Project management reporting software/tools help you stay on the echelon of project milestones as well as meet stakeholders or clients expectations. There are two types of reports: a detailed status report (details about each task), and executive summaries (cost estimates, timeline changes, and other project elements). Project tracking and reporting tools help aggregate critical data points of the projects. This is so that one gets an overview of the total progression of the project and determines the next line of action.