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.
Project Budget Management
- 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.
Project Actual Cost & Cashflows
- 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
Supplementary solution that integrates seamlessly with your ERP
All executional-level data captured and stored in SmartProject
Forecasted vs Actual cashflow requirements evidenced by milestone completion tasks
Delay Cost impact assessments
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.
Automated Cashflow Summary
Cashflow summary generated as per project contracts/T&Cs
Certification & Value of work done
A Certification Interface that triggers completion acceptances and a record of intermediate completion credits for better cost controls.
Financial Management Reports
Planned Vs Actual Cost Variance Reports, Value of Work done Vs Cost etc
Is our cash utilization optimal?
How do we ensure just-in-time cash requirements?
What is our forecasted cashflow backlog?
Are we able to fund our commitments?
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.