Managing budgets efficiently is crucial for the success of any organization, especially when dealing with Computerized Maintenance Management Systems (CMMS) and various capital projects for offices, buildings and properties. Here’s how you can use a property management system like ours to help you to streamline your budgeting process for both annual repairs and maintenance, as well as planned capital expenditures.
Annual Budgeting for Repair and Maintenance
Start by creating annual budgets for each property, region, or division, categorized by trade or account code. This allows for the allocation of funds and better financial management.
Annual Budgeting for Capital Projects
Project budgets typically cover planned Capital Expenditures (CapEx) but should also account for unexpected emergency projects. Here’s a streamlined approach to managing these budgets:
Unique Project-Based Budgets:
- Allow different company stakeholders suggest CapEx projects and request budget.
- Review suggested projects for approval.
- Create detailed budgets for the approved CapEx projects.
- Organize these budgets with their related financial account codes.
- Ensure the projects can span multiple years and accounts for comprehensive tracking as needed.
Key Budget Features
- Assignment and Approval:
- Allow responsible individuals to create budgets.
- Setup review and approval process for the budgets.
- Implement feedback loops for continuous refinement.
- Asset and Property Management:
- Use the IWMS system to view and examine the information for all related assets and property areas for each project, such as buildings, floors, units, offices, grounds, and roofs.
- Detailed Project Breakdown:
- Use the system to further subdivide projects into tasks with specific completion percentages, start/end dates, and integrated Gantt charts for tracking progress.
- Comprehensive Tracking:
- Track all requests, bid packages, purchase orders and work orders for each project or task as the work progresses.
- Ensure all new costs are related to the right project and its budget to prevent any unbudgeted expenses.
Reporting
Effective reporting is vital to stay on top of your budget. Here’s how to enhance your reporting process:
- Budget Tracking:
- View committed and actual amounts against the budgeted figures.
- Allocate work order and purchase order costs to the budget as committed expenses.
- Reflect invoiced work orders as actual expenses.
- Detailed Financial Reports:
- Generate reports for budgeted amounts, committed amounts, actual amounts, and remaining budgets.
- Categorize these reports by project type (CapEx vs. R&M or other custom types), account codes, entire properties, company divisions, regions, and more.
- Managerial Effectiveness:
- Assess property, district, regional, area, and divisional manager effectiveness with simple, yet comprehensive reports.
- Utilize interactive charts to compare current progress against real goals.
By implementing these strategies, you can ensure a more organized and efficient budgeting process for your CMMS and project management needs. Spacewell/Axxerion IWMS is a robust environment with extensive tools and capabilities to help you in your budgeting and implementation processes. Please contact us for more information.
