Effective expenditure management demands complete control of cash flow, budgets, and projects from start to finish. Real Asset Management’s (RAM) project cost control system ensures commitments and expenditures are recorded against budgets for both capital and expense projects.
- Prepared budgets can be split across multiple projects and further divided into categories and sub-categories.
- Values are updated automatically when transactions such as orders, invoices, and credit notes are processed, ensuring that financial information is consistent and current.
- Project costs can be accumulated as multiple Work-in-Progress (WIP) assets which can be transferred to the asset register on strategic capitalization dates.
- WIP assets are valued at the level of expense incurred and may then be indexed.
- Interest may be added to the indexed amount to produce a closing value before optional transfer to the asset register.
- Expenditure can be assigned to individual assets or split across a number of assets by percentage or weighting.
- Email, instant messaging, or text alerts can be configured to notify budget and project managers when spend limits are within user-determined ranges.
- Integrated document management to log items such as ROI forms, project plans, orders and invoices. Documents can be held in various formats.
Project Cost Control
Project associated costs are maintained and controlled at every stage.
- Supports a range of transaction types used to record both commitment and spend.
- Financial details associated with such transactions as purchase orders, invoices, credit notes, journals and accruals are automatically updated in real time to provide current position against budget.
- Individual transactions can be assigned to specific WIP assets or split across a number of items and defined at project, order or invoice level.
Automated actual and forecast expenditure ensures complete visibility of project commitments.
- Budget and project revisions and forecasts deliver real-time assessment of changing costs.
- Extensive reporting options show commitment and spend progress at multiple analysis levels.
- Reports may be additionally generated for the analysis of orders and invoices.
- Business Activity Monitoring can flag key events including approved expenditure nearing or exceeding an allocated budget.