The best way to display the IT project status is, preparing documents and submit as soon as each task is completed.Meeting should be conducted for the project team in which every team members should say about their assigned work and how much they have completed,according to the present staus further work can be done.
As far as project management software, Microsoft Project is a simple way to keep track of project status. If you're looking for a way to visually display status, you might draw diagrams in Visio or Powerpoint. If you need a way to keep track of project tasks and dependencies, Excel sheets are a good place for this.