Your Financial Management Software helps you manage organizational and project finances at an organizational level (funds availability and funds allocations etc) but not at the level of a project's operations and execution, which means you cannot easily assess whether your funds are being used effectively or efficiently. WRENCH SmartProject solves this; it complements your existing finance software and plugs the missing information into a single dashboard to give you a truly 360 degree view of your project spend.
Create a high-level link between your Organizational Cost Breakdown Structure and your Project Budget
Distribute budgets according to planned phases and milestones
Create task workflows to track intermediate consumptions based on project completions
Allocate Project Commitments based on POs, change orders etc.
Link your WBS milestones to payment phases (as per terms and conditions)
Auto-generate projected cashflows based on contractual obligations
Show evidence-based completion certificates for each Milestone Task
Alternatively, show cost accumulations as a project moves from one milestone to another based on Value of Work Done (VoWD) principles
Show forecasts based on consumption rates and project variances to cashflows as per actual completion timelines.
Show Actual cost incurred on certifications with possible revised baselines or impacts due to changes
Get effective forecasting methodologies to help you shift budget utilization optimally for just-in-time consumption
Build effective hedges against project risk based on Value of Work Done principles
Show actuals variance reporting on additional financial factors like VoWD, Change Orders etc
Funds are allocated to the project budget register and linked by cost breakdown structure, distributed budget for planned consumption.
Record of project commitments (POs, change orders etc.) along with intermediate milestones, and WBS vs Tasks as per payment terms.
A Certification Interface that triggers completion acceptances and a record of intermediate completion credits for better cost controls.
An ERP records information about your project commitments, POs, payment obligations etc, but this information is not linked to dates, milestone completion tasks or intermediate certification, nor is an ERP designed to handle costs, budgets, cashflows etc. at the executional level as the project progresses. SmartProject is an effective way to supplement your ERP because it brings in those missing components to help you leverage the value of work done (VoWD), and show costs incurred versus cost commitments under a unified report, so that you can accurately assess where you stand in terms of the project budget and finances.