Managing cost is the key to a profitable business. The Project Accounting module allows for the monitoring of project budgets, selection and awarding of contracts, manages contractors’ claims, retentions, variation orders and project expenses. With these functionalities in placed, the whole project management process can be well planned, monitored, measured and accounted for efficiently.
The Contractor Management Module provides a broad range of rich functionality to enable the configuration and management of all common contracting activities such as contract entry, variation orders, claims, retentions and much more
Project Item Code Management
In Project Accounting, you begin by defining the revenue and cost library; which allows you to establish the way you want to analyse your project revenue and cost. Project Item Codes can be used to help classify and identify revenue and expenses according to your requirements. These codes will be used to maintain budgets, actual and committed cost. Depending on your reporting structure requirements, you can establish multiple levels of Project Item codes.
Project Budget Management
Budgets are defined for each Project Item Code and are automatically rolled-up to the upper level. Budgets can be defined for user-definable periods including weekly, monthly, yearly basis, depending on how you want to control your budgets. Creating different versions of project budgets are supported. These can be revised at any point of time with the appropriate user approvals.
Project Cost Analysis Management
The Project Cost Analysis function provides a summary of the financial status of each project as well as phases within the project. It enables you to gain clear and credible information through a summarized comparison of original budgets, budget revisions, committed cost, actual cost incurred and an up to-date balance to spend amount.
Pre-Qualification and Evaluations
The Pre-Qualification of Contractors, Consultants and Suppliers are essential in any businesses. Choosing the right business partner will ensure greater revenue returns and efficiency. The Pre-Qualification module enables efficient management of all your contractors & suppliers qualification process. This function allows capturing and archiving of complete contractors/suppliers information such as financial health of the company , profiles of the owners, work related experiences and other relevant data.
The qualification feature offers unique benefits:
- Quick and easy description of the Contractors, Consultants and Suppliers qualification questionnaire in accordance with their company’s requirements;
- Customized definition of the questionnaires from predefined templates;
- Document attachment module that enables easy and efficient archiving of all documents that support the questionnaire responses;
- Online section-by-section validation of the entire file for each “partner” who responds to the questionnaire;
- Send alerts and follow-ups according to deadlines or document requirements.
- Online monitoring of the development for qualification files;
- Compilation and secure archiving of all relevant documents required for qualification (performance evaluation, audits, etc.);
Constant evaluation of supplier performance is a fundamental component of risk mitigation and continuous improvement.
Numerous metrics can be defined, collated and consolidated for supplier rating. The System will be able to provide the required information and quantifiable feedback to anyone within the organization. The resulting analysis becomes a strategic tool in contract negotiations and continuous improvement of all the supplier’s products and services.
This assessment often leads to the development of a performance improvement plan with the supplier, tied to the quantifiable objectives and performance indicators. This process encourages the supplier to commit to results and to make their committed effort more transparent, with the aim of developing a better and lasting partnership.
Taking a systematic approach to supplier evaluation and performance improvement plans establishes a common objective with the supplier: based on measurable performance goals.
- Regular supplier evaluations based on objective criteria and shared with the supplier
- Input from multiple evaluators with different point of view
- Time saved in the evaluation cycle
- Joint creation of a performance improvement plan, setting goals that the supplier will adopt as their own
- Identification of areas for improvement, that can be easily illustrated by documented cases
- Detailed benchmarking between suppliers