My Communities

The project finances is all about planning how to get the fund for your project , how to organize the way the fund will be used, how to monitor it and how to set some control strategies in order to avoid financial risks that may occur during the project implementation.

Every month the project and finance manager will hold a meeting discussing and tracking expenditures. they should discuss on the tracking tool for expenditure tracking in the organization.

Since tracking and analysis of project finances is best done monthly, the project manager and the finance manager would either be reporting weekly or monthly about the project activities broken into smaller unit to team members and other related stakeholders

Hi team, I have noticed that we are spending a lot of money on transport. I am suggesting that we start meeting every last Friday of the month so that we agree on how we can go forward on this. Otherwise our burn rate on this may cause us to loose trust from donors. We also have to communicate our resolve with our donors.

This is quite relevant Aima-Mir, thank you for sharing. you have dymystified the essence of communication about project finances

I agree with you

managing project finance allows the project team to complete their work efficient and donors will satisfy. But without knowing how the expenses are going on then most probably that project wont be successful.

In every first monday of the month the Financial manager and the project manager can invite the team to show the financial perfomance during the previous month and advise them to continue or better perform with good financial practices.

Every month, the project Director and the field managers will discuss activity costs from the previous month using information from the Financial Tracking and Reporting Tool. The purpose of this meeting is to reflect on spending to date to inform future decision-making

Every month, the project manager will meet with the team and have the Financial Manager facilitate discussions around the project finances

Every month, as a finance manager together with project team and project manager, financial report of the previous month project expenditures.

Communicating about project finances

Chaque mois, nous tiendrons des réunions régulières avec le chef de projet et les responsables de terrain afin de leurs expliquer l'outil de suivi et rapport financier de chaque catégories des dépenses. Après chaque réunion de concertation, nous fournirons à l'équipe un tableau de bord auquel plusieurs personnes ont accès, ou de tout autre moyen par lequel votre équipe partagera l'information.

Chaque mois, nous tiendrons des réunions régulières avec le chef de projet et les responsables de terrain afin de leurs expliquer l'outil de suivi et rapport financier de chaque catégories des dépenses. Après chaque réunion de concertation, nous fournirons à l'équipe un tableau de bord auquel plusieurs personnes ont accès, ou de tout autre moyen par lequel votre équipe partagera l'information.

Project manager selects the most priority projects with logically budget estimation and send to the steering committee for budget approval. When the project budget approve, they will send the fund for implementing in the ground to the finance manager and they will conduct a meeting to inform about budget available to the program team and let them manage the budget in cooperation with finance manager. They will conduct physical monthly meeting to report the last month project expenditure to make sure if it meets to the master budget approval. Finance manager responsible for preparing monthly budget vs actual and inform to the line manger.

As for me, our team will engage a monthly regular meeting to analyze and review project finances with the team so as to ensure our spending is within budget lines.

And weekly dashboard will also be engaged with the project manager to evaluate current progress on project finances

Monthly, as a project manager, project staff together with financial manager, we will hold a staff meeting to explain the last month project expenditures. At the same time, the information about remaining obligated funds will be shared with the project staff. In spite of this, I will be giving out weekly updates about project finances via email to all project staffs

Communicating about project finances is fundamental in analyzing the financial stand of the project, this will help the project team estimate the future expenses and how to handle them. Communication is also important when it comes to decision making in the future.

My project team will communicate about project finances through regular meetings and a tool that several people have access to share information.

Every month, as a project manager together with financial manager, we will hold a staff meeting to explain the last month project expenditures. At the same time, the information about remaining obligated funds will be shared with the project staff. In spite of this, I will be giving out weekly updates about project finances via email to all project staffs

Every month the financial manager will hold a meeting with the team to discuss the expenses for the next month and inform the team about the existing budget for that month.

Every month, the financial manager and the project manager, including the whole team will have a meeting usually on the first Sunday to discuss about the previous expenditures and reimbursements due, and then subsequently the budget for the next month and the tracking of expenses will be shared on google drive to the rest of the team for updates.

Every month, the financial manager and the project manager, including the whole team will have a meeting usually on the first Sunday to discuss about the previous expenditures and reimbursements due, and then subsequently the budget for the next month and the tracking of expenses will be shared on google drive to the rest of the team for updates.

My project team will communicate about project finances through regular meetings and a tool that several people have access to share information.

Every month the National programme manager, Operations manager and project team meet to discuss project spend in relation to forecasted spend to check level over/under spend of project finances. This helps the team determine whether spend is on/off target.

The Finance Manager meets with appropriate team members monthly and as needed. They also prepare a monthly report that outlines expenses versus budget.

