We are really excited to launch the portfolio cash-flow- and profitability forecast tracking dashboard for the management. So you’ll have one dashboard to track your portfolio key metrics.
Fizure product team has launched several useful updates for the project managers that enable seamless budget reviewing, more control over the subcontractor billing process and the color-coded warnings for visualizing financial risks.
Split the line items and have more control over subcontractor pay applications
As of now, the project manager can 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 then no new line-item get’s added into the budget view, the subcontractors can submit a detailed monthly report, and once the report if approved, then 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 really slowly opening. 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 are really slow opening, and just don’t open from where the project manager actually needs.
Fizure product team put some serious effort in making the budget view super fast, so without a delay, you can open the budget for large scale projects in no time. And the best part is, that the budget opens right from where you previously finished reviewing, so no time 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 income. The approved pay applications indicate usually 2-3 weeks in advance before the invoices are sent to accounting, how much needs to be paid. So the finance can plan the monthly income and expenses with the expenses getting sooner.
It makes it easy to follow KPIs such as if for a single project the income exceeds the expenses monthly and in total.
Let the whole team know that the management is keeping a close eye on the cash-flow forecasts which results in purchase and sales invoices getting 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 that you’ll only know that a line has exceeded the budget once the job is actually done, and the invoices are processed.
Fizure visualizes the risk for over-expenditure right when the contract is signed. So the project manager knows before the job actually starts that this line-item will exceed the budget and can prepare for the over-expenditure months before the invoices are sent to accounting.
Fizure 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 to follow for the management and indicate that the cost forecast is inaccurate.
Still tracking project costs on spreadsheets?
Fizure helps project managers to save time on updating the spreadsheets and lets you follow your project costs and profitability forecasts in real-time.
Just sign up to try Fizure for 14 days free. No, IT support or lengthy implementation process needed.