Summary
The cost breakdown provides insight into understanding how your margin is changing by helping you analyse the projects financials at a transactional level.
Gain financial visibility: View a detailed breakdown of purchased costs and its origins.
Understand margin impact: Compare
Quoted cost
andactual costs
to identify variances.β
Key Features
Variance analysis: Identify cost
variances
by value and percentage.Granular cost insights: Understand the sources of all transaction.
Labour cost: View total logged technician/engineer time and associated costs against the quoted budget.
Project cost analysis
For a glossary of the concepts we have mentioned, please review this article
The cost breakdown enables comparison between quote cost
, Estimated cost
, Committed cost
, actual cost
and paid cost
, allowing users to pinpoint cost variances and their causes.
Product Cost Analysis
Track costs for each
Product.types
used.Calculates variances to highlight discrepancies and unforeseen expenses, such as additional products used that were not added to the initial quote.
Labour Cost Analysis
Analyse labour costs by comparing submitted vs. approved tasksessions, detailing labour costs by user and labour rate
Example analysis:
This project involved the purchase of 6 products. Here's a breakdown of the cost status:
Product A: No cost variance.
Product B: Purchase order completed. Actual cost exceeded the quoted price by $5.00, resulting in a $5.00 negative variance.
Product C: Fully billed, no cost variance.
Product D: Fully billed. Actual cost was $10.00 less per unit than quoted, resulting in a positive variance.
Product E: Pulled from existing stock, recorded as an actual cost.
Extra Product(s): Unforeseen purchases not included in the original quote. These may include miscellaneous or sundry items.
Labour Costs:
The initial project quote included an estimated labor cost of $5,000.
Actual labor costs to date are $633.33, representing time logged by two technicians.