In a meeting organized under our unit, the team leader explains the procedure to obtain project resources and the need to file accountability receipts within a month after the activity. In the meeting, the project leader discusses the need to do this on time to allow for proper financial management including monitoring and planning of spending to avoid overspending and underspending and efficiency in financial matters

The Project Manager and Finance Manager should always have meetings monthly in order to know how close the expenses has gone close to the obligated fund. The also have to analyze the expenses per month to know why there is high expenses or less in a particular month just to know why it is like that. They also need to meet regularly to know when to request for funds from donors.

As the Project Manager, Weekly meetings will be held with the project team for updates on expenditures, and monthly meetings with Financial Manager to review the months expenditures. the pipeline will be looked at and the burn rate.

The financial manager can have monthly meetings with the field officers and the project managers to discuss financial issues. The team can also standard tools for financial management and communication.

Every end of the month the finance manager communicates the project budget for the future month and the expenditure of the previous month to the team so that he may be able to plan for future expenses.

Our team communicates on monthly basis or daily incase of unplanned situations

At the end of each month , the financial manager, project manager and the whole team will have a meeting to discuss about the previous expenditures and reimbursements due, and then subsequently the budget for the next month and the tracking of expenses will be shared through Management information system to the rest of the team.

Communication is the key responsibility of the project manager. At least that’s what I’ve always contended. And, as the project manager, often your budget and schedule are your best communication tools. They are useful in communicating with both your team members and outside resources – your customer and your executive management – on the status of your project. After all, budget and schedule are two of the three major project success factors (the other being customer satisfaction). Each can be used in a number of ways. Let’s look at those closer…

The project budget as a communication tool
The budget defines the company’s financial commitment and is used to ensure that project expenses are kept in line. If variances do occur, they often anticipate a scheduling problem as well.

The budget also measures the degree of risk involved in your project. Any change in the company is accompanied by risk, and when time and money are spent, the decision to go ahead is based on a judgment of risk. Management will proceed with the project if it is convinced that the risk is acceptable and that future profit potential justifies that risk. So, for example, when you propose a project, you should communicate in terms of risk and likely reward. Approval will be granted as long as you can convince management that there’s a good chance that future profits will recapture this investment within a reasonable period of time.

The project schedule as a communication tool
The schedule defines the project, and, as long as you share it with management, it is a useful tool for ensuring that your definition conforms to theirs. When it’s broken down into phases, with deadlines tied to the final result, management has the opportunity to validate your direction, and you can ensure that your understanding of the project’s goals is correct. At this early stage, you can define exactly what the project should achieve.

ADVERTISEMENT

You also need to use the schedule during the later phases of your project in conjunction with review meetings to ensure (1) that you are on the right course and (2) that management’s desired outcome has not changed.

Finally, the schedule improves communication with your team and helps avoid delays. By identifying weak links and by communicating with other department managers and outside resources, you will avoid unexpected problems.

Brad Egeland is a Business Solution Designer and an Information Technology / Project Management consultant and author with over 25 years of software development, management and project management experience. He has successfully led project initiatives in Manufacturing, Government Contracting, Creative Design, Gaming and Hospitality, Retail Operations, Aviation and Airline, Pharmaceutical, Start-ups, Healthcare, Higher Education, Nonprofit, High-Tech, Engineering and general IT.

Communications about project finances should be done regularly with project staff as they will be up-to-date on the stage of project budget versus implemented activities.

Holding regular project staff meetings, where the financial manager updates the team on the project's previous expenditures and gives cashflow projection, is a good platform to communicate financial issues to the rest of the team.

The project finances are communicated within the project team, finance manager, project heads and donors on timely basis.

Nice and good example

Chaque mois, le Directeur financier et toute l'équipe du projet se réunisse pour analyser les données fournis par outil de suivi et de rapport financier du mois. puis, ils effectuent les prévisions de dépense du mois suivant.

Every beginning of the project, the project allocation budget is announced. However, its only the people who are attached to a project who get updates there after

At the end of every month, Project Manager will organize all project staff meeting to discuss the last month expeditures and also discuss the budegt consumption, forecast the next month expenditure with analysis where to balance the cost accordign to budget and after the meeting, send an email with minutes.

I agree with you

One way that our project team communicates about project finances to keep everybody up-to-date on the project financial status is having a shared document library in SharePoint in which a read only version of the tools used by the financial manager are filed by date. Such tools include a monthly financial report per project for internal use only, a cumulative financial report and a periodic financial report following the template required by the donor. That last is also quite important for the project team as the amount in the award currency may be different from what we use internally when the donor requires a specific calculation of the exchange rate to use in case the donor's currrency is different from the local currency.
Aside from these tools, we also have a weekly team meeting during which important updates are shared, such as coming activities for the next few weeks to allow us make any projections on the expenses and project balance status.

