COMPASS COST MANAGEMENT SYSTEM
FUNCTIONALITY
Compass aims to keep your cost control as simple as possible.
FORECAST FINAL COST
Compass allows you to track the costs of your entire project, as well as each facet of the project, through cost codes. At the beginning of the project, the entire budget of the project is split up into the individual areas which it will be spent on, each having an individual cost code. This cost code is then used when entering forecasts, subcontracts and actual costs to enable a constant comparison to be drawn to the original budget which was allocated to both that individual cost code and the entire project. This comparison is completed and entered into a Summary Report automatically through Compass' formulas, meaning it is as simple as type and enter for you, the user. The Summary Report will highlight the areas of a project which you are making money, where you are losing money, as well as providing an overall picture of the costs of the project as a whole.
TRADE FORECASTING
Compass forecasts the trade costs by breaking down your project into cost codes. Compass progressively updates to present a forecast final cost of your project for its whole duration, meaning you maintain awareness and control of the project at all times. As each month passes and you update the document, Compass will automatically update the forecast final cost and present it in the Summary Report.
PRELIMINARIES FORECASTING
Compass has an entire Subcontracting module which will streamline and simplify the management of up to 100 subcontractors at once. In the Subcontract module, Compass has the ability to reflect variations, both on a head contract level and a subcontract level, can calculate retention moneys and security as well as tracking the payments made to date against the amount of the subcontract for each individual subcontract. As part of this module, Compass also automatically populates your information and data into an easy-to-print document which will also contain your own company logo.
SUBCONTRACTING
Compass also offers an Actual Cost module, which can be compatible with your company's accounts system if the Subcontract module does not suit your needs. The Actual Costs module allows you to streamline all of your payments, whether that be to subcontractors, suppliers or employees, all in to one place for your convenience.
RISK AND OPPORTUNITY
Compass also has a Risk and Opportunity module which allows you to encapsulate potential risks/opportunities and their probability of occurring to most accurately forecast your project result. Compass uses these probabilities to calculate the most probable overall outcome of the project as well as identifying each individual risk and/or opportunity.
VARIATION MANAGEMENT
CASH FLOW