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 organization 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:
- Navigate to the Finance Management app > Budget Account tab.
- Once in the Budget Account tab, you can track/view the employee information already filled in and create a new Budget Account record.
- To create a new employee, click the “New” button.
- Select the organisation and business unit details of the budget account.
- For accounting purposes, select the relevant chart of the account.
- Before the budget is allocated to a project, the manager must approve it. Select the Approver and enter the submitted and approved date of the budget.
- Enter the name of the budget and the financial start and end date.
- If the budget is of the type carry forward, check the budget carry forward checkbox and select the carry over the budget account.
- Enter the spend amount and the amount of the budget account and select the status.
- Click the “Save” button to create a budget account for the organisation.
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|