What is the new feature?
Financing revisions introduces key & impactful changes to how project funding is managed in Aidi.
As we all know, we need to create “Financing Allowed” entries in the platform to fund the budgets that projects run on. Until now, any time we needed to make a change to project financing amounts, we were able to make those updates, but lacked the interface to see them all in one place. The history & timeline of changes was not easily accessed within Aïdi.
That changes now!
With financing revisions, every time a change is made to a project financing amount, it gets tracked and stored in the platform. These revisions can be both positive or negative.
For example, you were allocated $1M to build a new courtyard for one of your buildings. As you are building your courtyard, the cost of raw materials increases dramatically and you are allocated another $200,000 in financing to complete the project. Entering this sum into Aidi will now log the $200,000 increase, the date of the change, any associate comments or reasoning, e.g. “cost of lumber increase”, and the new total of the funding, which is now $1.2M!
After any financing revision takes place, you then have the ability to create a new version of your budget and link this specific financing revision to this new budget version.
The goal of this change is to create very accurate, historical funding & budget changes.
What are the main use cases for this feature?
Financing revisions will allow for more flexible and auditable fluctuations in the financing of your projects. Some specific features & use cases are:
Easily update your budget by entering either the change amount, or the total amount of the financing. Aïdi will do the math required to accurately store & update the total revised amount.
Add comments to each financing revision. This gives everyone a quick & easy way to understand why the change was made.
With the History modal, you can easily open up and see all the revisions made to that specific financing in one, concise place.
Revision history between financing & budgets
Create relationship change history between project financing changes as well as the associated budget versions. This means you can quickly see when financing was updated and the impact it had on associated budgets.
By having more and more of this historic data, Aidi is in a better position to incorporate more predictive capabilities. When we can look back, it greatly helps us determine what could happen next and be more prepared for that next audit!
What are the main benefits for this feature?
- Quick updates - updating your project financing with revisions takes only a few clicks that you can see at a glance
- Historical data - scroll back & view exactly what happened over time for your project financing, as well as the associated budget changes
- Easier reporting - be able to update stakeholders & auditors about changes to project financing with ease
Who is most interested in this feature?
Financing revisions will be very helpful for project managers who are working on long, multi-year projects. This will be especially helpful if funding sources vary or change throughout the project. PM’s with using financing revisions will be able to quickly report to interested stakeholders on how funding has shifted over time with financing revisions. The same can be said for anyone looking to audit or get a historical understanding of how money was allocated & then spent within the project.
This ultimately creates more transparency for everyone involved in how the project financing changed over time!
As we lay this groundwork in how to best track historical project financing revisions & budget version updates, Aidi is better positioned to help construction project owners predict & manage cashflow into the future! Stay tuned.