For project managers estimating the final costs of a project can sometimes be a difficult and tedious task. But now, thanks to the new project budget milestones & alerts functionality, project managers can benefit from a powerful tool to better monitor the status of the projects and, if necessary, make the required adjustments.
Setting up a budget with milestones and alerts
Setting up a budget ensures the project manager a better understanding about how the human and financial resources will be used throughout the project progress. Within Nutcache, the Project screen allows you to track the project as well as the budget from one convenient location.
Will the budget scope be global or specific?
Nutcache lets you choose the budget scope, it can either be global or specific meaning per member or per task, and lets you budget by time entries, costs, billable hours, and billable amount.
The budget progress
A graphic indicator clearly shows the overall progress of the budget based on predefined parameters. At a glance, you are able to see the progress of the budget towards the budget threshold.
The project KPIs
KPIs are a powerful tool at the project manager’s disposition to help him better monitor a project’s progress. The Nutcache project KPIs are divided into 5 categories: the projet progress, the project worked hours, the project costs, the project billing and the project profitability.
Setting milestones and alerts
To ensure your project runs smoothly, efficiently, and profitably, you can set different milestones (in percentage) to monitor the budget’s progress. When a budget threshold is met, an alert is triggered and an email is sent to the project manager(s).
Defining the project invoice method
Nutcache now allows you to set an invoice method best suited to your business reality when you are creating a project.
The invoice methods available
When you are working on a billable project, you must choose on of the following invoice methods:
Task hourly rate. This method associates an hourly rate with tasks.
Member hourly rate. This method allows you to enter a different hourly rate for each member.
Project hourly rate. This method tracks one hourly rate for the entire project, regardless of who does what.
Project fixed-fee. Use this method when the client agrees to pay a single fixed fee for fulfillment of the project, no matter how much time is spent on the project.
Introducing improved profitability reports
The two Profit and loss reports already available have been improved and now include labor costs to provide a more accurate assessment of profitability in your organization.
With its latest additions, Nutcache clearly positions itself as one of the best solutions for project management offering significant features in collaborative project management with expenses, invoicing and time tracking features. Nutcache offers everything that businesses of all types and sizes need to keep track of the details and organization of any project.