, including construction companies, engineering firms, and government agencies, use these tools to undertake complex projects with significant financial implications.

Why Do Organizations Need Project Financial Management Software?

Project financial management software can be a valuable tool for organizations that manage complex projects. Here are some of the reasons why an organization might need Project Financial Management Software:

  1. Keep project progress on track

    Using project financial management software, you can keep track of a project's finances and ensure you stay within your allocated spending limit and timeline. You may discover possible issues early and take remedial action to keep the project going forward by tracking project costs and revenues in real-time. 

  2. Identify and prioritize high-ROI projects 

    Project management software with financial tracking can help you identify projects with a high return on investment (ROI) potential and prioritize them accordingly. By analyzing financial data and identifying opportunities for cost savings or revenue generation, you can make informed decisions about which projects to pursue and which to put on hold. 

  3. Improve resource management capabilities

    Project financial management tools can help you in managing projects and resources more effectively by providing real-time insights into project performance and resource utilization. This can help you allocate resources more efficiently and use your team's time and skills better. 

  4. Manage project scope and cost overruns

    Project financial management software can help you track project expenses and identify potential cost overruns before they become major issues. By monitoring project expenses in real-time and comparing them to the budget, you can identify areas where costs exceed expectations and take corrective action to bring the project back on track. You can also avoid costly project delays and overruns by monitoring project scope and identifying potential scope creep.

  5. Improved financial control

    Thanks to project financial management software, businesses can manage their money more effectively. Companies may check costs, manage budgets, and keep an eye on cash flow to remain on top of their finances and make wiser financial decisions.

  6. Increased efficiency

    Project financial management tools can assist firms in saving time and costs by automating financial management procedures, including invoicing, billing, and spending tracking. As a result, they can concentrate on other important areas of their projects, such as planning and execution. 

  7. Better forecasting and budgeting

    Software for project financial management gives businesses better insight into their financial performance, enabling more precise forecasting and planning. This allows businesses to budget for upcoming costs, better control cash flow, and make wiser investment choices.

  8. Enhanced collaboration

    With financial management software for projects, team members and stakeholders may collaborate and communicate more openly. This reduces the possibility of misconceptions or misinterpretation by ensuring everyone knows the project costs.

  9. Improved project profitability

    By optimizing project finances and ensuring they stay within budget, project financial management software can ultimately assist organizations in increasing project profitability. This allows businesses to maximize their return on investment and meet their financial objectives.  

Benefits Of Using Project Finance Management Software

Project finance management software can offer several benefits to organizations managing complex projects. Some of the main advantages of using this software include.

benefits of project finance management software

  1. Project Investment Decisions

    The capacity to do financial analysis, which enables project managers to make data-driven decisions based on objective criteria, is one of the main advantages of project financial management software.

    Financial ratios, including ROI, NPV, IRR, payback duration, and profitability index, can be calculated using the software, offering helpful insights into a project's financial viability. Project managers can make educated investment decisions by using this approach to find the projects that are most likely to generate the best returns.

  2. Portfolio Management

    The ability of project financial management software to improve risk monitoring and management is a significant advantage for portfolio managers. Before they become serious problems, the program can assist in identifying potential dangers and mitigating them. 

    Portfolio managers can take proactive steps to reduce risk and guarantee the portfolio's success by proactively identifying trends and patterns that may signal regions of heightened risk by examining financial data across the portfolio.

  3. Enterprise Budget Management

    By offering real-time insights into project spending and income, project finance management software can assist firms in managing their budgets more successfully. With early detection of potential cost overruns or revenue shortages, businesses can use this to guide remedial action that keeps the project on track. 

  4. Program & Project Cost Estimation & Cashflow Analysis

    Project finance management software can help organizations estimate project costs and analyze cash flow more effectively. Organizations can make more informed decisions about project funding and resource allocation by providing detailed cost estimates and cash flow projections.

  5. Project Financials Tracking

    TProject finance management software can help organizations track project financials in real time, providing a comprehensive view of project expenses, revenues, and financial performance. This can help organizations identify potential financial issues early and take corrective action to keep the project on track.

