Project Costing

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Project Costing Module

The InfoProject System is designed to assist companies to track the profitability of each project for better cost control and profitability for both current and future projects.

InfoProject is suited to the needs of the following businesses:-

1) Project Driven businesses

2) Maintenance Contract Management

3) Shipping and Freight Fowarding

InfoProject is your complete solution to your project costing needs

InfoProject – Project Costing system is designed assist Management in tracking the profitability of each project.

Accurate and proper management of project costs collected over a period of time will ensure that the project retains its profitiability. Late costs, excess costs and under budgeting are all the cons that would disrupt the project performance and lead to a whole range of problems for the project manager.

When combined with the InfoMaster ERP’s full suite of Financial and Distribution solution, InfoProject will provide you with a comprehensive, fully integrated Project Costing solution for your project driven business. InfoProject tracks the costs and sales over a period of time and information is presented in easy to read reports both on screen and on printed copies for easy managebility of information and prompt decision making.

Increase your efficiency and productivity

InfoProject is design to put costing information at the finger tips of the project manager. Information flows readily from all other modules to the project costing module for analysis and decision making.

Capturing Costs (Expenses, Claims, Material Cost, Labour, etc)

Project Cost is captured from the various source modules that are integrated to the Project Costing Module. Miscellaneous expenses can be captured via the InfoCash Module by specifying the Job Number. Creditors’ payments and invoices are captured from the InfoCreditor Module while Committed Purchases are captured via the InfoBuy module. Labour cost and timesheet information can be entered via the Project Costing Module.

There are a total of 9 main cost elements that can be user defined. For each cost element, it supports unlimited number of entries. Budgets can be defined for each cost element. This allows comparison between the actual costs and the budgeted costs. In so doing, the management will have an overview of the cost allocation and decide what action to take if a particular cost element exceeds the budgeted cost.

Capturing Sales Revenue

Revenue is captured from the Sales module via Sales invoicing. When the project number is entered, the corresponding sales value will be reflected in the respective project.

At times, when making a progress claim, a retention sum might be involved. The InfoProject system allows the specification of the retention amount and the corresponding GL Account code during invoicing.

A progress bill template allows the entry of the textual contents of the bill during the setup of the project. This means that the contents need not be re-typed the next time another progress claim is made. This saves time and reduces the mistakes that can be made with the re-keying in of information.

Project Costing Alerts

The system will prompt for alerts if an over billing is done or if the job is closed while the retention amount still exists. It will also prompt the user if there are invoices not yet received from the vendor. These alerts will help the user to put things in proper order for the smooth running of the project.

Project Sales and Cost Realisation

The standard realisation method is to immediately realise both sales and cost to the G/L control accounts.

InfoProject supports Cost Realisation by Percentage of Completion (POC) method. This method is available as a seperate addon to the standard InfoProject module. The realisation method described will automatically update the corresponding Work In Progress control accounts in the G/L. In addition, other methods of realization includes Cost based and Sales Based.

Strategic Information for Management Decision Making

InfoProject’s Job summary screen provides a one-stop dashboard with all the relevant information for decision making. From this inquiry screen, the user is able to view the cost summary information by cost elements and drill down to the individual cost elements to view the details.

Cost, Sales and Profit Margin information is also presented in an easy to read format. In addition, the system also shows the budget variance, percentage information, retention for A/R and A/P, deposits collected, payments collected, payments made, accruals and Purchase commitment amounts.