Effective cost management at your fingertips
Welcome to the exciting world of effective project cost management! Gone are the frustrating days (and nights) spent assembling cost reports produced at the last minute from various spread-sheets and manual systems. With COSTRAC as part of your project control team, your task is simplified - giving you more time to identify where the costs are going and what the final costs will be at completion.
COSTRAC is a project cost management tool designed to assist project managers in ensuring that projects undertaken are completed within the authorized budget constraints imposed on them. By utilizing all of COSTRAC's features, complete project cost control is made possible over the life of any project. COSTRAC has been undergoing development since 1989 from cost engineering experience in the real project working environment. By a combination of computer expertise and hands-on project control knowledge we have produced a most effective cost management software system which will go hand in glove with your project control team.
To ensure that projects are completed within the budgetary constraints imposed on them, control is primarily achieved by using the “Imprest” principle which states that no expenditure can be authorised without a previously authorised commitment being in place. The fundamental premise of this principle is that you cannot spend unless you have approved funds available.
Focusing in on project cost management
The amount of time spent managing your cost control system will be considerably reduced and allow you to capture data with junior personnel so that you can use your valuable time more effectively doing 'what-if' scenarios and examining cost trends and forecast costs. COSTRAC 's unique tools help you focus on structuring and managing costs in a manner useful to the project team. It also treats predicted costs from a current cost platform rather than merely reporting on historic data. COSTRAC has been designed specifically to give you control of the project costs.
COSTRAC is not a project accounting system. There are innumerable accounting software packages on the market that provide accurate details of historic company and project costs to date in terms of normal accounting practice. It is designed to be used in conjunction or in parallel with the company financial accounting system.
COSTRAC is not a materials management or stores control system. Such software systems are also readily available and can be used in conjunction with COSTRAC. It is not an estimating tool and is used after approval of the capital cost estimate. However, by the systematic and intelligent use of the coding structures, COSTRAC can be set up to extract historic cost data for estimating purposes on future projects.
Helping you make informed cost decisions
COSTRAC provides a means to set up structured budgets facilitating management and control of cost transactions. COSTRAC ensures that comparative data is instantly available allowing informed cost decisions to be made timeously.
COSTRAC is a flexible tool designed to provide the user with the configuration capacity to suit varying project control needs and to provide the required control of all project costs. When coupled with the project programme, COSTRAC also provides the added dimensions of period to period cost control, cost trend analysis and cash flow management as well as giving you features that allow you to control your costs in multiple currencies.
Giving you flexibility and inter-action
COSTRAC contains all the essential elements for ensuring good cost management. By utilising all of COSTRAC’s features, complete project cost management is made available over the life of any project. COSTRAC contains all the various cost management operational processes required to effectively manage project costs.
Costrac is being utilised in various business sectors on small, medium and large projects, including airport expansions, building developments, motor manufacturing plants, materials handling, mining, power generation, and petrochemical plants.
Features
- Structured budgets using Work Breakdown Structures (WBS) or Cost Breakdown Structures (CBS)
- User configurable cost codes for summarization, extract and grouping purposes
- User defined project periods
- Costflow Templates and S-Curves
- Change Notices and Change Orders - Record and authorize budget changes
- Purchase Requisitions / Variations - Authorize commitment of budgeted funds
- Work Requisitions / Variations - Authorize commitment of budgeted funds for internal time related costs
- Journals - Authorize simultaneous commitment and charge of budgeted funds for internal costs
- Timesheets - Add Project Resources and charge time related costs to the project
- Payment Certificates - Reconcile claims for procured goods or services against commitments
- Choose from a suite of more than 100 standard reports to produce various: Lists, Registers, Cost Summaries
- In conjunction with your project program it provides the added dimension of period to period: Cost control, Cost Trend Analysis, Cost Flow Management
In Short:
- Web-based access, available from anywhere!
- Multi-language interface
- Advanced User and Group management
- Integrated and easy to use Help
- Scalable Charting and Reporting
- Accounting system integration
- Schedule integration
Related Downloads:
Below are some files you can download for more information about Costrac:
Costrac Pamphlet (PDF) Costrac Demo Video (AVI)
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