Cost Tracking

Cost tracking is the process of monitoring and recording expenses associated with a project, business, or activity. It involves documenting how much money is spent on various elements, such as materials, labor, and overhead. By keeping detailed records, individuals and organizations can analyze spending patterns, identify areas where costs can be reduced, and ensure they stay within budget. Effective cost tracking helps in making informed financial decisions, improving resource allocation, and ultimately achieving financial goals. It’s essential for both small projects and large businesses to maintain financial health and accountability.