Manage Budgets, Sub-Budgets. Add, remove or transfer funds easily between budgets.
Manage Budgets, Sub-Budgets. Add, remove or transfer funds easily between budgets.
Mastt enables fast and easy project budgeting for reliable financial reporting of project costs and variances. With Mastt, see in real time how your project, program or portfolio is tracking across commitments, cash flow and more. Mastt allows you to:
Learn more about Budgets in Mastt below. 👇
A budget represents the amount of money available for a project, often broken down into sub-budgets represented by a phase, stage or work element. Often, the budget is calculated based on estimates and approved by executives in a business case.
With a budget, the project has an outline of how much money can be committed to executing work. Projects will report on progress back to this budget, and any variances.
Common challenges we see when managing budgets:
❌ Tracking Contracts & Commitments: Tracking contracts and commitments across multiple budgets using spreadsheets is error-prone and cumbersome.
❌ Managing Budget Changes: Adjusting and reallocating budgets to reflect contracted scope creates increasingly complex and unwieldy spreadsheets.
❌ Forecasting & S Curves: Accurate forecasting of future costs, including uncommitted amounts, risks, and contingencies, is challenging and often inaccurate.
❌ Managing and Releasing Contingency: Effectively managing contingency reserves and deciding when to release funds without jeopardizing the overall budget is difficult.
❌ Compliance: Ensuring accurate financial reporting and compliance with regulations is complex and time-consuming.
❌ Standardizing Budget Structures: Establishing a consistent budget structure across a portfolio is essential but challenging in large-scale projects.
Mastt offers a suite of budget management tools designed to address the key challenges faced by project managers, ensuring clarity and control over project finances:
💡 Simple Budget Table: View a straightforward table that includes budgets, commitments and forecasting on one page.
💡 Budget vs Actuals vs Forecast: Easily compare budget data against commitments, total costs to complete, and payments made to quickly identify variances.
💡 Easy Drill Down: Access sub-budgets quickly for detailed interrogation and faster decision-making, enabling deeper insights.
💡 Easy Budget Changes: Move money between budgets easily or make direct changes to adapt to project shifts and requirements.
💡 Auditing: Maintain a log of changes for compliance and record-keeping.
💡 Auto Reporting: Budgets automatically power reports like dashboards, project status reports, and monthly reports.
Mastt's simple, easy to use budget tools allow you to get started today:
🔷 Add Budgets & Sub-Budgets: Create budgets and sub-budgets for detailed tracking and management of work elements, scope, anything!
🔷 Budget Register: Track all budgets, commitments and forecasting on one page so you can see budget variances.
🔷 Budget Transfers: Move money between budgets easily.
🔷 Budget Changes: Make direct additions or subtractions to budgets.
🔷 Link Budgets: to Contracts, Variations, Risks, Forecasts
🔷 Budget Tagging: Use tags to categorize and track budget items across multiple projects, making it easier to sort, filter, and retrieve budget data in a portfolio.
Mastt's simple, easy to use budget tools make it getting started today a possibility.
🟢 Keep It Simple: Avoid complexity to ensure budgets are easy to understand and manage.
🟢 Track Only What Matters: Focus on financial areas you will actively monitor to avoid unnecessary details.
🟢 Standardize Your Budgets: Use the same budget templates and structures for consistency and ease of management.
🟢 Limit to Three Layers: Keep budgets manageable by having no more than three layers.
🟢 Align Budgets with Funding: Match top-level budgets with your project’s funding stages for easier tracking and reporting.
Are you a Mastt user? For detailed information about this feature, please visit this Help Page article. You can also explore more articles at help.mastt.com.
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Andrew Benn, WSP Technical Director
"With Mastt, our client can see the status of the project anytime, reducing back and forth queries, and not having to wait until the end of the month to receive a monthly report."
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Rebecca White, RPS Program Manager
"Mastt has saved our team significant time and effort in managing the financials elements of 65+projects. The team now has total visibility over their individual projects as well as the overarching program of works."
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Erik Maasepp, Capital Insight Senior Project Manager
"Mastt takes away a lot of user error that spreadsheets bring. With Mastt, we are able to combine multiple projects into programs or portfolios for management level analysis and direction."
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CAPT. Dan Foley, Army Digital Transformation Manager
"Mastt is increasing the team’s tempo and productivity by enabling real time information across our portfolio of projects. This transparency is assisting us to make informed decisions, to identify opportunities and reduce the risk."
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Dan Atkins, Jacobs National Program Manager
"Mastt's ability to record critical financial information as well as program forecasted delivery and milestones put Jacobs in a favourable position to our clients."
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Mohammed Salameh, Compass' Associate Director
"Moving to Mastt is one of the best decisions my team has ever made. It’s cost-effective, easy to use, and a quick set up."
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Fergus Bruce, Project Manager at WSP
"A key factor in our decision to adopt Mastt is its user-friendliness. It had to continue to empower us to work smart, allowing us to consistently deliver excellence across multiple sectors and geographic regions."
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