Construction projects need to keep close track of expenses. Project plans bake in expense estimates for each line item on a GANTT chart. This determines the overall profitability of the project. These project expenses form the project budget, which is used as a baseline for spending. As expenses are incurred, PyanGo Automated Budgetary Control protects against budget overruns throughout the procurement process. PyanGo supports Construction-in-Progress (CIP) accounting, so while the project is active, all expenses can be booked to a single account and managed according to department, location, or other segmentation.
Whether the expenses are project supplies, labor, or travel-related, all of these are managed by PyanGo’s budgetary control. For each transaction entered, uploaded, or imported into NetSuite, a budget check is performed. Any expenses charged to a project can be blocked to reduce accounting errors.
Most OpEx expenses are not charged to a project. These can be safely ignored by impacting project budgets. Alternatively, these expenses can be charged to an operational budget definition. This results in different commitments to different types of expenses. All can be managed with PyanGo.
When the project team travels to various site destinations, PyanGo’s employee travel advance can be used to provide cash-on-hand for the team members. They will not need to use personal credit cards to “carry” expenses. This is ideal for large projects targeting multiple international destinations.
Benefits
- Reduces budget overruns on project investments.
- Effortlessly manages construction in-process accounts against budget.
- Avoids erroneous project charges.
- Automatically separates Capex and Opex expenses.
- Streamlines the management of travel advances.