  6. Project Revenue Recognition & Invoicing

    With project finance management software, organizations can manage project invoicing and revenue recognition effectively. Organizations can streamline their invoicing and revenue recognition processes and improve cash flow management by automating them and providing real-time visibility into project revenue. 

Features Of Project Finance Software

Before selecting any project finance software, you need to check out the features that come with it. Below are the top features that you need to consider.

features of project finance management software

  1. Budgeting and Cost Tracking 

    Project managers can use this functionality to develop and manage project budgets and track project expenditures. Making educated judgments about resource allocation, cost management, and profitability is made easier by the clear picture it paints of the project's financial situation.

  2. Cash Flow Management

    Project finance software effectively administers project financial flows with tools for monitoring costs, invoicing, and payments. This aids in ensuring efficient project cost management and maximized cash flow.

  3. Resource Planning

    Project finance software includes tools for planning and managing project resources, such as personnel and equipment. This enables project managers to guarantee the effective and efficient utilization of resources.

  4. Financial Reporting

    Project finance software provides real-time financial reporting with the most recent data on project expenses, revenues, and profitability. Project managers can use this information to make wise decisions and correct the course when necessary.

  5. Risk Management

    Risk management is a key component of project management: locating, evaluating, and reducing possible hazards that could compromise a project's success. Risk can come from various things, including financial limitations, resource shortages, regulatory compliance, and technological uncertainties.

  6. Project Tracking

    Software for project finance provides tools for monitoring activities, deadlines, and milestones and features for tracking project progress. This makes it easier for project managers to monitor project deadlines and guarantee that projects are completed on time.

  7. Collaboration and Communication

    Project finance software includes features for collaboration and communication, with tools for sharing information, documents, and updates. This helps project teams work together more effectively and ensure everyone is on the same page.

How To Choose The Right Project Finance Management Software?

Considering the factors below, one can choose the right project finance management software that meets their organization's specific needs and is scalable, compatible, customizable, secure, and provides good value for the price.

how to choose project finance management software

  1. Identify your specific needs

    Before making a software selection for project financial management, it's critical to determine your unique requirements. Consider the needed features, such as resource allocation, risk management, forecasting, and financial reporting. Understanding your requirements will enable you to focus your search and select software that satisfies your needs.

  2. Consider scalability

    Your organization's needs for project finance management may alter as it expands. Finding software that can grow with your business is critical to avoid changing to new software every few years. Think about how well the program can handle increasing users and data and how easily it can be integrated with other systems.

  3. Check for compatibility

    Check to see if your current systems, such as accounting software, ERP systems, or project management software, are compatible with the project financial management software you are considering. Data discrepancies and time-consuming manual data entry can result from compatibility problems.

  4. Customizability

    Every organization has different requirements, and software that can be customized to meet your specific needs can be a game-changer. Look for a project finance management software that allows you to customize fields, workflows, and reports to tailor them to your organization's unique needs.

  5. Security

    Financial data is sensitive, and choosing software that provides robust security features, such as data encryption, user access controls, and audit trails, is important. Make sure the software provider is transparent about their security policies and protocols.

  6. Evaluate pricing

    Project finance tools can vary widely, so it's important to evaluate pricing carefully. Consider the total cost of ownership, including licensing fees, implementation costs, training, and ongoing support. Compare pricing across different vendors and consider the value the software provides for the price.

Top 5 Project Finance Management Software

Below is the list of the 5 best project finance management software you can consider. Compare these platforms' features, pros and cons, and pricing.

Name
Free Trial
Demo
Pricing

KeyedIn

14 Days

Yes

Starts at $15

ProofHub

14 Days

Yes Starts at $45

FinancialForce

14 Days

Yes

On-Request

Scoro

14 Days

Yes

Starts at $26

Workzone

No

Yes

Starts at $200

1. KeyedIn

The cloud-based PPM software from KeyedIn is an effective resource for businesses wishing to strengthen their project management capabilities.

