Subcontractor Management
Budget Categories
We understand that handling different subcontractors is essential for your daily projects, so we made significant budget planning and revenue forecasting changes. You can set your stages budget line under work breakdown grouped into Internal Revenue/Costs (your team), External Revenue/Costs (such as contractors) and Expenses categories since our May update. It keeps track of individual areas and your gross budget planning.
Multi categories are:
- Internals – are your internal team costs such as labour cost
- Sub-contractors (called Externals within Synergy) – are your external team costs, such as subcontractor and supplier cost
- Expenses – are any budgeted expenses you predict on the project, such as equipment purchases, office expenses and travel
We make this grouping the default setting in the work breakdown template. However, you have the flexibility to change it back without categories in a simplified view. You have a new option in the ‘More menu’ (the ellipses) that can disable categories set. Or you can opt out of the multi categories by choosing a default setting for your organisation. Multi-category budget grouping is down to task level, so you can plan your project budget exhaustive to reflect the current situation. Synergy support printing the budget report with the multi categories. This budget report can assist you in identifying what parts are for subcontractors and what parts are for real profit, enabling you to control your company’s profitability fully and not make a wrong business decision.
Revenue Forecasting
Discovering the accurate revenue distribution in forecasting can help plan your business strategies. Like handling multi budget categories, you enable filter the revenue of subcontractors in grouped into Internal Revenue/Costs (your team), External Revenue/Costs (such as contractors) and Expenses categories or summing up the Gross revenue. Budget planning and revenue forecasting link under the Synergy platform. You can now have the complete picture of your forecasted revenue based on your budget categories like contractors’ revenue.
We understand Internal Revenue will not only show the budget for internal categories, and it may include mark-ups if it is a difference between your budget and fee. We also facilitate printing the revenue report from the revenue forecast. You can create the filter on the page to generate a report to forecast your Internals, Externals or Expenses. This specifies data can let you know the actual profit that can help make the correct financial projections for business planning.
Project Information Management
Project collaboration is critical for running your projects. We have made significant improvements in the functionality of Project Information Management. Synergy tidied up the Project menu, making it convenient for your daily operations.
Correct document version is a key winning factor in executing a successful project. The third-party research indicates that around 10% of building costs for rebuilding are due to a wrong version of document use. Nobody is willing to be one of them to lose money. Using Synergy Project Information Management can help you solve this problem. Now you can delete the revision file if it has not been shared and replace it with a new revision. However, the delete action will be restricted if the file is transmitted to eliminate confusion. For easy management, the ‘Attention to’ and ‘Sender’ bookmarks expose to project document templates in this update release.
Good news! Our Microsoft SharePoint integration is open to those Professional package subscribers. You can enable this add-on from your subscription page or chat with your Customer Success Manager anytime that fits your schedule.
As your trusted business partner, we want to work with you to move your business to the next level to give you #MoreTimeForDesign.
To learn more, don’t hesitate to contact us, and we will be glad to customise a solution for you.
