What is project budgeting software?
Project budgeting software is software that helps in the creation and management of a project budget. It provides a controlled, secure and collaborative environment in which to build a budget. It then displays actual costs against budgeted line items to prevent accidental overspends and improve profitability.
What is Procim?
Managing budgets as an agency can be tricky. Project management software is often more focused on resourcing and time tracking, forcing project managers to use outdated spreadsheets for the creation and management of the project budget. Procim is a unique fully-integrated software that focuses on budget creation while including a range of other features such as resourcing, purchase orders, expenses and timesheets to manage cost control. Our software works two-fold. On the one hand, the project budgeting process is secured, collaborative and guided. On the other, costs are controlled from one system, so work is never duplicated and you always get a big picture understanding of your project and agency. Project costs are raised directly against the budget, so users are always aware of what’s being spent and if any adjustments to the budget need to be made.
What makes Procim different?
Another issue agencies face with project software that attempts to manage budgets is the software is often created for finance teams. Procim is designed for creatives through years of collaboration with existing users. Rather than essentially acting as an accounting software that results in more admin for creative users, it’s a software that is specifically designed to be useful in the creation and management of a creative project.
How does it work?
Build a budget
Procim begins with building a budget. This happens in a familiar spreadsheet like format. However, formulas do not need to be manually inserted, so the likelihood of mistakes occurring is very low. Rate cards and budget templates are created before Procim is implemented. Budgeting becomes seamless as users have the option of simply selecting the number of units for each line item. This also ensures elements aren’t forgotten about, as standard line items are included in the available templates to act as a checklist.
Double, triple, quadruple check
Project budgeting software implements a four-step checking process. This is designed to highlight any line items where negative margin and accidental expenditure is at risk. Procim assists project and account managers to increase profit margins by providing instant visibility and preventing accidental expenditure.
Automated approvals
With a built-in approval system, project budgeting software provides agencies with unprecedented control, ensuring profit margins are controlled and managed. All approvals occur behind the scenes from within the system using rules outlined when Procim is first implemented, giving management complete control and taking away the need to micro-manage. Once the budget has been approved, purchasing limits are set. When costs are raised against the project, any overspends are sent for approval, keeping all invested internal parties aware of how the project is going before it’s too late.
Client estimates, revisions and comparisons
Presenting the perfect proposal to a client is an important part of winning business. Procim comes with a range of client pitching features. Client estimates are automated from the budget to give budget builders a clear understanding of what the client is agreeing to. It’s not uncommon for client estimates to require several amendments before a project is confirmed. In Procim, estimate comparisons automatically highlight where revisions have been made to previous budgets, giving clients an incredibly easy and professional overview of changes to the budget.
Ongoing reconciliation
Project budgeting software helps prevent tricky reconciliation conversations by displaying up to date costs against budgeted line items. This helps users identify where adjustments need to be made to current spending. Procim also provides a wide range of reconciliation assisting features, equipping agencies with all the tools required for consistently smooth reconciliations.
Project budgeting software can help keep your agency profitable and your clients happy. Procim will give your employees the space and security required to stay creative whilst managing their projects.
Book a commitment free demo today to find out how it works.