Unanet’s robust project management and budgeting features are primary reasons some of our clients choose Unanet as their accounting system of choice. One of our main goals during an Unanet implementation is to utilize as many of the project management features in the system as possible and train our clients on maintaining the correct information to manage their work properly. What are your project management and budgeting needs? The following options are available in Unanet:
- General Ledger Budgeting
- Project/ Task Level Budgeting
- Person Planning/Budgeting
- Expense Planning/Budgeting
Not All Budget Needs are the Same. It Varies Between Contract Billing Types.
For example, on a Time and Material (T&M) contract, it is beneficial to budget labor categories and/or people, so that management can strictly limit hours reported on a timesheet based upon the assigned budget. This is an excellent control for T&M contracts that are awarded and billed based on a rate for hours worked.
On the other hand, for a Fixed Price effort, other tools should be used for project management since hours worked is (in most cases) not a strict contractual requirement. The profitability of Fixed Price contracts needs to be monitored since profit is not a fixed amount. It is essential to make sure that the costs incurred to support the fixed price effort are within the anticipated and profitable range.
For a cost-plus fixed-fee billing type contract, the profitability is a less critical metric to monitor, since it is a fixed amount. Cost type contracts generally contain FAR Clause 52.232.22- Limitation of Funds. This requires a contractor to notify the customer when they expect to reach 75% of the total funding in 60 days. To comply with that requirement, project managers should track burn rates, estimated-to-complete, and estimated totals for cost-type contracts.
Some Reports are Key Reports, Regardless of the Contract Mix
The Resource Allocation Report is a person planning/budgeting tool that gives managers the customizable matrix to ensure that their employees are not over-worked or under-whelmed. What month is Person B going to run out of billable hours? Will I be able to complete the hours requirements for this contract within the POP, or do I need to ask for an extension? The configuration of this report is tantamount to the success of an Unanet Portfolio license type. This report can also function as another purpose by tracking actual versus expected hours by the person for a year-to-date time.
The Performance Line and Bar Chart can be run for hours, time, and/or expenses. It compares the plans, budgets, and actuals at a periodic interval within a bar chart as well as cumulatively with a line graph. The customizability makes this report flexible enough to be useful on every type of billable project.
If you would like assistance with your project management plan and/or assist with key reports for your management, please let us know how we can help! The Redstone GCI team can provide you with a variety of methods to support you with your Unanet software.