ProMan's PO Module enables Project Managers to reflect and schedule commitments and future costs on projects. ProMan now has a screen showing committed costs alongside other project detail such as WIP, Debtors, Creditors and Forecast Summary.
A draft purchase order is accepted or rejected online and after approval, cost provisions are automatically entered into the system and shown as Project Committed Expenses. ProMan's Purchase Order Module obviously can be set up with different permissions, e.g. authority levels, different approvers for project cost and other expenses.
Key Benefits
In general ProMan's new Purchase Order Module effectively eliminates human error and all the document tracking and approval problems involved with manual purchase orders. It supports the creation and tracking of POs for all project-related and in-house materials and services. Purchases are tracked precisely and efficiently with full online approval features.
For the Financial/Admin departments, the module simplifies and hugely accelerates the purchase order origination, approvals and recording cycle. Manual systems are subject to time lags between PO requests being made and the financial impact of those on project profitability and cash flow. The Purchase Order generates real time information with a full audit trail and the impact can be viewed immediately in the General Ledger as well as on the project.
Additional:
Cost provisions (future committed cost) can be phased to reflect regular expenses on pre-defined payment dates.
The module reflects "real life" situations e.g. the system can allow for an additional cost provision or reverse part of an existing provision.