VGK project cost management software covers the entire project life cycle, providing: budgeting, cost tracking, cost forecasting, cost control and project billing. We recommend our cost management tools for small and mid-size businesses for use together with other components of our all-in-one project management software.
- Cost management tools for complete project life cycle
- Bottom up budgeting with automated budget calculation
- Cost tracking with automated costs calculation
- Cost tracking integration with project work tracking
- Cost tracking integration with employee time tracking
- Cost tracking integration with billing
- Detailed and summary level cost forecasting for resources, tasks and stages
- Budget vs. actual costs and forecast comparison
- Out-of-scope cost management
- Financial performance metrics
- Project schedule of costs (timely cost analysis and distribution)
Bottom up project budgeting
With our project budgeting tools you can create top-down and bottom-up budget with planned costs for: labor, materials, equipment, subcontractors, and additional expenses. Our automated budget calculation helps you set a bottom up budget by automatically estimating your task-by-task costs based on your project schedule and resource requirements.
You can find a complete explanation of our project budgeting support here.
Cost Tracking and Monitoring
With our project cost management tools you can track your work and costs to the same depth of detail as you planned them. This includes labor, materials, equipment, subcontractors, travel and all other expenses.
Actual cost monitoring is provided as part of cost controls tools and include a planned vs. actual comparison, cost forecasts, as well as performance metrics. You can monitor costs overall for tasks, jobs, or projects, as well as see the corresponding resource costs for labor, materials, equipment, and subcontractors.
Automated Costs Calculation
VGK cost management software provides an automated calculation for up-to-date costs. Our automated costs calculation displays up-to-date costs for your projects based on: employee time sheets, materials costs, equipment costs, expenses and subcontractor costs.
Costs are calculated automatically for tasks, jobs, and for the project as a whole.
Labor cost is automatically calculated when employees record their work and actual hours. Actual labor cost is calculated based on actual employee hours and actual cost rate. Cost rate includes employee base rate with employee-specific indirect costs (benefits, taxes, etc.).
Using VGK Resource Module Project manager can approve final labor hours.
Material cost is calculated from actual material quantities used and planned material price. Cost of material is calculated automatically when actual material usage is entered into VGK Project. Using VGK Billing Module you are able to set an exact material price and finalize actual cost.
Project manager approves final materials cost.
Equipment cost is calculated from actual equipment usage (equipment type, quantity, and duration). Initially company equipment rate is used for actual cost calculation. The cost is finalized through VGK Billing Module when the actual rate is clarified.
Project manager approves final equipment costs.
Actual subcontractor cost is recorded as part of schedule tracking and finalized through VGK Billing Module.
Because subcontractor bills tend to arrive with a delay preliminary subcontractor estimates by the project manager allow to keep project tracking on time. Once subcontractor bills are processed using VGK’s Billing Module actual subcontractor cost is updated and finalized.
Project manager approves final subcontractor costs.
Travel and other expenses are logged when employees submit travel or additional expenses. All travel and other expenses are verified by financial department and automatically submitted to the manager for approval.
- Administrative cost
- Renting cost
- and other overhead expenses
Overhead expenses are calculated as a company-specified percentage of actual direct costs.
Actual profit is calculated as the difference between actual invoiced amount and actual total cost.
Cost forecasting and control
By monitoring costs against performance VGK provides dependable forecasts. You have access to cost forecasts for each schedule item, jobs, and project as a whole. You can view forecasts directly within VGK Project or export them into reports.
Cost forecasts are always calculated from the bottom up for individual tasks and summarized to make up job and project forecasts. Forecasts are calculated using actual costs where available and planned values otherwise.
When any work or cost tracking information is updated VGK cost management tools automatically update your project’s cost projections.
Comparing budget, up-to-date costs and cost forecast
Budgeting, cost tracking, and forecasting are fully interlinked and work as unit in VGK project cost management software. This unified approach allows project managers to compare planned, up-to-date and forecast costs directly and in detail.
Planned, actual and forecast comparison is available for each project, job, schedule item, and extra-work-order as well as for individual project components, including: labor, materials, subcontractors, etc.
In addition to our Budget Control screen we provide reports to communicate the same information.
Out-of-scope cost control
VGK provides extra-work-orders (EWOs) as well as change management tools to track, and report out-of-scope project costs or costs for unplanned work.
Extra-work-orders are change requests for out-of-scope work. EWOs provide planning, tracking and management support for costs, timeline, and resources required for the change request. Extra-work-orders are treated as sub-projects that and do not require adjustment to the schedule or costs baselines.
VGK project management tools provides a series of reports for each extra-work-order as well as summaries for project out-of-scope work.
Cost Performance Metrics
Using details of work performed VGK provides variance analysis and earned value metrics. You can access your project performance metrics at any stage of project work. Performance metrics include cost performance index, schedule performance index calculations as well as a range of additional performance parameters.
Billing module integration
VGK Billing Module provides an effective way to quickly and accurately allocate bills to their respective project activities. You can use Billing Module to process all project bills, including material purchases, rented equipment and subcontractor work.
Based on bills input VGK Project automatically updates costs and forecasts for all relevant activities. By integrating billing with our project cost management software we provide an effective way to carry out both functions faster and provide managers with reliable actual costs information.
Cost Management Reports
We provide reports for each stage of the project life cycle. Some examples of common reports are below. If you need a report that is not provided we will be happy to create one for you.