Overview
The Budgets feature is designed to help Owners and General Contractors (GCs) gain full control over their project finances. From initial budget setup to real-time tracking and forecasting, this tool delivers transparency, accuracy, and the flexibility needed to stay ahead of cost overruns. Owners and GCs can manage their overall budget, track adjustments, and forecast future costs—all from a centralized location.
Setting Up and Managing Your Project Budget
Description
The Budgets feature allows Owners and GCs to upload and manage a detailed budget that includes every cost code. Real-time updates reflect current values, committed costs, and actual expenses. Each line item in the budget can be directly linked to downstream financial documents like subcontracts and purchase orders, ensuring continuous performance tracking against the original plan.
Step-by-Step Instructions:
Step 1: Upload your project budget.
Ensure each cost code is clearly defined and aligned with your project scope.
Step 2: Review the budget overview.
Compare current values with committed costs and actual expenditures—all updated in real time.
Step 3: Link each line item to relevant commitments.
Associate subcontracts, purchase orders, or change orders for better traceability.
Step 4: Monitor performance over time.
Use real-time insights to understand how actual costs compare to your planned budget.
Note: Everything in the system is interconnected, allowing you to maintain constant visibility into where your budget stands.
Making Budget Adjustments
Description
When scope changes or unexpected conditions arise, Owners and GCs can use the Budget Adjustment feature to revise the budget without losing historical context. This feature enables the reallocation of funds, capturing of new scopes, or use of contingency budgets—while maintaining a full audit trail.
Step-by-Step Instructions:
Step 1: Open the budget and locate the adjustment option.
Step 2: Choose the cost codes involved in the adjustment.
You can move funds between codes, add scope, or allocate contingency as needed.
Step 3: Enter a reason for the adjustment.
All changes are logged with a timestamp and rationale to preserve historical accuracy.
Step 4: Save and review the updated budget.
Ensure the new values reflect your changes and that the audit history is complete.
Note: This functionality ensures all changes are traceable and supports accountability in your financial management.
Forecasting Future Costs
Description
The Forecasting tool gives Owners and GCs the ability to plan ahead by projecting their financial outlook. By factoring in anticipated costs, pending changes, and unknown risks, the system calculates a revised cost-at-completion to help identify potential overruns early.
Step-by-Step Instructions:
Step 1: Open the Forecast view for your project.
Step 2: Adjust anticipated costs to reflect pending changes or known risks.
Step 3: Review the updated projected cost at completion.
Step 4: Monitor highlighted risks and potential overruns before they occur.
Note: Proactive forecasting enables better cash flow management and reduces financial surprises later in the project.
Summary
The Budgets feature provides Owners and GCs with robust tools to manage, adjust, and forecast their project finances. By centralizing this data and connecting it to commitments, the feature ensures accurate, up-to-date insights that support confident financial decision-making across the entire project lifecycle.
FAQ
What is the purpose of the Budgets feature?
The Budgets feature helps Owners and General Contractors (GCs) gain control over project finances, allowing for budget setup, real-time tracking, and forecasting.
How can I set up my project budget?
To set up your project budget, upload your budget file, review the budget overview, link line items to relevant commitments, and monitor performance over time.
Can I make adjustments to my budget after it has been set up?
Yes, you can make budget adjustments to revise the budget while maintaining historical context and an audit trail.
What steps are involved in making budget adjustments?
To make budget adjustments, open the budget, choose the cost codes involved, enter a reason for the adjustment, and save the updated budget.
How does the forecasting tool help in project management?
The forecasting tool allows Owners and GCs to project financial outlooks by factoring in anticipated costs and risks, helping to identify potential overruns early.
Is it possible to track actual expenses against the budget in real-time?
Yes, the Budgets feature provides real-time updates that reflect current values, committed costs, and actual expenses.
What happens if there are unexpected changes in the project scope?
You can use the Budget Adjustment feature to revise the budget, reallocate funds, and capture new scopes while maintaining a full audit trail.
Does the system allow for linking budget items to financial documents?
Yes, each line item in the budget can be linked to financial documents like subcontracts and purchase orders for better traceability.
How can I monitor potential overruns in my project budget?
You can monitor potential overruns by using the forecasting tool to review updated projected costs and highlighted risks.