Fast Budgeting & Cost Control Software

Fast Budgeting & Cost Control Software

• A budget identifies the planned expenditure for a project, programme or portfolio. It is used as a baseline against which the actual expenditure and predicted eventual cost of the work can be reported. Initial cost estimates can be comparative or parametric. These are refined as the feasibility and desirability of the initiative are investigated and a greater understanding of scope, schedule and resources is developed. Once approval is given, these refined estimates form the baseline cost. By allocating costs to the activities in a schedule, a profile of expenditure is produced.
• Fast Budgeting software programs provide a framework for reinforcing budgeting best practices. Ensuring the inclusion of all relevant data and collecting information from distributed sources can be deceptively difficult tasks. Any budget relies on user-created estimates. Budgeting programs can help turn guesses into expectations by requiring estimates at a more granular level and integrating margin of error controls. Once data has been translated into predictions for financial outcomes, actual earnings and expenses can be compared against the predictions to monitor business progress.