Forecasting in Acumatica

  • 11 September 2020
  • 18 replies
  • 341 views

Userlevel 1

Are you using Project Budget Forecasting (PM209600) or Cost Projections (PM305000)? 

  • If yes, are you getting the desired results? Do you wish you could do more? 
  • If no, why not? Do you need additional functionality for your specific workflows? 

Could you use a short training session to get you started? 


18 replies

Userlevel 2
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Unless working with an architect/engineer or developer, don’t use budget forecasting very often.  Of course, in those sub verticals, it’s very important.  I do show cost projections on every construction demo.

Specific to cost projections, since this is often a weekly/monthly exercise, the following would be helpful:

  • Add Columns to include:
    • Last Projected Amount
    • Weekly/Monthly Cost to Date

BTW, it would be super to have Sales/Training videos for all functionality as it’s added.  I understand this is a “big ask” but would certainly help the Partners and the customer.

Userlevel 2

One of our clients is using Project Budget Forecasting pretty heavily actually. The primary need for this is to report on project budget to actuals on a monthly trend basis. 

For the most part, it works very well for them. The only point I would bring up is the ability to create forecasts for multiple projects at a time. If you need to create many forecasts, doing this one by one can be very time consuming.

We kicked around the idea of import scenarios, but this has also proven to be difficult as well.

The other solution is Velixo’s project budget forecast import. This is fantastic, but not all clients will subscribe to Velixo.

 

Userlevel 1

@pchappell19 and @dcote70 - Thank you for sharing your feedback. I will pass along the idea of short recordings and create backlog items for the additional columns.

 

@dcote70 - Would you be open to scheduling a call so we can learn more about your clients workflow for creating multiple project budget forecasts at the same time? 

We have a client who uses the forecasting extensively and is hindered by Acumatica’s lack of functionality.  The numbers won’t even multiply.  When you spread the budget evenly, Acumatica can’t do that correctly.  We are hoping that we can get them into the Velixo product but in the mean time back to spreadsheets and email.  

Userlevel 1

@mcoman - Thank you for your candid reply. Would you be open to scheduling a call so we can learn more about the challenges and the expected workflows? 

Please feel free to contact me.  Not today.  I am doing a Lunch and Learn.

Userlevel 2

Hi Angela,

I am open to a call on creating mutiple forecasts at a time. My email is dcote@asc-partners.com

Thanks,

Derek

Hi Angela,

I present Cost Projections often and the main comment I receive is that prospects need this information to flow into the WIP report.  I know it can currently flows into the Bonding Report but they want the WIP option as well.  Possibly a variation of the WIP based on the latest projections.

Thanks,

Kathy

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Yes, definitely should flow into the WIP reports.  Have not used Cost Projections extensively yet since we just started with Acumatica, but I don’t think Cost Projections brings in the projections from the previous projection.

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Oh yea, one other item that would be very useful in Cost Projections as well as Project Summary.

In the header show Current Contract Amount, Current Projection Total and Current Profit and Profit %.  Profit % formula would be Profit divided by Contract Amount.  PM working on the cost projection then can easily see where the project is going regarding profit %.

 

Thanks----

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Angela,

As a client that has just gone live - i agree with others that stated that the values from the latest projections need to flow into the WIP statement. This is our normal course of business so until this gets remedied we will have to workout out of manually updated spreadsheets.

Another aspect we would like to see improved is on the Cost Budget Tab of the Project, we would like to see totals of the different columns. As it is today you cannot quickly or accurately determine if the projected cost at completion is > or < the original budget.

Also we will reforecast a project several times before it is finally closed and our review always begins with incrementing the new forecast based on the last forecast. As such the history feature has a lot of value to us, but the overall functionality is limited, because to look at the history you have to go line by line per cost task- which limits the ability to see the project globally. It would be much more helpful to see all of tasks and prior forecast with a total and then provide a workspace to create a new forecast that is an iteration of the prior forecast.

Thanks for bringing up this topic- its an important one for us that we would like to use more.

John Wiebke

Envelop Group

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John,

Well stated and I agree completely. Cost projections are huge for us.

 

Brian

@jwiebke89 

Great insights. If the detailed “Project Budget Forecast” tool doesn’t allow you to flow projected cost-to-complete into the WIP schedule … what field/inputs are you using to drive the forecasted total cost-to-complete in the Acumatica WIP Report?

For context: I’m with a specialty subcontractor in the glass & glazing space, and we’re mid-flight in the implementation process. 

Thanks in advance. 

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We have not found the “Project Budget Forecast” tool useful for us.  We are planning on using “Cost Projections”.  I am not sure if the “Project Budget Forecast” tool feeds into the WIP or not, but would be interested in finding out.

We have not found the “Project Budget Forecast” tool useful for us.  We are planning on using “Cost Projections”.  I am not sure if the “Project Budget Forecast” tool feeds into the WIP or not, but would be interested in finding out.

@mike.gillum - Testing out the “reach” of the community posting/board .. and I wanted to loop you into this discussion … can you share some thoughts or resources to help us understand best-methods for incorporating cost-to-complete into the WIP reports? Looking to find the right balance of (1) ease of updating and (2) robustness of the cost projections … 

The other critical consideration is the potential for inconsistencies or conflicts when/if inputting cost projection information into two locations “Cost Projections” and “Project Budget Forecast” 

Thank! 

 

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@johnshaddix38  and others;

Thank you for the feedback.  The two items represent different areas of focus.  

Project Budget Forecast helps clients to compare actual costs and income to budgeted entries, by financial period.

Cost Projection is used when clients wish to forecast a few specific numbers (Cost to Complete, Cost at Completion, Percent Complete).  It is geared toward a Project Manager projection/review, allowing different levels of consolidation (Cost Projection Classes).

Currently, the Cost Projection values are not on the standard WIP Report but could be added via the Report Designer.  They are visible within the Project/Cost Budget tab, and can be added to any Generic Inquiries you may have (you’ll see CostProjectionxxx fields within the PMCostBudget table).

​We are working to enhance the entry and reporting capabilities surrounding Cost Projections and have been reviewing the excellent suggestions made here.
 

@bbarker3  – There should be a ‘Copy Revision’ button available in the header section of Cost Projections.  This will allow you to bring in prior entries.
 

We also have a short video on Cost Projection usage, https://www.youtube.com/watch?v=SCrhpU8f0iw

 

Our project managers review their cost vs actual amounts on a monthly basis.  When they forecast the cost remaining per line item, this has direct effect on the estimated gross profit remaining (if est. cost to complete goes down, GP goes up, and vice versa).  However, the forecast feature in Acumatica doesn’t have an effect on Gross Profit.  And, neither of these fields are updated on the WIP report.

 

Thus, we are still calculating the monthly over/under billing in excel.

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