1. Implement The Right Time and Expense Tracking Technology
Time and expense tracking aren't just about ensuring that people are paid properly. It's an important way to measure whether or not you're staying on top of your project budget. If you're seeing overages, chances are you could be on the verge of going over your budget. Tracking all of this begins with using the right technology. If it isn't up to par you could miss warning signs that your budget is getting out of control.
A good solution will allow you to create a connection between your budget and time tracking. This way, you know how much of your budget is being spent on each task and subtask within the project. If a set of tasks begins to use up more of your budget than you expected, you can take steps to get those costs under control.
You can also assign different portions of your project budget to teams or individuals. For example, you could dedicate 30 hours of project time to software development, and another 20 for QA and testing. When those teams or individuals go over their allotted time, or under it, you can take action. This could be making adjustments to make up for underestimating needs, contacting your client about making budgetary changes, or banking hours you don't use for other parts of the project.
Finally, keep in mind that billable hours are only part of this. Other expenses can add up as well. Meals, travel, equipment, and other costs can add up. These are part of the project budget, and need to be watched as fluctuations here can be a reflection of budget-related issues.