This is a truly innovative approach to cost code management and to project cost controls in general.
Calgary, Alberta (PRWEB) September 24, 2013
4castplus project cost management software unveiled innovative new features this week that will organize and simplify the often complex management of cost codes on major projects. The new Intelligent Cost Code feature brings project managers, cost engineers and procurement personnel tremendous benefits in time savings, cost savings and vastly improved ability to control large project costs.
Most major projects will define a multi-level cost code structure that includes three or more connected elements of a project. Area, phase, workpackage, resource, AFE are some examples. Some projects have seven or more levels. Planning and reporting around a complex cost code structure can be tremendously labor intensive if the software supporting it doesn’t have intelligent tools to simplify that effort.
With the breadth of project controls capability that’s covered in 4castplus, every aspect of a project can be managed and coded directly in the software. In other words, all elements can be coded by any user-defined cost-codes.
The 4castplus Intelligent Cost Code system provides an abundance of tools for planning, management and reporting on project cost code structures. Project controls teams have constant visibility and control on where and how cost codes are applied. This then simplifies the jobs of other teams that depend on the cost breakdown structure set by project controls.
4castplus provides an easy configuration tool to define how cost codes are to be built.
The project controls team, for example, can setup the Rules for how a cost code string is structured and built. The rules enable the user to establish which elements are active in a cost code and in what order they should appear. 4castplus then takes care of the rest. Once the elements to be utilized in a cost code structure have been input, 4castplus will automatically construct the cost breakdown structure and apply the correct cost code to every resource, work package, etc. There's no other construction project management software on the market that comes close to matching what 4castplus can deliver.
4castplus customers realize tangible benefits such as:
- Improved cost planning and organization of cost centers, cost categories and cost codes
- Improved collaboration between the different project teams: procurement, project controls, project management all are in harmony in the same system
- Improved synchronization with accounting systems
- Reduced effort in managing cost code structures
- Improved validation on items being procured to the right place and accounted to the right codes
- Standardization of cost code planning and management
"This is a truly innovative approach to cost code management and project cost controls in general," said Michael Wilson, product manager with 4castplus, "We listened to many customers and industry experts who provided tremendous feedback on a design that will substantially improve the way project controls are managed."
For more on this topic, please visit http://www.4castplus.com/key-features/intelligent-cost-codes/.
More on 4castplus
4castplus is the first web and cloud-based solution to offer total real-time Project Cost Management in a single powerful software tool. With its performance-driven features, 4castplus delivers a centralized and streamlined solution to Construction, Energy, Utilities and EPC organizations. Features that include: Estimating, Time-Phased Budgeting, Change Management, Procurement, Contract management, Real-time Project Tracking & Reporting for LEM, Purchase Order Management, Cash-Flow Reporting, Customer Invoicing, Document Control, Schedule Integration, and Forecasting for Earned Value Management. 4castplus helps companies around the globe get better project results while enhancing their competitive edge. All at a low total cost of ownership that delivers up to 30 times ROI. For a quick tour of features, visit http://www.4castplus.com.