All construction businesses have to fight the constant battle of keeping their project costs in tight rein in spite of the mounting multiple uncertainties in the industry. The cost management module of our ERP is designed especially for the construction business, keeping in mind all the domain specific needs and requirements.
What is cost management? It pertains to the process of planning and controlling the budget of a project. This explanation is proof enough of how critical cost management can be for any project in the long run. Cost management enables a project to financially prepare itself for impending expenditures and reduce the chances of going over budget. With our ERP’s vast database of line item descriptions and rate analysis, your projects get the desired expertise in construction cost management to stay ahead in a dynamic industry.
Many businesses have been benefited using cost plan functionality of our platform through which, estimated costs can be calculated even when the project is in the planning period and can be approved in advance. Once the project gets under way, all expenses are recorded and monitored to make sure that they stay in line with the overall approved cost plan. Throughout the project journey, the estimated budgets and awarded budgets can be compared and analysed for making pragmatical cost management predictions and realistic budgets estimations for future projects.
The cost management module comes with functionalities to control the overhead cost besides keeping a constant track of everyday expenditures. Overhead cost almost often turns out to be the most significant percentage of the overall project cost. Our ERP’s functionality helps in defining custom allocations to the line items in the form of coefficients – which accounts for all the overhead costs associated with the respective line items.
With an exhaustive database of more than 13 million line item descriptions and associated rate analysis curated with the help of industry experts, our ERP’s cost management module is competent enough to manage your project finances like no other. The rate analysis can be customised so that users can add their own line items with respective coefficients. What’s more, we also provide the flexibility to integrate users’ own database into the system and use the same for further operations.
In view of the above, it is evident by now that implementing the cost management module of the ERP helps a business not only to keep their over-all budget under control but increase profitability as well by taking the right financial decisions at the right time.