Enhanced Budget & Finance revisions

What is the new feature?

Aidi is enhancing the options and flexibility of how you can manage financing and budgets! Aidi admins can now manage financing revisions as they relate to the budgets they are linked to.

Before today, one project financing would be linked to numerous project budgets. If that financing envelope was altered (increased, decreased, etc.), users were required to create a new financing entry to account for the adjustment. With this update, there is now the ability to track financing changes more accurately and with history. This allows for more transparency and accountability.

Now, users can save financing revisions and associate it with different budgets directly. Once a new financing revision version is created, project managers can quickly find and tie them to their project budgets.

What can you do with this feature?

The driving force behind this update is all about streamlining finance management and operations. This also includes tracking history to ensure that changes to construction project financing are understood over time by existing and new users.

Accurately track financing changes

By adding multiple revisions, you can see sequentially how a financing evolves over time. Using comments, you can note why the financing increased or decreased. You have the ability to modify or delete the most recent revision if an error is made!

View revision history

As with many elements in the Aidi platform, you can find a history of changes made to each and every financing entry. This helps for onboarding new team members who can see how specific financing may have changed over time. With the ability to add notes for each revision, any user can see the reason for the revision as well.

Granular budget financing management

You can now set more granular controls over how financing revisions can be tied to budgets. This configuration is accessible to be turned on or off as needed by the organization. Directly from a budget page, you can now select the initial finance amount, or a revision of that financing. Once that budget is approved, this will freeze the financing amount and budget at that point in time.

What are the main benefits?

  • More transparency - users can easily see when financing was changed, why, and by whom. This allows for greater transparency and accountability.
  • Faster operations - with the ability to make financing revisions quickly from the budget screen, your team saves time when a revision is made.
  • Detailed history - having a recorded history of every financing revision means everyone can clearly see the changes over time and what sort of impacts those may have had.

Who should be most interested in this feature?

When it comes to updating financing revisions, users at all level will find benefit from the update. At the highest level, leadership and executives will gain better tracking and trends on the macro changes to their financing envelopes over time. This can help them understand how things changed from when a financing envelope was created to when it was exhausted.

Administrators will enjoy the ability to more quickly and accurately update financing and tie it to budgets. This reduces workarounds, the loss of information, and the potential for errors.

Lastly, construction managers on the front end can quickly adopt revised financing directly on their project budgets. This means they are working with the most up to date information at all times.

Looking for more detail? Check out the Wiki here!

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