Project Cost Management ERP for SMEs

A project cost management ERP system enables you to track your project status across the entire lifecycle of a project – including tender, budgeting and costing, timesheet and materials management, as well as project certification and progressive claims. With a project cost management ERP, project managers can monitor and manage changes to project scopes, cost overruns and other challenges that can adversely affect project completion and profit margin.

Most standard ERP systems are not able to handle the complexities of the building or construction industry. Each contract may have different billing schemes – fixed fee or time and material billing based on percentage or quantity; billing based on quantity manufactured, quantity delivered, installed quantity or certified quantity. In addition, providing supporting documentation for billing is a labour-intensive task that can be assisted by modern project cost management systems.

To monitor project performance, the first step is the ability to track and manage project costs. Some of the requirements include online approval of material purchases, managing subcontractor services and progressive claims, as well as keeping track of internal resources costs using timesheets.

If you would like to find out more project features like project revenue recognition, project reporting, project procurement, project cost management for manufacturing or service companies, contact us here.

You may also wish to register for our upcoming webinar, Introduction to Project Cost Management with SAP Business One on 22nd February (Wednesday), 2 – 3pm to understand more about the key features and applications of a Project Cost Management ERP.

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