Since a real estate developer’s needs differ from other types of construction companies, their software needs are different as well. Budgetrac is a cloud-based, comprehensive Real Estate Development software created specifically for real estate developers. Budgetrac is designed for small to large scale development projects and portfolios, and delivers a level of innovation and functionality which allows you, the developer, to manage your business with ease while reducing risk.
The key real estate development features in Budgetrac make it far more useful than other generic real estate software. Budgetrac automates multiple budget iterations and commitments tracking (Contracts and PO’s). It provides real-time reporting on budgets, commitments, costs and most importantly ‘cost at completion’ - at any point in the project’s life cycle.
An important part of project control, for the real estate developer, involves managing both fundings and income. Budgetrac’s Loan Draw controls all aspects of the funding process, including loan draws, capital contributions and equity tracking. Loan Draw’s unique design meets the reporting requirements for each lender, yet maintains an internal standard set of cost codes. This allows you to provide the customized draw documents to your lender with the click of a mouse.
Budgetrac is also a complete, integrated accounting system with a robust CRM feature made for real estate development. From project pro forma budgets to operational budgets, predevelopment costs to final funding, project control to financial reporting, Budgetrac sets the standard for real estate development software.
If, after the development project is completed, your company will be managing the newly created property, Budgetrac offers a complete, integrated Property Management solution that will handle all your property and lease management needs.
Budgetrac makes it easy to enter invoices and draws and provides a powerful ability to track and audit detail. Draw invoices can be entered through the contract management module or directly into accounts payable for non-contract invoices. Budgetrac is designed to handle the complicated, detailed situations that occur in construction related businesses. It allows for easy correction of data, duplicate invoice detection and disbursement control. Budgetrac provides the flexibility and appropriate security controls to correct accounts payable transactions by undoing problems, which eliminates the endless correcting journal entries that many other systems require.
Accounts receivable allows you to enter, and maintain customer invoices and allocate them to the general ledger and to project categories. Budgetrac can set up and process invoices that recur over a specified time span. Contract billing draws result in customer invoices being added to accounts receivable.
Budgetrac provides a clear audit trail from the general ledger back to the projects and cost codes.
Budgetrac’s bank book allows you to keep up-to-date balances in each checking account and maintains a detailed audit trail. You can easily reconcile bank statements, research checks and deposits, and produce 1099 forms for eligible vendors. You can see how payments or deposits involving invoices from multiple entities affect each individual entity’s bank accounts. Bank book provides a way to enter cash-related transactions in the form of check and deposit journal entries. These entries can be applied to projects as well as G/L accounts.
Budgetrac give you the ability to track budgets at the project and general ledger level. Original budget, approved revisions and proposed revisions can each be given their own line on the budget.
Managing contractors and suppliers requires you to stay up-to-the-minute with commitments, draw requests, payments, change orders and retention. This is where project control really happens! Budgetrac prevents overpayment of contracts by checking for duplicate draw invoices and by not allowing a draw that exceeds the contract limits. It automatically calculates retention amounts as indicated in the contract. Contract management will track the original contract, reclassifications, and all change orders in detail.
Contract staging allows contracts to be broken into discreet pay points. A contract line item can be split in up to 5 pay points that are assigned a specific draw amount. This module helps manage individual trades in a multi-lot project phase.
Budgetrac’s integrated general ledger supports its project control features by providing complete enterprise, entity and department level reports. Simultaneous cash and accrual accounting methods produce both financial statements and detailed ledgers. Project cost code lists used by all projects connect directly to designated accounts in the general ledger. You can maintain entities as independent ledgers or as individual profit centers in an overall enterprise structure. Budgetrac provides a wide variety of standard and custom general ledger reports, as well as the option to prepare your financial statements in an Excel spreadsheet format. Our date sensitive system allows you to go back to previously closed accounting periods to adjust—with appropriate access controls. This can relieve the stress of period and year-end closings. You can adjust a prior year and update the current year opening balances.
Laser MICR Checks
Budgetrac supports laser MICR check for automatic check writing from accounts payable and payroll. MICR checks can be printed to pre-formatted or blank check stock. If you are writing checks from multiple accounts, constant reloading of check stock into your printer can be eliminated with the use of MICR checks.
Budgetrac puts together, in one integrated package, features to let you control project funding as well as project costs. Budgetrac can save you significant time preparing loan draw requests that are adapted to the unique categories used by each of your lenders, while still maintaining standardized internal cost reporting. You can select from cost items that have not been fully drawn and indicate full or partial requisition. Budgetrac lets you track multiple loans, update approved loan draws, record cash receipts and automatically create general ledger journal entries.
Budgetrac’s payroll module is set up to handle the complexities of employees working for many projects and entities. The intercompany capabilities let you allocate direct labor charges to projects, while the system figures out the appropriate accounting and costing transactions that follow.
Budgetrac provides a project control viewpoint that complements general ledger, enabling you to see both project cash flow and profit/loss on a single report. Multiple project budgets and revisions can be entered as information becomes available. Budgetrac automatically captures the entire project cost and income activity at the cost code level, at the same time it posts directly to designated accounts in general ledger. Project reports are always available immediately—no need to wait for general ledger closings to occur. The Budgetrac top-down viewpoint lets you get a quick view of all your projects on a single report. Detailed project reports are supported by auditable transactions tied to general ledger statements.
Budgetrac’s integrated property management module lets you keep track of all aspects of your properties under management. Budgetrac is designed specifically for builders and developers that addresses both project control and property management. Complete integration with Budgetrac’s accounting and financial system gives property management a consistent feel. Accounting entries derived from lease charges and cash receipts update general ledger in the same way as other modules.
Budgetrac’s purchase order module parallels contract management, but with a greater focus on quantities, unit prices and recording items received. It gives you the ability to track material commitments and payments on a per unit basis. Budgetrac prevents overpayment of invoices against purchase orders by not allowing a payment that exceeds the quantity or purchase order total.
Our standard and custom report writers are integrated into each module and come as part of the core system. Hundreds of standard reports can be run easily by any of your staff to handle most of your day-to-day reporting requirements. Isolating a specific project, lot or cost code is simple. All reports can be previewed on the screen prior to printing to save time reviewing, not to mention reams of paper.
Budgetrac comes with built-in financial and project custom report writers that are expensive add-ons in many other systems. These custom report capabilities save you valuable time and make it easy to produce special reports required by management or lenders. You can lay out columns and rows, format the report headings and create calculations. The custom report writer lets you consolidate projects, phases, or lots on a single report, use date sensitivity to report as of a specific month end, and download to Excel for further analysis. It’s easy to print summary reports or quickly drill down to the detail.
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