The biggest concern in terms of project failure involves establishing an unrealistic time and cost to drive a project. An unrealistic time and cost lead to poor decision making. A good project management system requires the organisation to collaborate with all the departments because not all the information is available at the beginning of the project in project lead manufacturing companies. Aqxolt ERP provides the solution to handle project management issues.
Create Budget Account:
Aqxolt ERP helps project managers develop estimates for cost and project timelines based on the company revenue, assets and workforce involved. A quick way to estimate project cost is by calculating the machine usage cost, workforce cost, material cost and overhead costs associated with each process and schedule involved within the project. This will help project managers manage projects and control budgets proactively.
Fields to note:
|Budget Name||Describes the name of the budget account allocated to the project for its identification|
|Chart of Account||Describes the account available for transactions in its general ledger|
|Approver||Provides the name of the person responsible for approving the budget|
|Approved Date||Describes the date on which the budget was approved|
|Submitted Date||Describes the date on which the budget account was submitted for approval|
|Financial Start Date||Describes the start date of the financial year|
|Financial End Date||Describes the end date of the financial year|
|Carry Over Budget Account||Describes the remaining amount that can be carried for the commitment to the new financial year|
|Status||Describes the status of the budget account whether it is submitted for approval, committed or approved|
|Budget Carry Forward||Indicates whether the budget account is of the type carry forward|
|Spend Amounts||Describes the amount spent from the allocated budget|
|Amount||Describes the amount allocated to the budget|