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[Beta] Cost Breakdown & variance analysis for projects
[Beta] Cost Breakdown & variance analysis for projects

See cost and variances at a transactional level

Niall Blair avatar
Written by Niall Blair
Updated this week

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 and actual costs to identify variances.

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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.

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