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Budgetrac Solution Offers Four Specific Features to Help CRE Developers

In order to be successful, real estate developers require a project management system that is both effective and cost-efficient. What is needed is a self-contained system that can simultaneously keep track of the front line and the bottom line. Budgetrac is a fully integrated, web-based, end-to-end solution that provides a comprehensive tool set delivering quick and accurate development accounting, property management and financial reporting software for development, commercial and residential property management.

For the commercial real estate (CRE) developer, Budgetrac offers four features that comprise its keys to success:

  1. Project Control – Automatically captures the entire project cost and income activity at the cost-code level, and posts directly to the general ledger in real time.
  2. Commitment Management – Assists with controlling your costs, tracking retainage and preventing overpayments. Also tracks insurance certificates expirations.
  3. Loan Draw – Significantly reduces your loan draw preparation time while tracking your equity in the project. Also meets the unique reporting requirements of each lender.
  4. Project Reporting – Reduces your risk with our unique forecasting method that provides the estimated-cost-of-completion, at any point in the project life cycle.

 

Project Control

Accountants and project managers must produce exceptional project reports. The accounting department needs to not be burdened with extra data requests — the managers need to have the data at their fingertips in order to make profitable decisions. The dashboards and reports provided by Budgetrac meet this requirement.

The Project Variance Report provides a panoramic view of all aspects of your projects. Starting with budgets, continuing with commitments and costs and ending with estimated cost at completion. In addition, the report provides lending status and capital contributions as funding sources.

Using dynamic budgeting, commitment tracking and costing information, the system will calculate the estimated cost at completion when the project is halfway through, or even just a quarter complete. All of the relevant project information you need is viewable on a single report.

 

Commitment Management

Budgetrac offers an integrated approach to real estate development software. From ongoing review of contractual commitments (contracts and PO’s) to the preparation of lender draw requests, you’ll have updated information at all times. The intuitive and integrated solution provides critical feedback while letting you control costs, track retention, prevent overpayments and monitor expired insurance certificates.

 

Loan Draw

Budgetrac puts together, in one integrated package, features to let you control project funding as well as project costs. Since both are essential to how you operate your business, Budgetrac makes sure that you can track them both.

Since lenders can sometimes require you to use their line items and categories, Budgetrac lets you relate each of your cost categories to the appropriate lender category.

 

Project Reporting

Having a business system that handles all aspects, from financial management to project control to office accounting, is crucial. Whether you need to see every fine detail, consolidate several entities into one financial statement, or produce an owners’ position in the portfolio, Budgetrac serves you well. You control how financial reporting is done; the software doesn’t control you.

 

Why Budgetrac?

Budgetrac has been solely dedicated to providing software solutions specifically designed for developers and property managers for over three decades. Our mission is to develop and deliver software that delivers innovation and functionality with a client-centric emphasis.

A critical difference between Budgetrac and others is that Budgetrac is a completely integrated accounting solution comprising the four key features of: Project Control, Commitment Management, Loan Draw and Project Reporting. Other solutions may provide the four features, but users must either enter the accounting data manually, or perform a push/pull from another accounting program.

Budgetrac’s report navigation feature allows quick access to related general ledger, accounts payable and accounts receivable information with just one click. This navigation enables users to browse and access related reports, in context, directly from a report currently displayed on screen. There is no need to exit the report, re-enter report filters and then run a new report.

All accounting systems have ways to record costs against projects. But not all of them make it easy to enter project invoices and contract draws, or provide a powerful ability to track and audit details with the click of a button. Budgetrac is designed to handle the complex and detailed situations that occur in managing real estate development projects. It allows for easy correction of data, differences in timing and exceptions that are often the rule in the development industry.

With Budgetrac, convenience and ease of use are the foundation of the system’s design. For more information about Budgetrac Real Estate Development and Accounting Software, or for a demonstration please CONTACT US.

 

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