What does the "Project Cost Tracking" feature in Procore provide?

The "Project Cost Tracking" feature in Procore is designed to offer tools for real-time budget management, which allows project managers to monitor and control project costs as they occur. This feature enables users to track expenditures against the budget in real time, making it easier to identify any variances early on and make informed decisions to keep the project on track financially.

Real-time budget management is essential for ensuring that projects do not exceed their allocated budgets. It allows teams to collaborate effectively, as stakeholders can access up-to-date financial information and understand the project's current financial health. This immediate visibility fosters accountability and helps in the timely adjustment of financial resources.

In contrast, although a breakdown of contractor bids, a historical account of all project expenses, and tools for negotiating contractor rates may play roles in the broader context of managing project finances, they do not specifically encapsulate the dynamic and ongoing nature of budget management that "Project Cost Tracking" emphasizes.