JD Edwards Project Costing is designed to help organizations streamline project management and achieve greater financial control by tracking expenses, budgets, and project progress in real-time. With advanced cost tracking and budget management tools, JDE Project Costing provides visibility into project performance at every phase, allowing teams to manage resources more efficiently and ensure projects stay on budget. This article will explore the key features of JDE Project Costing, its benefits, and how it supports informed decision-making for complex project landscapes across industries.
Understanding Critical Issues with Tracking Project Costs
Issues with subcontractors, clients, vendors, and overall market conditions can sometimes hinder your critical projects from being completed on time or within budget. Even if your budget and project accounts are carefully configured, and key resources are assigned properly, issues are still likely to arise throughout the project lifecycle.
The accuracy of key budget objectives is often overlooked at the beginning of a project; however, as the project nears final execution and completion, the final costs become more exact. The quicker internal teams can recognize disparities and variances within their expected and actual costs, the quicker they can resolve issues and get the project back on track.
Where Does JDE Project Costing Fit in the Picture?
The JD Edwards Project Costing module provides comprehensive project cost accounting capabilities that improve visibility into critical project finances and facilitate the creation of accurate budgets aligned with current business needs. With this application, users can gain a personalized view of current costs, original budget metrics, final cost projections, open commitments, and other project-specific information.
JDE Project Costing offers the visibility needed for users to track, manage, and monitor projects and their associated costs more efficiently and effectively. For example, the job status inquiry screen within the Project Costing application can be used to analyze project progress, proactively identify cost overruns, and take corrective action to mitigate the impact of misaligned expenses.
Key Features
- Customizable grid views to analyze project status by role
- Historic, ad-hoc, and backlog profit analysis
- Custom calculations via user-defined columns
- Online field progress entry and reporting functionality
- Role-based pages in UX One for Project Manager
- Automatic profit recognition calculations based on job progress
- Real-time comparisons for planned and actual budgets
- Reporting options for more than thirty category codes
- Project status tracking by contract, job, and cost account
Benefits for JDE Customers
JD Edwards Project Costing empowers users to accurately track and manage project costs, create custom data views and reports, and keep data in sync, regardless of the systems, applications, or add-ons involved in their existing JDE ecosystem.
Here’s a closer look at a few of the key benefits of the Project Costing system for JDE customers:
Synchronized data
JDE Project Costing consolidates project change management, service billing, and contract billing operations and provides seamless integrations with other JD Edwards solutions like Financial Management and Procurement to eliminate data redundancies and reduce overall administrative costs.
With this application, project budgets are also fully integrated with the existing general ledger, providing real-time data access and synchronization and facilitating more informed business decisions.
Flexible functionality
By providing greater flexibility, the JDE Project Costing application enables users to tailor data views to so they are aligned with the way projects are managed and maintained within the existing JDE system. Users can configure unique cost codes and work breakdown structures for various project types and copy the existing formats into related activities, saving time and improving operational efficiency.
Comprehensive job and financial data
The Project Costing solution empowers companies to fill reporting needs for multiple projects, project owners, job sites, subcontractors, and project agreements from a single platform, improving the accuracy and efficiency of project data and associated reports. Here’s a look at a few key features:
- Commitment, financing, and bonding reporting
- Job cost reports presented in the client’s preferred format and terminology
- Ad-hoc and historic profit, productivity, and labor analysis
- UX One role-based pages for project managers to access relevant project data
- Field progress reports with key data, such as job site and percent-complete information
- Drill-down repository for supplemental data like activity notes and incident logs
Automated calculations
Automated calculations and built-in methods of computation (MOC) formulas in the JDE Project Costing module enable companies to reduce the amount of guesswork involved in delivering final project values and improve overall project cycle times. Custom columns make it easier for users to:
- Calculate, track, and monitor account balances
- Analyze account information or balances by project, company, contract, state, or job type
- Review data within a specific range of cost types, cost codes, or category codes
Integrations with other products
The Project Costing module is designed to seamlessly integrate with other JD Edwards EnterpriseOne applications, including:
- JD Edwards EnterpriseOne Project Management
- JD Edwards EnterpriseOne One View Reporting for Financials
- JD Edwards EnterpriseOne Procurement
- JD Edwards EnterpriseOne Capital Asset Management
- JD Edwards EnterpriseOne Contract and Service Billing
- JD Edwards EnterpriseOne Human Capital Management
How Can We Help?
From assessing your current JDE setup and identifying key improvement areas to navigating complex integrations with third-party applications and streamlining project management procedures, Surety Systems is here to help.
Our senior-level JD Edwards consultants have the skills and experience to handle your critical project needs and empower your internal teams to drive continued growth and improvement over time.
Contact Us
For more information about our JD Edwards consulting services or to get started on a project with our team of expert consultants, contact us today.
