Project Planning: Keep Costs Low and Outcomes Successful
Accurately Project Your End Results
Special projects in your company require special attention. You want to ensure your investing precious resources into projects that will have the most success. But if you’re using disconnected, outdated, or homegrown project planning solutions, it’s hard to get the most for your time and efforts.
With Prophix’s project planning features, you can monitor your actual-to-budget spend, measure the impact of your projects on your finances, and assess organizational performance. Keep the costs of your projects low and the outcomes successful.
Learn more about Prophix’s project planning features and the positive impact they could have on your organization.
Free Case Study: Feeding America
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Prophix Project Planning: Ensure Project Success
Insight and Communication for Improved Project Management
Cost-Effective Project Planning
A failed or inefficient project is wasted money. Prophix allows you to create detailed revenue and expense plans, so you can constantly keep an eye on progress. Through tracking key project drivers and metrics – both quantitative and qualitative – you can monitor profitability, too.
When coordinating between different departments, it can be hard to keep operations running smoothly and avoid impediments. Automation can help you avoid these problems. Prophix reduces your reliance on manual processes and spreadsheets, and directly assigns project expenses to departments and/or cost centers.
Accurate reporting means an effective feedback loop, promoting alignment of both project leaders and decisions makers. Earn buy-in for projects by creating ‘what if’ project planning scenarios that clearly display potential end results.
Often, projects stumble because budgets change and it’s difficult to adjust plans quickly. With Prophix, you have greater organizational agility and control, with the power to adjust ongoing projects as changes occur. This enables effective resource allocation and project funding.
A disconnect of information from different sources leads to mishaps and a lack of transparency. Now, you can accurately report and forecast the financials from ongoing projects and provide transparency into final results. Using pre-built tools for advanced data analysis, you can track the impact of every decision.
Does Prophix allow for Revenue recognition at various points of the project?
Yes. With the Detail Planning Manager, you can setup revenue details based on the timing of payments. For example, I can’t remember the example we used…
Does your product allow users to budget, plan and forecast impact on operating costs based on capital projects (i.e. Software Development)
Yes. Prophix supports capital projects impacting all appropriate financial statements. For example, capital expenditures can be planned at the relevant level of detail, including things like start date, service date and asset class. The planned expenditures can be reflected in the Income Statement (Depreciation Expense), the Balance Sheet (Accumulated Depreciation and Asset Value) and the Statement of Cash Flows (cash outlay for the asset purchase).
Can the user update the capital project costs with revised projection amounts, while still maintaining the budget and variance reporting?
Yes. Prophix can maintain the original budget and allow for revisions or updates to a ‘revised’ version. This would not only keep the integrity of the original budget but also allows for variance reporting of actuals to both the Budget and the Revised Budget.