Real_estate_Project-cost

Project Costing: A look at How Budgetrac Provides More Accurate Cost-to-Completion

Budgetrac is Real Estate Development and Accounting Software designed expressly for commercial and residential real estate developers. If you are a developer who needs total control of your projects along with your financial commitments, general contractors, and subcontractors, then you should be considering Budgetrac.

Budgetrac offers a complete integrated project costing and financial system that combines a robust back-office accounting solution with comprehensive project control, custom financial reporting, and powerful property management. Budgetrac gives the user complete project cost control and contract management capabilities. On-demand reporting of budgets, costs, contracts, commitments, loan draws, tenants, changes, and project status without financial closing, allows everyone in the organization to get the current reports they need at any time.

The main difference between Budgetrac and other job cost or construction software packages is how the project perspective permeates the software design. Budgetrac software was explicitly developed as project-oriented Accounting Software, with the project perspective receiving equal attention as the financial perspective. All the software modules or functionality are project aware.

The developer needs to see a project from the top-down. Since most developers hire a general contractor and subcontractors to implement projects, top-down financial control is more critical than bottom-up details. Nearly all job costing software emphasizes the subcontractor or general contractor perspective where the detail level drives the reporting.

The Budgetrac top-down viewpoint lets you get a quick view of all your projects on a single report. Detailed project reports are supported by auditable transactions tied to general ledger statements.

Budgetrac has worked closely with real estate developers for over thirty years to create a unique design by presenting independent perspectives on project costing and financial reporting without compromising the procedures or workflow of either one. Budgetrac provides a project control viewpoint that complements the general ledger, enabling you to see both project cash flow and profit/loss on a single report. Multiple project budgets and revisions can be entered as information becomes available.

Budgetrac automatically captures the entire project cost and income activity at the cost code level while it posts directly to designated accounts in the general ledger. Project reports are always available immediately—no need to wait for general ledger closings to occur.

The ability to manage project costs and, through the single-point entry, you will know the exact status of a project from budget to committed/contracted costs to actual costs to date. Plus, having the ability to factor in forecasting changes is always “seeing” a more accurate view of the estimated completion costs.

Budgetrac success in the developer market comes from its ability to go beyond the details and show management the top-level project status and the various detail levels that support it.

If having this kind of control of your projects makes sense, we welcome an opportunity to show you how Budgetrac can transform your real estate development organization and provide a level of accuracy and productivity that no other software in the industry can match.

Contact us today for more information or a demonstration of Budgetrac.

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