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Managing sponsored project costs is an administrative burden. Project-centric departments need to capture and account for project costs and commitments from across applications as well as support third party integrations. This modern best practice delivers standardized cost collection processes for expedited project costing and timely visibility into validated expenditures to keep your projects on time and on budget.
Standardize and automate cost collection for all sponsored project-related expenditures using transaction and budgetary controls. Capture billable, capital or internal sponsored project costs.
Streamline import, validation, pricing and burdening of project costs from multiple sources. Perform borrowed and lent processing for cross-charge printing.
Apply buildup of indirect costs to expenditure items to report and account for the total cost of a sponsored project.
Compare budgets and actual costs, analyze account activity and reconcile balances. Perform online adjustments to recalculate or transfer costs.
Generate and post accounting entries for direct costs, indirect costs, borrowed or lent costs, adjustments, allocations and accruals.
Allocate overhead costs such as salaries, administrative overhead, and equipment charges to sponsored projects that benefited from the expenditure.