In addition to collecting information on the status of tasks from your team members, you will also have a responsibility to collect information on the financial aspect of your project. You will need, and generally be required, to meet with your project sponsor to report the status of the cost of the project. When variances exist, you'll likely have to document these variances in a Cost Variance Report. This report explains the variance, the cause of the variance, and the impact on the project's success. You will have to be able to report on a regular schedule the following items:
The amount of finances spent on the project to date
Any cost variances
Actual costs versus the budgeted costs
Value of work performed ...