What tools can you use to track and control your product R&D budget?

1 Spreadsheet software

One of the most common and accessible tools for product R&D budgeting is spreadsheet software, such as Excel, Google Sheets, or LibreOffice Calc. Spreadsheet software allows you to create, edit, and share your budget data in a tabular format, with formulas, charts, and filters to perform calculations and analysis. You can use spreadsheet software to estimate your R&D costs, allocate your funds, track your spending, and compare your actual results with your planned budget. However, spreadsheet software also has some limitations, such as manual data entry, version control, security, and scalability.

2 Project management software

Another tool that can help you track and control your product R&D budget is project management software, such as Asana, Trello, or Jira. Project management software enables you to organize your R&D projects into tasks, subtasks, milestones, and deliverables, with timelines, dependencies, and statuses. You can use project management software to assign roles and responsibilities, communicate with your team and stakeholders, monitor your progress and performance, and identify and resolve issues. Some project management software also integrates with budgeting features, such as time tracking, invoicing, and reporting.

3 Accounting software

A third tool that can help you track and control your product R&D budget is accounting software, such as QuickBooks, Xero, or FreshBooks. Accounting software helps you record, manage, and report your financial transactions, such as income, expenses, assets, liabilities, and equity. You can use accounting software to track your cash flow, generate invoices and receipts, pay bills and taxes, and reconcile your accounts. Accounting software can also help you comply with accounting standards and regulations, such as GAAP, IFRS, or R&D tax credits.

4 Business intelligence software

A fourth tool that can help you track and control your product R&D budget is business intelligence software, such as Power BI, Tableau, or Looker. Business intelligence software allows you to collect, integrate, and analyze data from various sources, such as spreadsheets, databases, project management software, accounting software, or external sources. You can use business intelligence software to create dashboards, reports, and visualizations that show your key R&D metrics, such as ROI, NPV, breakeven point, or customer satisfaction. Business intelligence software can also help you discover insights, trends, and patterns that can inform your decision making and strategy.

5 R&D budgeting software

A fifth tool that can help you track and control your product R&D budget is R&D budgeting software, such as Planisware, Planview, or Sciforma. R&D budgeting software is a specialized type of software that combines features from spreadsheet software, project management software, accounting software, and business intelligence software, tailored to the specific needs and challenges of R&D. You can use R&D budgeting software to plan, execute, and evaluate your R&D projects, with tools for scenario analysis, portfolio optimization, resource allocation, risk management, and value creation.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?