Every organisation is tasked with delivering internal projects; some organisations have many smaller projects on the go at any time; whilst others might have a smaller number of much larger projects.

Regardless of how carefully one establishes the project account, creates the budget and assigns resources, chaos can soon begin once the project starts. Often it seems like subcontractors, vendors, market conditions and occasionally customers conspire to keep staff from completing projects on time and on budget.

Whether they are managing work performed on a construction project, or monitoring the progress of an internal IT initiative, project costing provides the visibility to manage projects effectively.

There is little to disprove the accuracy of a budget at the outset of the project, but the closer it is to the project completion, the more exact the final costs become.

Often it’s during the middle of the project that staff rely on estimated final values the most, and the sooner staff are able to react to variances in expected end costs, the sooner they can identify and correct problems.

Project costing allows organisations to easily assess progress and identify cost overruns in the project lifecycle so that corrective action can be taken sooner rather than later to get expenses back on track.

Fusion5 offers a comprehensive project costing solution to provide customers with real-time, in-depth visibility to all project finances. Customers can view original budget amounts, current costs, open commitments, final cost projections and percent-complete information for each project.

Project costing includes the capabilities to manage project change management, contract billing and service billing and, delivered as part of an ERP solution, will be fully integrated back into financials, human capital management and procurement.