If you are involved in larger Fixed Price projects the need to have absolute control over the contracted financial sum at all times is imperative. In an attempt to please the customer project managers will often agree Variations verbally, commence work and expect to formalise the detail at some future point. In practice this often leads to disputes which end up costing the contractor.
Workbench provides a practical and easy to use system for managing and documenting the Client Contract inclusive of all Scope Changes and Progress Claims. This process interfaces with project budgets to ensure that the contracted scope is always reflected in the budget used for managing and reporting on project performance.
Maximising project profit is achieved through careful management of committed costs against the approved project budget. The Workbench Subcontractors module formally manages this process to ensure there are no surprises and that all subcontractors are dealt with in a professional and consistent manner.
With these systems in place to manage Revenue and Costs Workbench is able to provide an effective methodology for reviewing progress and Forecasting Final Costs on every project each month.
With Workbench understanding the Actual Costs and the Forecast Final Costs the system is able to maintain project timelines to generate an accurate Cash Flow of outstanding Costs and Revenue.
In summary therefore, Workbench provides a consistent strategy for dealing with individual contracts and projects as well as addressing the corporate requirement for accurate and timely Forecasting and Cash Management across all projects. Within this corporate system environment Workbench offers the added functionality of handling Foreign Currency based Client and Subcontracts.
- Maintain the Original Budget and track all Variations.
- User Defined Retention calculations.
- Track outstanding retentions.
- Generate Client Progress Claims based on: Schedule of Rates, % Complete, Milestones, Time & Materials.
- Foreign Currency enabled.
- Forecast Costs to Complete.
- Generate Cash Flow Forecasts.
- Comprehensive Reporting.
- Integration with SBO Accounts Receivable and General Ledger.
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