Axional ERP/FI – Project Management leverages itself as a potent project budgeting tool. In each document or line item where a figure corresponds to a budget line, oversight is maintained; assignment to projects that exceed their initial proposed budget, whether on an individual line or overall, is eventually blocked. On the other hand, the extension of budgetary assignment to projects based on their changing needs is supported, along with permissible percentages of overrun.
Significant features of this module include:
- Structured budgetary breakdowns which factor in the preset data model. Budgetary breakdowns of investments can also be created based on various levels: Fiscal Year, Items, etc. This differentiation facilitates complete financial followup and followthrough based on projects’ progress over time or specific budget lines.
- Links to auxiliary modules like cash flow control, which allows users to automatically incorporate non-commercial expenses such as cash office payments, wages, and employee allowances, or consumption of material within company warehouses.
- Supervisory mechanisms to allow or restrict the incorporation of new expenses, deviations from established budgets, and the automatic transfer of finalized investments to Axional ERP Finance – Fixed Assets.
- Project management factors in the status (“dedicated” or “realized”) of amounts assigned to budgets and budget lines, as well as related configurable workflows.
- Tracking of the certification processes associated with investments.
The data model of Axional ERP/FI – Project Management allows you to flexibly incorporate structures designed for project financial oversight. To achieve this end, it is based on the creation of a budget broken down into lines and items.
The structure of budget lines may include as many levels as needed for followup and analysis on each project, which can be accomplished by simply coding budget lines in a hierarchical tree structure.
The Axional ERP/FI – Project Management data model is not limited by the accounting data model, but rather complements it for purposes of analysis.
A budget breakdown is submitted for each budget line in a project. Budgeted amounts are automatically accumulated on hierarchically-ascending lines, successively, until reaching the topmost overall budget level.
Axional ERP/FI – Project Management allows you to restrict exceeding the threshold of budgeted financial figures. It also supports the reporting of percentages or total amounts of overrun. Any restriction on these figures can be applied on an overall level by budget or on the level of any individual budget line (if the amount corresponds to that specific line).
This functionality means that, although some lines may exceed the budgeted limit and thus block the assignment of further expenses, if the overall budget level is not exceeded then new expenses are permitted on other lines.
Breakdown by Item
Income and Expenditure Reports
Financial information on a project’s income and expenditure is divided into two concepts, each of which corresponds to an application level. This division allows us to compare the degree of progress of a project with its budgeted figures.
This activity will initiate upon validation of management documents, e.g. agreements, bids, orders, delivery notes, supply provisions, shipments, etc.
This activity will initiate upon validation of invoices (purchase or sale), or from various finance modules which interact with these investments. They can also be entered manually and directly into a table.
Retrieving Financial Data
Axional ERP/FI – Project Management receives financial data from application modules in which project-related documents are kept on record, e.g. purchase and sale documents (orders, delivery notes, supply lists, shipments, invoices, etc.), cash flow documents, warehouse consumption documents, etc. This information is kept updated in the income and expenditure area by identifying the source of the data to clarify future user consultation.
In addition, in the case of management documents linked by the document flow, the progress from a prior document to a subsequent one automatically updates the income and expenditure of the budget lines assigned to those documents.
This trait reflects the automatization of Project Management’s information retrieval processes. What it represents is simplification and agility, time savings for the user, and guaranteed information integrity.
Project-specific receipts can be set and subsequently assigned to a budget line.
Axional ERP/FI – Project Management allows users to perform full tracking of the certifications associated with their project whenever necessary. The basic measures of certification may include the percentage or number of units certified.
Project Timeline Management
Axional ERP/FI – Project Management facilitates project planning and scheduling. Users define a timeline composed of a series of tasks which may be dependencies interlinked with one another. Each task has its own execution status for both schedule-based and financial tracking, which allows users to verify at all times a project’s degree of progress.
Axional ERP/FI – Project Management follows a hierarchical structure composed of various levels of aggregation: projects are made up of tasks, which in turn may be made up of more detailed subtasks. There is no limit on the number of sub-levels or amount of detail when it comes to project tasks, and each task can be related to financial followup if the user wishes.
- Automatization of information retrieval processes, beginning the moment financial data is sent from other application modules in which project-related documents are entered (e.g. purchase and sale invoices, cash flow, warehouse consumption invoices, delivery notes, etc.). The source of the data is always easily identifiable, further saving time for the user and guaranteeing information integrity.
- Increased user productivity due to the numerous tracking, analysis and verification reports at their disposal; the data model for project analysis is all-encompassing and includes a variety of criteria.