Project trucking financial tool is a great mechanism to keep everything on the project up to date even in future by estimating future costs and activities while carefully matching future activities with available budget or expected budget.

Every forth week of the month all project team should meet and discuss with finance team to share some important issues regarding financial status of the project.

Every Morning, the project and the financial manager will have to hold a meeting with the whole team staff and break the activities of the project to each staff and their expected role and after that the financial manager in the process have to explain to the team staff the type of tracking tool the will be used for tracking expenditures and when each staff is supposed to submitted. some of the tool required example Financial tracking and reporting tool

at the start of each month, the project managers invite the financial manager and the project staff to a meeting. the financial director begins to make a presentation on the execution rhythm of the budget for the past month, presenting the history of the spent cost and possible change in its next months

Actually this can be a monthly basis or by the end of the month the Finance team record all project spending and inform all team if there is any overspending

regular meeting, a tool or dashboard that several people have access to, or any other way that your team will share information.

Every month, as a project manager together with financial manager, we will hold a staff meeting to explain the last month project expenditures. At the same time, the information about remaining obligated funds will be shared with the project staff. In spite of this, I will be giving out weekly updates about project finances via email to all project staffs

Example: Every month, the project manager and the field managers will discuss activity costs from the previous month using information from the Financial Tracking and Reporting Tool. The purpose of this meeting is to reflect on spending to date to inform future decision-making

Why ?
Hi.everyone

There is problema i cant completas this courses

Project manager and finance manager have a weekly meeting to analyze the expenditure for that week and reciepts. Money is not released untill you account for whole reciepts. The project manager updates the team monthly on project finances.

totally agree to this.

Every month tool

That's great!It is easy to correct mistakes related to expenses if the all staff is engaged

Communicating project finance with team gives the project the opportunity to identify potential finance risks and take measures to to minimize resource use

However,forecasting future expenses if very difficult due to external factor which are beyond the control of the work organization E.g.War, COVID 19,global economic crisis all these affect the way the organization is operating

The project manager and the financial manager will hold a meeting with the whole team staff and explain how the money was spent during the month as well as highlight expenses that seems unnecessary so that every team member should stick to the budget as accomplish project goal.

The project Management team is discuss to run effectively the projects to setup the good strategy of project planning and budgeting.

There are so many way to try to address project finance issues with the team, perhaps the best and well better suit approach since activities, burn rate are monitor weekly basis, it's good to review thing via weekly meeting for all in put.

There are so many way to try to address project finance issues with the team, perhap the best and well better suit approach since activities, burn rate are monitor weekly basis, it's good to review thing via weekly meeting for all in put.

In the First Monday of all Months, the Financial Manager and also the the Project Manager will sit to discuss and update about the Project expenses and remaining budget, As a result of this meeting, a report will be produced attaching the recommendations for the team. this report must be shared with the Project team in the Project weekly meetings with the donors and also the Project Team

At the beginning of the project, finance manager will ask all divisions to make their respective budgeting plan. All expenses should be recorded by each division with the proof of receipts that will later be submitted to the financial manager for reimbursement, project expenditure monitoring, final project report, etc.

One thing I observed during the course, Managing Project Finances is that; in the category section of the project budget there was no provision for contingency sum. As unforeseen events could change our plans/budget drastically if not allowed for.

Without a strong team communicate project Managers would find it very difficult to put their view across the project staffs.
So it's really vital to organize monthly/quarterly meeting to review the project burn rate progress that is needed to bring success.

Communicating with the finance manager is the best thing to do all the time, say weekly or monthly so that project team can understand their spending and allow rooms for adjustments for spending for other activities in the work plan.

The best platform for communicating with project team is meeting. This gives room for asking questions and finance manager can remind and advise project team.

A tool is importante to comunication with all team.

The Finance Manager and Project Manager meet monthly to analyze the budget and actual expenses to control running out of the obligated amount by using with expenditure tracker, pipeline, and burn rate tools. The finance Manager always writes a reminder letter of overspend and underspend budget lines. Finance Manager and Project Manager always focus on financial heathy and project's sustainability.

