We are excited to launch the portfolio cash-flow and profitability forecast tracking dashboard for management. Now, you’ll have one dashboard to track your portfolio key metrics.
The Planyard product team has launched several helpful updates for project managers that enable seamless budget reviewing, more control over the subcontractor billing process, and color-coded warnings for visualizing financial risks.
Split the line items and have more control over subcontractor pay applications.
The project manager can currently split the budget article into the preferred number of pay application rows.
This feature is useful whenever you want to track the subcontractor’s monthly progress on the quoted item level.
When splitting the budget rows into pay application rows, no new line item gets added to the budget view. The subcontractors can submit a detailed monthly report, and once the report is approved, the approved costs are sent to accounting with the cost codes that are used in your budget.
The superfast Budget view opens right from where you previously finished reviewing.
For projects with hundreds or thousands of line items, running the formulas on spreadsheets might result in spreadsheets opening really slowly. Similarly, we have seen that for a number of custom-built budget management tools, and even with most accounting and ERP tools, the project budgets open really slowly and just don’t open from where the project manager actually needs them.
The Planyard product team put some serious effort into making the budget view super fast, so without delay, you can open the budget for large-scale projects in no time. The best part is that the budget opens right from where you previously finished reviewing, so no time is spent browsing for preferred line items.
Portfolio cash-flow and profitability forecasts
The portfolio cash flow and profitability forecasts help management track the approved subcontractor pay applications, approved costs, and approved income. The approved pay applications usually indicate 2-3 weeks in advance before the invoices are sent to accounting and how much needs to be paid. So, finance can plan the monthly income and expenses, with the expenses getting sooner.
It makes it easy to follow KPIs, such as whether the income exceeds the monthly and total expenses for a single project.
Let the whole team know that management is monitoring the cash-flow forecasts closely, which will result in purchase and sales invoices being approved at the right time.
Color-coded warnings in the project Budget visualize the risks for over-expenditure
Tracking your project budget in accounting means you’ll only know that a line has exceeded the budget once the job is done and the invoices are processed.
Planyard visualizes the risk of over-expenditure right when the contract is signed. So, the project manager knows before the job starts that this line item will exceed the budget and can prepare for the over-expenditure months before the invoices are sent to accounting.
The planyard budget view displays a yellow color-coded warning whenever, for a single line item, the total contracted cost (the line item may have several associated contracts) exceeds the budget. The color-coded warnings are easy for management to follow and indicate that the cost forecast is inaccurate.
This is all in addition to the already existing forecasting features.
Still, tracking project costs on spreadsheets?
Planyard helps project managers save time updating spreadsheets and lets you follow your project costs and profitability forecasts in real-time.
Just sign up to try Planyard for 14 days free. No IT support or lengthy implementation process is needed.