Product Update: Operating Expenses
Introducing a new way to track day-to-day expenses in Aïdi.
23 Sep 2022
What is the new feature?
Operating Expenses will help Aïdi customers track the day-to-day expenses of their operations as it relates to their construction projects. An example could be to track a gas charge put into a company vehicle on the way to a specific job site. What is unique about this feature is that we are able to enter expenses that aren’t connected to a specific purchase order or invoice. This allows for more flexibility in tracking every cost associated with a project or program.
The goal with Operating Expenses is to ensure that budgets are tracked as accurately and acutely as possible. As a specific part of overall cost controls, this feature ensures projects strictly follow the financing allocated to a specific project.
What are the main use cases?
Operating Expenses will be most helpful in the real nitty-gritty expenditures for running your construction projects. Cost management is a huge part of the Aïdi application, and with Operating Expenses, we’re really zeroing on the ground level. Here are a few of the major features & usages:
Administrators can define & setup different expense types in Aïdi to be able to accurately silo & categorize the many expenditures that happen in their construction projects.
Examples of these could be:
- Transportation (gas, fuel, etc.)
- Fees (related to securing funding, etc.)
Customize your view
Set up the workspace exactly how you want it. Choose which columns, in which order, you want to present the data for your team. Examples columns include project, type, supplier, entry date, and amount.
Similar to your custom views, create and easily apply filters so you can quickly see expenses as they relate to type, a project, or a program. This allows for very accurate construction cost management at any level.
Look up a specific expense in a few keystrokes and find the information you’re looking for.
Attach documents (like receipts) directly to specific cost entries. This allows for easier look-up and less paperwork (where able).
Aïdi will automatically calculate the tax paid on any expense, making it even easier to enter what was paid and get the breakdown for you. Our goal is to make entering costs & tracking taxes a breeze.
What are the main benefits of this feature?
- Track acute project costs - ensuring overall costs are as accurate as possible
- Reduce the risk of going overbudget - ensure operating expenses are calculated against the allowed project funding
- Be more agile - track costs without needing an associated to a purchase order of invoice
- Accurate reporting - be able to report on overall cost trends and final project costs down to the dollar
Who should be most interested in this feature?
This feature is great for Aïdi customers who have numerous projects on the go, each with different operating expenses being spent daily. This will mean customers get a great sense of the specific costs of each of their individual projects as well as the overall program they roll up to.
Smaller organizations will also see value in using operating expenses as this also means having more accurate project costs, but also more centralized project accounting & tracking. No need to have a big folder of receipts, or a standalone accounting system for that purpose!