allows you to plan, track, and control project expenses. This helps tourism operators stay within budget and allocate resources effectively, for example, ensuring sufficient funds are available for marketing campaigns. Real-time insights into financial performance enable you to proactively identify potential overspending.
Accessing this feature
Go to Projects . Select the specific project requiring budget management. Click on the Financials tab. Select Budget Management
How to use it
Create a New Project Budget
Establish the financial framework for your project.
From the Budget Management section, click + Create New Budget.
Define the Budget Name and Overall Budget Ceiling.
Add Budget Categories (e.g., Labour, Materials, Travel, Software Licenses, Marketing, Contingency).
For each category:
Enter an Estimated Cost.
Provide a brief Description for clarity.
Click Save Budget to finalise the initial setup.
Input Actual Costs
Accurately record all expenditures against your project budget.
Go to the relevant project budget.
Click + Add Actual Cost.
Select the Budget Category to which the expense applies.
Enter the Amount spent and the Date of Expense.
Provide a Description of the expense (e.g., "Flight Sydney-Melbourne for stakeholder meeting").
Attach relevant Receipts or Invoices by dragging and dropping files or browsing your system.
Click Add Expense.
The system will automatically update the actuals and remaining budget.
Monitor Budget Performance
Track progress and identify variances between planned and actual spending in real time.
Access the Budget Dashboard within the Budget Management section.
Review the Budget Summary, which displays:
Total Budgeted Amount
Total Actual Spend
Remaining Budget
Variance (Budgeted vs. Actual)
Use the Category Breakdown to view spending performance at a granular level.
Generate Budget Reports by clicking Generate Report, selecting your desired date range and categories, then exporting as a PDF or CSV for detailed analysis.
Adjust and Re-forecast
Modify your budget as project scope evolves or new information becomes available.
From the Budget Dashboard, click Edit Budget.
You can Adjust Estimated Costs for existing categories or Add New Categories as required.
To re-allocate funds, update the estimated amounts in the respective categories.
Provide a Justification for Change in the comments section.
If your organisation requires approval for budget modifications, submit the changes for review. The system will notify relevant approvers.
Click Save Changes to update the budget.
This process allows for dynamic financial planning and re-forecasting.
Finalise and Close Budget
Complete the budget management process upon project conclusion.
Ensure all actual costs have been recorded and reconciled.
Generate a Final Budget Report for a comprehensive overview of project financial performance.
Click Close Budget to mark the budget as complete and prevent further financial entries.
This action archives the budget for historical reference and future analysis.
Customisable Budget Categories: Define and organise budget line items to align with specific project requirements and organisational accounting structures.
Real-time Expense Tracking: Input and monitor actual expenditures as they occur, providing immediate insight into budget status.
Automated Variance Analysis: The platform automatically calculates and displays the difference between budgeted and actual costs, highlighting potential overruns or savings.
Comprehensive Reporting: Generate detailed budget reports, including planned vs. actual summaries, category breakdowns, and variance analyses, exportable for further review.
Budget Re-forecasting: Tools to easily adjust and re-forecast budget allocations based on evolving project needs and financial realities.
Attachment Management: Link receipts, invoices, and other supporting documentation directly to expenses for auditability and record-keeping.
Approval Workflows: Implement configurable approval processes for significant budget adjustments, ensuring financial governance.
Historical Data Archiving: Closed project budgets are archived, providing valuable data for future project planning and estimation.
Tips
Establish Early: Develop a detailed budget at the project's initiation phase. This provides a baseline for all financial decisions.
Categorise Meticulously: Break down costs into specific, understandable categories to ensure accurate tracking and reporting.
Monitor Regularly: Review budget performance weekly or bi-weekly to identify variances promptly and take corrective action.
Communicate Proactively: Inform stakeholders of any significant budget changes or potential overruns as soon as they are identified.
Allocate Contingency: Include a contingency fund in your budget to account for unforeseen expenses and mitigate financial risks.
Use System Features: Use the platform's reporting and re-forecasting tools to maintain an accurate and dynamic financial picture.
Document Everything: Keep thorough records of all budget decisions, approvals, and expenditures to maintain transparency and facilitate audits.
Learn from Experience: Analyse final budget reports from completed projects to refine future budget estimations and improve financial planning processes.
Need help?
For further assistance, contact us at [email protected]