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Fris Alminiana, Product Manager/Sr. Consultant and Brenda Brinkley, CEO & President, The importance of budgeting in project management is unquestionable. Long term projects, whether internal or customer facing, are a complicated collection of materials, labor, vendors, estimates, sales orders, purchase orders and invoices. In order to prevent cost overruns and allocate the right budget to each cost center, it’s necessary for a project manager to be able to identify expense inf lation and forecast changes for the next period. However, manual calculation via spreadsheets and subsequent alterations and amendments of project budgets continue to present major challenges for project managers. According to a recent report, 55 percent of project managers cited budget overrun as a reason for project failure. Founded in 2002, Epiphany is perfectly poised to address these challenges with its NetSuite based project budget management and forecasting software, eBudgets. It enables project-based businesses to quickly and easily track budgets, allocation(s), expenses, and profitability by budget as well as by project. “Our customers manage their project budgets more accurately with eBudgets for NetSuite. If you want to create budgets and forecasts for global projects that span multiple subsidiaries and currencies, eBudgets is the only product that allows you do to that inside of NetSuite,” asserts Brenda Brinkley, CEO and President of Epiphany.
Unmatched Project Budget Visibility and Control
Today, although most organizations have access to financial reports that ref lect if the company is in loss or profit, what they lack is the visibility to see why and where those profits or losses occur. The ability to be able to check the profit or loss of projects/jobs, contracts, and work orders on a regular basis, can have a massive impact on a company’s overall profitability. With the ever-increasing complexity of projects, dependency on manual spreadsheets and other legacy systems for planning and budgeting make it cumbersome to discern the financial health of projects and programs quickly. Moreover, given the huge amount of time required to input, review, check, audit, correct, and submit budget data in spreadsheets, project managers find it difficult to accurately re-forecast the impacts of project variances.
It’s now crucial for larger organizations to adopt budget management and forecasting software, which not only boosts productivity but also improves data speculations for effective project planning, time management, resource allocation, and change management.
If you want to create budgets and forecasts for global projects that span multiple subsidiaries and currencies , eBudgets is the only product that allows you do to that inside of NetSuite
After working with many customers who were still using spreadsheets to manage their budgets, Epiphany developed eBudgets, offering complete project budget visibility and control. Known for its innovative cloud-based service and business process software products, Epiphany’s eBudgets has gradually become one of the leading products of the company. As an easy-to-use solution, eBudgets allows the companies to manage their project budgets for expenses, purchases, inventory, labor, revenue, and more. It not only enables the user to quickly see their budget-to-actuals but also their profitability across the life of the project.
Developed solely in NetSuite’s SuiteCloud development platform, eBudgets leverages the power of the leading cloud-based ERP/Financial management suite effectively. By extending native NetSuite functionality, eBudgets management offers up-to-date detailed insight, tracking, and reporting of budget and project data. It allows companies to enhance their budget management detail and reporting by categorizing revenue and costs with user-defined categories. “Simple and accurate, eBudgets allows companies to track their budgeting process from creation to closure and see the impact of budget changes on the project. It allows seamless management of multiple projects using the same cost centers, by seeing which categories and sub-categories are profitable,” explains Fris Alminiana, Product Manager/ Sr. Consultant of Epiphany.
The solution offers top-down and bottom-up budgeting capabilities to ensure that every project is within or even under budget. It allows users to gain instant visibility into budgets and project details through the Budgets dashboard.
Ensuring High Levels of Client Satisfaction
Epiphany has been gaining an enormous amount of traction due to its innovative and efficient solutions. Fris Alminiana shared this use case to illustrate the efficacy of eBudgets: A surveillance company that designs and installs access control and surveillance solutions needed a cost-effective and time-saving solution that could provide them visibility into their profits in a given project at any point in time. They wanted to break down their profitability of the project into different cost codes. The major hurdle in achieving that was the fact that the company experts were using manual spreadsheets and were having a hard time tracking the costs and revenues based on how far along the project was.
eBudgets includes WIP and retainage functions to automatically adjust the project figures based on the percentage of completion. “We were able to help them get rid of all the spreadsheets to track the costs related to the project. Instead, we gave them a dashboard where executives could easily see the profitability of their different projects. And, we saved the Accounting department hundreds of hours because the costs and revenues are updated from transaction data automatically,” states Keith Paolino, VP of Sales, Epiphany.
Having carved a unique niche for itself in the market, Epiphany allows companies to manage essential business processes while leveraging the power of NetSuite’s core business suite. With in-depth knowledge and expertise in product development and NetSuite, Epiphany’s expert team creates and implements effective business-critical solutions to address customer-specific requirements. Besides this, with its simple yet robust solutions that fully integrated with NetSuite, Epiphany helps companies manage field and depot repair cycles, contracts and warranties, and rental management. “We engage by listening to what companies say and delivering what they need. We assist customers of all sizes, globally, to deliver world-class customer experiences while minimizing costs and maximizing their efficiency,” concludes Brenda.
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Company
Epiphany
Management
Fris Alminiana, Product Manager/Sr. Consultant and Brenda Brinkley, CEO & President, and Keith Paolino, VP of Sales
Description
The company offers a simple yet robust project budget management software. It enables project-based businesses to quickly and easily track budgets, allocation(s), expenses, and profitability by budget as well as by project. Epiphany rolled out eBudgets in the market to offer companies complete project budget visibility and control. As an easy to use solution, eBudgets allows the companies to manage their project budgets for expenses, purchases, time and labor, revenue, and more. It not only enables the user to quickly see their budget-to-actuals but also their profitability over the life of the project
