Zilicus Launches Project Cost Management Solution for its Online Project Management Software
Zilicus Solutions, a leading provider of online project management software, announced launch of its latest version - ZilicusPM 6.0. ZilicusPM 6.0 helps project managers to effectively manage project financials using its budget, cost, expense and billing management solution.
Need of project monitoring & control system
To accurately predict when and how complex project will be completed and delivered, needs project tracking and control mechanism. Many organizations fail to understand importance of project monitoring and control system. Projects can face setback, they get derailed because of various reasons e.g. risks, incidents, ambitious deadlines. ZilicusPM is highly dependable software that empowers project team to monitor project health using Gantt chart, online risk management software, issue tracking software. In its latest offering, ZilicusPM has introduced project financials management software to precisely monitor and control project cost against allocated budget and simultaneously tracking project revenue.
Some of the features introduced in the latest version of ZilicusPM are as follows
Project Budget and Billing Management
A significant number of projects fail because of delay in delivery and in turn leads to cost over-run. ZilicusPM highlights whenever project costs overshoot allocated budget. Using ZilicusPM, user can set budget in its own currency; indicate billing preference such as 'Fixed Price', 'At actual resource cost' etc. Dashboard clearly shows real time financial health of an individual project as well as a portfolio of projects.
Uncertainty in project schedule can take a toll on progress and health of projects. Project manager can shield such uncertainty using ZilicusPM by creating detailed work-breakdown-structure & schedule and a realistic estimation of time and cost. Using ZilicusPM, project manager can specify
- Project resource cost rate, billing rate in its own currency
- Cost estimate (fixed, resource and other) at any task and sub-task level
As project progresses, project manager can track and compare estimated costs like resource cost, fixed cost and actual cost versus respective type of actual cost. The same comparison is available at project level with aggregate numbers. ZilicusPM provides a separate view and a report for project manager to track actual versus estimated costs.
Project Expenses Tracking and Approval
Using ZilicusPM, project expenses can be tracked at a task/sub-task level. ZilicusPM offers detailed expenses tracking and management solution so that no expense item is lost or remains untraceable. When team members submits project expense sheets, ZilicusPM highlight those for project manager's approval. Project manager can review and edit expense sheet before he/she approves or reject it.