Real Estate developers have specific and unique accounting and project control needs.
Budgetrac real estate development accounting Software lets you actively manage projects and complete them within budget. Budgetrac produces reports vital for managing projects from inception through completion. You’ll get reports when they’re needed – not just at the end of an accounting cycle.
With maximum visibility through committed cost tracking and pending change order management, you can control costs more effectively:
You’ll see current project status long before vendor draw requests are received and processed.
You’ll see complete project profit/loss reports directly, without having to work around the constraints of general ledger account design.
You won’t be forced to use a system that emphasizes only general ledger financial reporting, or use a patchwork of spreadsheets to manage projects
Combining comprehensive project control features with general ledger financial reporting. Budgetrac is one system that keeps track of both the front line and the bottom line.
Here are some of the many ways, Budgetrac meets your unique needs:
Budgetrac lets you manage all aspects of your projects by providing an independent project control perspective. This perspective enables you to see both project cash flow and profit/loss on a single report.
You can see updated project information when you need it – right now. Project information is always available. No need to wait for general ledger closings. Budgetrac manages all the detailed information that supports up-to-the-minute project reporting.
Budgetrac also realized the need to evaluate information by fiscal year and accounting period. Period sensitivity lets you analyze your project information both from an inception-to-date and fiscal period perspective. You can re-create project reports as of last month, last quarter and even last year. All prior reporting is on demand.
The Budgetrac top-down viewpoint lets you get a quick macro view of all your projects on a single report. It makes layered project consolidation simple, with an ordinary command to our project report writer – not an extraordinary exercise custom report writing.
Budgetrac enables high-level reports supported by auditable, detailed transactions. Unlike spreadsheets with no backup, Budgetrac provides full detail tied to general ledger statements.
Detailed project reports give you important vendor name, invoice references and amount. Corresponding payment detail provides check number, date and payment amount. This information is readily available throughout the life of a project, and even after the project is closed.
Multiple selection criteria help you pinpoint the exact information you want. Period sensitive reports help you make reconciliation to the general ledger simple. Single-period reporting lets project managers focus on the current month’s activity.
Budgetrac’ s integrated general ledger complements its project control features by providing complete company, operation, and department level reports. Simultaneous cash and accrual accounting methods produce both financial statements and detailed ledgers.
Multiple budget plans let you compare actual income and costs with various budget scenarios.
You can maintain operations as independent ledgers or as profit centers in an overall company structure. This flexibility lets you set up portfolios of ledgers and consolidate them on financial reports. Inter-company cash transactions automatically create the necessary due-from and due-to journal entries between company ledgers.
Using automation, Budgetrac gives you the option to prepare your financial statements in an Excel spreadsheet format, so that you can perform even more in-depth analysis of your financial data.
Project Cost Control
Budgetrac provides vital controls on transactions to help guard against inappropriate entry and overpayment. It detects duplicate invoices and warns against insurance expirations with a lockout option that can apply just to specific companies and projects.
Cost control lets you allocate a single invoice, contract, purchase order, or loan contract across multiple companies and projects. This flexibility simplifies document entry and control. When you allocate costs to a project, Budgetrac limits entry to specific general ledger accounts that you assign to the project or cost code. You can redirect the account assignment or eliminate all assignments when a project is closed.
Retention tracking and payment are easy for individual invoices and contract draws. Budgetrac saves you time with joint payee checks and by capturing 1099 data for vendors.
Project Cash Flow
Project reporting requirements are becoming more complex – and the demands are constantly increasing. Project cash flow reporting is an excellent example. Budgetrac simplifies this difficult task by enabling you to create project cash flows using different sets of project budgets.
Budgetrac automatically captures the entire project cost and income activity at the cost code level. You can present it using cash and accrual accounting methods, and by fiscal year accounting period. Budgetrac’ S project report writer lets you do monthly cash flow reports by combining historical costs for prior periods with budgets for future periods.
Commitment tracking is at the heart of project control because it lets you see potential problems sooner. As a developer you need tools to manage detailed commitments including change orders, reclassifications and potential change orders.
Cost events is a module that gives you a developer’s perspective on contrast commitments. You can track, review and approve all bulletins, submittals and pending requests, in detail, so that you can monitor the total potential impact on a project. This lets you decide which events you will approve or reject – before the work is done, rather than waiting until a vendor’s invoice appears.
The sooner you know what the total commitments are, the sooner you will know what the total project costs will be.
To manage general contractors, subcontractors and suppliers, you need to stay up-to-the-minute with draw requests, payments and retention. Budgetrac prevents overpayment of contracts by checking for duplicate draw invoices, and by preventing a draw that exceeds the contract limit. This includes line by line results of approved change orders and reclassifications.
Budgetrac automatically calculates retention amounts as indicated in the contract. You have the option to adjust calculated retention on an individual draw. Budgetrac keeps track of cumulative retention, as well as drawn-to-date and paid-to-date amounts for each contract. You can easily enter draws that include both new applications and release of retention.
Loan Draw Application
Budgetrac can save you significant time preparing detailed loan draw requests. You can maintain standardized internal reporting, and yet adapt each draw request to match the categories used by the lender. As you select and review cost items from project detail, you can indicate full to partial requisition. As each item becomes fully drawn, it no longer appears for selection. Items that will never be drawn completely can be set aside.
It is not unusual to have more than one lender for a single project. Budgetrac lets you track multiple loans – even showing the remaining amount on a single invoice that can be drawn on a different loan. Budgetrac updates approved loan draws, records cash receipts, and automatically creates general ledger journal entries. Pending draws can be adjusted to match the exact amount received.
Budgetrac Loan Draw delivers better accuracy and efficiency than that of externally prepared spreadsheets or databases – hands down!
Project Bottom Line.
Budgetrac’s unique perspective lets you combine cost and income to prepare project profit-and-loss and cash flow reports. These reports reflect the life of the project, not limited to just a specific fiscal year or period.
As a developer, you can quickly analyze an externally funded project and determine what portion of the total cost has been requested for payment and the portion actually funded.
Property managers tracking tenant fit-out projects can see both owner and tenant portions of the total project cost.
Homebuilders can easily calculate both base unit profitability and profit on unit options. Using consolidated reports, you can see profit for the entire phase or project.
When it comes down to managing front line activity or understanding bottom line results, Budgetrac covers it all.
This profile gives you a simple overview of a comprehensive software product that makes a significant difference. As a real estate developer, you’ll want to see first-hand how Budgetrac can make a difference for your business! Contact us today for more information or a demonstration of the software.