KeyedIn is in a good position to assist enterprise organizations in managing their complicated projects more efficiently because of its powerful capabilities, adaptability, and user-friendly interface.

kayedin dashboard


Features

  • Project and resource management
  • Financial management
  • Risk management
  • Customization and flexibility
  • Real-time reporting and analytics
  • Collaboration and communication tools
  • Task management

Pros

  • Comprehensive set of features
  • Customization options
  • Real-time reporting and analytics
  • Integration with other business systems

Cons

  • Steep learning curve
  • Can be expensive 
  • Limited customization without IT support
  • Limited mobile app functionality

Pricing

  • Managed Resource License: $15 Per User/Month
  • Team Member License: $30 Per User/Per Month
  • Manager License: On Request

2. ProofHub

A complete project management tool like ProofHub may facilitate productive collaboration and effective project management. Thanks to its user-friendly design and extensive feature set, it is a fantastic option for organizations of all sizes. In addition, ProofHub provides iOS and Android mobile apps, enabling team members to use the program from any location.   
proofhub dashboard
Features

  • Task management
  • Project communication
  • Time tracking
  • File sharing and collaboration
  • Project reporting
  • Custom branding
  • Project templates
  • Gantt charts and project timelines
  • Mobile app

Pros

  • Easy to use
  • Comprehensive feature set
  • Customizable
  • Affordable
  • Mobile app

Cons

  • Limited integrations
  • No time tracking for team members
  • Limited reporting
  • Cannot be used offline or without an internet connection
  • Limited customization options

Pricing

  • Free Plan: The free plan includes one project, up to three users, and 100 MB of storage.
  • Essential Plan: $45 per month 
  • Ultimate Control Plan: $89 per month 
  • Custom Plan: For larger businesses with more complex needs

3. FinancialForce

Since FinancialForce was developed on the Salesforce platform, it works perfectly with the company's other products, such as Sales Cloud and Service Cloud. This offers a single source of truth for client data and enables organizations to manage their financial and operational activities in one location.

financialforce dashboard

Features

  • General ledger accounting
  • Accounts payable and receivable
  • Cash management
  • Billing and revenue recognition
  • Financial reporting and analysis
  • Multi-currency management
  • Talent acquisition and recruiting
  • Performance and talent management
  • Compensation and benefits management
  • Project management and project planning
  • Resource management
  • Billing and invoicing
  • Inventory and order management

Pros

  • Comprehensive solution
  • Integration with Salesforce
  • Customization
  • Mobile access
  • Collaboration features

Cons

  • Costing is on the higher side
  • Difficult learning curve
  • Customer support is delayed
  • There is limited industry focus

Pricing

  • On Request

4. Scoro

The all-inclusive company management tool Scoro offers several functions to assist organizations in managing their projects, sales, billing, and team collaboration. Thanks to its user-friendly interface, customizable dashboards, and connectors, it is a flexible and effective solution for organizations of all sizes.
scoro dashboard
Features

  • Project management
  • Time tracking
  • Sales management
  • Invoicing and billing
  • Reporting and analytics
  • Collaboration tools
  • Resource planning
  • Integrations with other software

Pros

  • Comprehensive solution
  • Customizable
  • User-friendly interface
  • Real-time insights
  • Integration

Cons 

  • Pricing is high
  • Can be difficult to learn
  • Provides limited customer support
  • Very fewer customization options

Pricing

  • Essential Plan: $26 per user per month
  • Work Hub Plan: $37 per user per month
  • Sales Hub Plan: $49 per user per month
  • Ultimate Plan: Custom pricing 

5. Workzone

Workzone is a web-based project management solution for teams and organizations to better manage project tasks, and deadlines. It offers a central location for team collaboration and communication, allowing teams to communicate and follow the status of projects in real-time. 

Project and task management, document management, time tracking, reporting and analytics, team collaboration, Gantt chart view, customization, and connectors are just a few of the many features that Workzone offers.

workzone dashboard

Features

  • Project management
  • Task management
  • Document management
  • Time tracking
  • Reporting and analytics
  • Team collaboration
  • Gantt chart view
  • Customization
  • Integrations

Pros 

  • Easy-to-use
  • Comprehensive project management features
  • Customizable
  • Great customer support
  • Real-time project tracking

Cons

  • Limited integrations
  • Limited mobile app
  • No free plan
  • Steep learning curve
  • Limited automation

Pricing

  • Team: $200/month for up to 5 users and 50 projects
  • Professional: $400/month for up to 10 users and 100 projects
  • Enterprise: Custom pricing 

Challenges of Using Project Finance Software

While project management tools offer several benefits, there are also some challenges that organizations may face when using this software. Some of the main challenges include:

challenges in project finance management

  1. Lack of visibility into utilization optimization and billing

    Lack of visibility into utilization optimization and billing is one of the main issues that project finance software customers encounter. This refers to the capability of monitoring resource utilization across numerous projects and how it affects invoicing and profitability. Making educated judgments about resource allocation and project management might be challenging without good insights into use and billing.

