Key Capabilities
Budget estimate management
During project initiation you need to create a realistic budget.
You need support for the baseline budget and different versions that a customer may want to see before deciding on an option. Accuracy in your budgeting process is directly related the financial success of the project.
You need support for the baseline budget and different versions that a customer may want to see before deciding on an option. Accuracy in your budgeting process is directly related the financial success of the project.
Real-time cost accounting
Once the project kicks off, you need certain cost tracking and revenue managing capabilities. You need to be able to track all costs against your activity, including change orders. You need to consistently update your earned revenue and calculate your BAC, EAC, percentage complete, and margins to close your books on a monthly basis.
Project Earned Value Management
Once a project ends, you need to account for all project expenses quickly, complete the billing cycle and finish the revenue recognition process. If managed correctly during the execution phase, the numbers at project close should not be a surprise.
Project Budget and Profit
Budget
Leverage the WBS to feed your CBS with the most accurate cost estimates from the updated timeline.
Evaluate cost to complete with real-time work estimates from the schedule.
Align your financial with your operations in real time, so your financial reports always reflect the current operational plan.
Evaluate cost to complete with real-time work estimates from the schedule.
Align your financial with your operations in real time, so your financial reports always reflect the current operational plan.
Profit
Your revenue and cash flows can vary widely depending on how you account and bill for your projects. The right project accounting approach can smooth out those fluctuations, making revenue and net income more predictable.
Different contracts use different departments and fall into different fiscal periods. Track your expenses and revenue generating capabilities through these different departments and in the right periods.
Different contracts use different departments and fall into different fiscal periods. Track your expenses and revenue generating capabilities through these different departments and in the right periods.