This process covers job forecasting by Operations through to General Ledger work in process (WIP) adjustments by Accounting.
CMiC's Approach to Job Forecast to WIP:
- Budget is already in the system via CMiC Project Management Bid Item import process
- Percentage complete determined automatically
- Over / Under Billing automatically calculated
- Monthly WIP adjustment automatically calculated and posted
- Forecasting report analyzed and generated via a document automatically produced in CMiC and sent to the appropriate parties for review
- Utilizing CMiC’s GC monitor, the forecast is analyzed with drill-down functionality taking the user all the way to individual transactions
- Information transferred into CMiC Business Intelligence for further analysis
Major Efficiency Improvements:- Time saved updating cost report in other systems
- Time saved to complete WIP process by eliminating requirements to gather data from disparate systems for profitability and over/under reporting
Risk Mitigation:- Mitigation of data entry errors and calculation errors with Excel
- Elimination of disparate silos of information
