Proper project management starts with the project budget. For our clients, or for those considering switching to Aderant, we like to highlight the Aderant budget process and how it can help your medium-to-large firm get organized and stay that way. The amount of time that Aderant can save you (when properly implemented and utilized) is bound to pay for its cost multiple times over. So, in this article, we want to take a look at what a project budget means for your firm, and how proper organization can streamline your business.
1. Create a Plan
When considering how much money you need for any given project, you first have to identify what money you have available. Once you have your maximum allotment, the second step is to identify the project objective and then establish the scope and deliverables from it. You can then break each deliverable down to the various resources required to get them completed. In the end, you will compare the expected costs with your initial project budget. Switching to Aderant has helped many of our clients establish clear parameters, and not to overspend or overextend their staff.
2. Estimate Project Costs
The best way to estimate project costs is to use historical data collected from similar projects completed by you or a similar firm (like one of your competitors). Using these sets of data, you can try to predict the overall cost of all of the resources spent on your project. Again, this can get complicated once you have a lot of variables up in the air, and a misstep in budgeting here can end up costing you more down the line.
3. Make Space for Contingencies
No one knows what the future holds. With contingency plans, you don’t want to focus just on the bad outcomes, but also on opportunities for cutting spending that may spring up at any time. Creating some breathing room in your budget can help you in both directions. If something goes wrong and requires more resources, you have some extra reserves to tap into while still remaining on track. And if you identify someplace where you can spend a little more to save a lot of time, then you’ll be glad you have that option. Ensure your contingency fund is between 10% to 15% of the initial project budget estimate.
4. Monitor Your Progress to Know if You’re Staying Within Your Budget
It’s one thing to set aside money for a project and create a plan. But after building your project budget with the right timeline, estimates, and contingency plans, and getting approval from stakeholders, following the budget is obviously the critical part.
You need to track spending in real-time and make the necessary adjustments for your project to be successfully completed.
Switching to Aderant
For your project budget, switching to Aderant budget and billing software will offer your firm real-time visibility into your project spending status, target metrics, and more. Plus, Aderant helps with time monitoring and is scalable to meet the increasing needs of a growing firm.
Switching to Aderant feels daunting initially to some firms because it means overhauling a major business system. That’s where we come in. Contact us at Simplex BI to learn more about how we can help you get the most out of Aderant.