The Project Manager and Finance Manager will hold weekly meetings with the project team to discuss activities as on the project document and at least every month, the team will also discuss the expenditures of the previous month, looking at the financial tracking and reporting tool and if possible, using charts and graphs for those who less appreciate numbers. information about what has been spent & the remaining obligated will be shared. If there are budget lines which are being overspent or underspend this will be discussed. Projections on spending for the upcoming months will be discussed.

after taking this course, being a financial manager in my organization, we will start sharing and discussing each month with the project director and the program team on how we should manage funds and track expenses for efficient and accurate management

A regular meeting

A meeting should be held weekly and updates regularly for the team to know the financial health of the Organisation

Every month, as a financial manager together with the project team, we will hold a staff meeting to explain the last month's project expenditures. At the same time, the information about remaining obligated funds will be shared with the project staff. In spite of this, I will be giving out weekly updates about project finances via email to all project staff to know how much funds we have spent so far and how much funds we have remaining.

The project manager and the financial manager will have to hold a meeting with the whole team staff and break the purpose of the project to each staff and their expected role and after that the financial manager in the process have to explain to the team staff the type of tracking tool the will be used for tracking expenditures and when each staff is supposed to submitted. some of the tool required example Financial tracking and reporting tool

Our team communicates about project finances on daily basis as the requests are supposed to be in line with the budget balance. However, for detailed expenditures, the finance team shares finance report to the project Manager on monthly basis.

Hi Every one. Every monhts we have meetings where program and finance team discussed about the implementation of projet.

We will have a call regarding the financials every month to see where we are at our budget, how much we spent the past month, and how we'll forecast the next couple of months accurately to be in line with our original target.

in my organization, the finance manager and project manager along with the project team hold a monthly review meeting to analyses and review project finances with the team so as to ensure our spending is within budget lines.

We communicate project information through a group email followed by a meeting which can be done through face to face or through online meeting for example using zoom meeting.

It's important to be real with your team, and that means you have to talk about money. But how you talk about the company's financial health is extremely important.Talking about company finances with your team is an art and takes a very strong level of awareness. The major tip for successfully discussing project finances with your team:

• Facilitate understanding, Dumping a big spreadsheet of numbers in front of your employees is not helpful and will most likely overwhelm them. Not to mention it leaves a lot of room for misinterpretation.Once you are clear on the financial story you are going to tell, you can hold a meeting where you break your project finances down, at a high level, and explain how these numbers work and what is important and why by discussing with project staff.

The project finance manager will hold a meeting with the team. He will Share project goals and the budget allocated to each activity of the project. Explain the amount given what has been spent and what is remaining. In addition tell the team the tools used to track the expenditures for example financial tracking tool.

where i work the finance analyst present to the team the financial state of the project on a weekly basis. we do a projection for expenditures every week and work by it. strict management of expenditure is done.

To communicate effectively about project finances, my team will utilize a financial management dashboard which will track and churn out monthly reports that give an overview of grant expenditures and absorption rate.

Every week, the Finance Manager will send out the outstanding receipts from Field Staff. No additionnal fund will be allocated if the prior receipts are not received. In addition, the Project Manager and the Finance Manager will hold a meeting to look at the tracking tool and analyse expenses

Example: Every month, the project manager and the field managers will discuss activity costs from the previous month using information from the Financial Tracking and Reporting Tool. The purpose of this meeting is to reflect on spending to date to inform future decision-making

Our team will communicate about finances by have power point presentations monthly and by sharing financial tools with key stakeholders.

The team can communicate the project finances through a meeting. This can be communicated through a zoom meeting application or using teams online meeting platform.

@Aima-mir said in Communicating about project finances:

Example: Every month, the project manager and the field managers will discuss activity costs from the previous month using information from the Financial Tracking and Reporting Tool. The purpose of this meeting is to reflect on spending to date to inform future decision-making

We normally communicate through monthly meetings

It's important for the Project Manager to meet with the Programs Manager to review the Financial Tracking Tool in order for the Programs Manager to know how they stand financially. The can also compare the information with the implementation plan so that together they can make decision on how to move forward in the remaining months and also advise the rest of the team on financial status and how to proceed with implementation of the project.

Every Month, a staff meeting will be held whereby the entire project team will be in attendance. This monthly activity review will focus on current month activities in detail, and in addition to this previous moth activities will be analyzed for lessons. The finance officer will share information in obligated funds for the required expense category. Financial information will also be shared through emails to project team.

as a project manager, I mostly have weekly meeting with finance manager and other teams of the project. we will discussed and analyze past, current, and future expenses using tracking expenditure tool. I tell the project finance manager to communicate regularly to other team, if there is any updates for budget.

we need to monitor expenses as we are paying out to make sure that we are within budget and we are spending on the intended activities.