VGK’s budgeting software provides top down and bottom up budgeting, risk management, as well as integration with cost control, and forecasting tools. Our project budgeting tools work together with project scheduling and resource planning to provide extensive automation, transparency and depth to project cost management.
- Automated calculation for bottom up budget estimate
- Top down budget targets for project and jobs
- Comprehensive risk management
- Project funding requirements
- Detailed and high-level budget management tools
- Cost tracking and forecasting integration
- Direct comparison of budget, actual costs, and forecast
- Comprehensive financial reporting
- Company-wide budget planning
Integrated Bottom Up Planning and Budgeting
VGK integrates bottom up planning and budgeting into a single process. Typically, with bottom up planning you estimate work at the task level, and then estimate costs for this work. The bottom up budget is the sum of all task cost estimates for the project. VGK simplifies the process by calculating your bottom up budget automatically.
Using VGK Project you are able to make a detailed project plan and schedule and have an automated budget estimate. You can incorporate labor, materials, equipment, subcontractors, travel, and other requirements into each task, which enables you to make very detailed work description. Once you have described your task work, VGK automatically estimates your task cost, and sums all task costs to come up with a bottom up budget for the project. The process is fully automated and customizeable to your company’s needs.
Project Budget Management Tools
VGK Project includes a combination of high-level and detailed budget management tools. You can use the same tools for budgeting and forecasting as well as cost control.
Budget Control is our proprietary tool for very versatile project budget and cost management. Using Budget Control you can quickly compare budget, actual costs, and forecast for any part of your project without being bombarded by unnecessary details.
Detailed budget and cost management tools are integrated into the project schedule and are essential for day-to-day project work. Using these tools you can plan, monitor, and control costs of any project resource (labor, materials, equipment, etc.) and have access to complete financial detail of your project.
Project Risk Assessment
Our automated budget calculation provides project managers with an optimal cost estimate for project work. You can incorporate risk assessment (contingency) into budget planning in two ways: (1) using our Budget Targets facility, and (2) using job and project management reserves.
Budget Targets contingency amounts are meant for costs that will come up but cannot be described as part of the work breakdown structure. Budget target reserves are part of each schedule item and included in the cost baseline.
Management reserves are meant for completely unexpected costs. Management reserves are available for each project or job. They are separated from the project budget and cost baseline.
Analogous Projects for planning and budgeting
By using similar projects as a template you can quickly create robust schedule, budget, and resource estimates for new projects.
VGK provides extensive software support for analogous planning through our ‘schedule templates’ and ‘schedule blocks’ functionality. All templates include a complete project budget that can be flexibly scaled to exact project dimensions.
Project Funding Requirements
VGK provides project funding requirements on monthly, quarterly, bi-yearly, and yearly basis. You can use charts and reports to quickly assess project financial requirements for the upcoming period.
You can also monitor funds used. Planned vs actual funding requirements can be compared directly using the project schedule, Budget Control, charts, or reports.
VGK provides summaries of multiple projects to assist company-wide planning and budgeting. You can get summaries for all (or selected) projects for your company or branch. Summary is provided for financial requirements, labor, materials and equipment and other aspects of your resources. This provides a powerful way to plan your financial and all other resources efficiently.
VGK Project includes a wide range of reports for all aspects of project management. VGK Business Solutions can help you develop custom reports to fit your Company’s needs.