Controlling: Tips for Successfully Working with Project Budgets
Cornerstones of controlling: ✓ Budget planning (costs, revenue & time), ✓ Monitoring & execution of projects.
Setting, monitoring and adhering to project budgets
Conscientious controlling is the cornerstone of an economically successful project and ultimately of an entire company. Targeted management therefore requires great care and sometimes also considerable effort. projectfacts therefore helps you save time while working more efficiently. This way you can intervene before an escalation becomes imminent.
Set up cost, revenue and time budgets for your projects
Before you or your colleagues begin working on a project, it is advisable to define budgets. In projectfacts you can set budgets for time, billable time, planned revenue and costs. This works for entire projects as well as for individual work packages. To do this, go to the relevant framework conditions of the project or package and open the sub-item Time recording and finances. In the Plan column you can enter the values of your budgets.
Set limits for your project budgets
For planned time and planned billable time, you can additionally configure what should happen when the budget is exceeded. If you select the Warning setting in the selection window, employees who book times will receive a warning about their budget overrun. However, booking is still possible with this option. Strict, on the other hand, prevents any time booking that exceeds the defined budget.
Get warned when a budget overrun is imminent
A warning after a budget overrun comes far too late for a controller. Instead, it is essential to be able to monitor the progress of a project at an early stage and have sufficient time to counteract possible negative developments.
With projectfacts you can now set up individual warnings for your budgets. This means you no longer have to manually open every project to monitor progress. Instead, let yourself be alerted when any value or a percentage share of a budget has been used up. This allows you to selectively review only those projects that are in critical phases.
You can also determine how you want to be warned. In addition to notifications in the system, SMS or email are also available. This way you always have your budgets in view, even when you’re on the go.