Project management tools provide you with the tools and features to plan, track, and control project expenses effectively. These include:
Time tracking features that will help you know how much time is spent on tasks.
Resource management capabilities that can help you allocate the right resources for your project and know how much they cost.
Notification systems that can keep an eye on budget spending so that you know when you are approaching your limits.
Reporting that can help you see actuals vs budget details that you can compare with your timeline.
On top of all of these, the most value comes from having a system that stores historical data that can help you estimate project costs better. This project history can help you have better initial conversations with the client and set expectations.