project-costing

Project Costing: The Heart & Soul of Real Estate Development

Every real estate developer knows that project costing and budget control is one of the most important aspects of development. Accurate data and the ability to ascertain project status quickly and easily should be paramount. Yet, some developers rely on spreadsheets with potentially outdated information and makeshift reporting processes.

Standard project reports are a requirement for both accounting and successful project management. However, project managers need to know much more than can be presented in just one report or a single spreadsheet.

Budgetrac Real Estate Development and Accounting software’s project costing gives you instant status on all projects in your portfolio. It enables you to run your project reports quickly with just two clicks of the mouse. It also provides quick access to user-designated custom reports, and analysis grids.

Project reports are displayed in columns that show you a panoramic view of all aspects of your real estate undertaking. Starting with budgets, commitments, and costs, you can ascertain all the pertinent information you need in a single report. Using dynamic budgeting, commitment tracking, costing information, and funding status, you can determine total project exposure and your equity component as funding requests are submitted. The “Cost at Completion” columns provide you the project exposure when the project is 75%, 50%, or 25% complete.

The main difference between Budgetrac and other project cost and construction software packages is the degree to which the real estate developer perspective permeates the software design.

The developer needs to manage a project from the top down. Since most developers hire general contractors and subs to implement projects, “from the top down” control of a project is more important than just collecting “bottom up” details.

Nearly all other job costing software emphasizes the contractor perspective, where the detail level drives the reporting. Budgetrac’s success in the developer market comes from its ability to go beyond the details to show the top level project status, while providing access to detail as needed.

Budgetrac’s long experience as a provider of real estate developer software has resulted in a robust accounting system. Budgetrac’s flexible design enables developers to set the system up to match the way they do business, entity by entity, or partnership by partnership. Easy-to-use reporting tools provide access to the financial and project data, from all perspectives—all supported by auditable detail transactions.

Although Budgetrac possesses a high level of project accounting and financial reporting capabilities, its unique and flexible design does not require extensive setup time and effort when compared to other accounting software with similar complexity and features.

Reporting should be about getting you the information you need quickly and easily! Budgetrac Real Estate Development and Accounting software lets you focus on the up-to-the-minute information you need to make profitable decisions. There are no extra demands on the accounting department. The data can now be at your fingertips.

For more information about Budgetrac Software for your organization, or for a demonstration please Contact Us Today!

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