  2. Inefficient cashflow tracking solutions

    Another issue is that project finance software does not offer effective methods for tracking cash flow. Effective cash flow management and ensuring funds are available when needed may be challenging. Making wise financial decisions and guaranteeing that projects are sufficiently funded might be difficult without precise and current cash flow data.

  3. Weakening focus on margin control and profitability

    However, using project finance software can make it difficult to have a laser-like focus on margin control and profitability. Many project finance software solutions emphasize project administration and tracking more than financial analysis and optimization. It might be challenging to ensure initiatives generate the anticipated returns without clearly focusing on margin control and profitability.

  4. Budgeting & forecasting accuracy challenges

    Another challenge that users of project finance software face is ensuring budgeting and forecasting accuracy. Project finance software uses accurate data inputs to generate accurate financial forecasts and budgets. Without accurate data inputs, it can be challenging to generate accurate financial projections, which can lead to budget overruns or other financial issues.

  5. Inability to set cost controls for projects

    Finally, project finance software may not allow users to set effective project cost controls. This can make it difficult to ensure projects are completed within budget, leading to cost overruns and other financial issues. Without effective cost controls, managing project finances effectively and ensuring that projects are completed on time and within budget can be challenging.

  6. Complexity of the software

    Software for project finance might be complicated and challenging. Because of this, it may be difficult for users to take full advantage of the software's features, which may result in errors or ineffective project management and financial analysis.

  7. Integration with other software systems

    Integration of project finance software with other software platforms, such as accounting or enterprise resource planning (ERP), may be necessary. This can be difficult and may need more resources and specialized knowledge.

  8. Limited customization options

    Financial data is sensitive, and choosing software that provides robust security features, such as data encryption, user access controls, and audit trails, is important. Make sure the software provider is transparent about their security policies and protocols.

  9. Data security concerns

    Project finance software may include private financial data, which risks data security. Users might need extra precautions to ensure data is appropriately secured and protected.

Trends in Project Finance Software

Trends in project finance software include cloud-based solutions, integration with other software systems, artificial intelligence and machine learning capabilities, greater customization options, improved data security, and a greater emphasis on user experience.

These trends aim to provide greater flexibility, efficiency, accuracy, and security in project financial management and a more tailored and user-friendly experience for organizations.

trends in project finance management software

  1. Cloud-based solutions

    Software for project finance hosted in the cloud is gaining popularity. As long as they have an internet connection, users can access the program from any location, at any time, and on any device. Organizations can now be more flexible and scalable because of this.

  2. Artificial intelligence and machine learning

    Certain project finance software systems now include machine learning (ML) and artificial intelligence (AI) capabilities. This can assist in automating repetitive operations, enhancing the precision of financial forecasting and budgeting, and offering insights and suggestions for more informed financial decisions.

  3. Greater personalization 

    Project finance software is becoming more customizable, allowing organizations to tailor it to meet their needs. This includes the ability to create custom reports, dashboards, and workflows.

  4. Stringent data security

    Project finance software is being developed with improved security features, like encryption and multi-factor authentication, in response to the growing necessity of data protection. This aids in defending against online threats to sensitive financial information.

  5. Greater emphasis on user experience

    Finally, project finance software is being designed to emphasize user experience. This includes improved user interfaces, intuitive workflows, and training and support materials. This helps ensure users can effectively leverage the software's capabilities to achieve their financial goals.

Conclusion

The management and optimization of project finances depend heavily on project finance software. While users might encounter issues like poor cash flow tracking, and lack of visibility into usage and billing, new trends like cloud-based solutions, software system integration, and artificial intelligence capabilities are addressing these issues and delivering greater flexibility, efficiency, and security. 

Project finance software will help businesses make better financial decisions, increase project profitability, and reach their financial objectives as it develops further.  

Last Updated: January 02, 2024