Budget Changes

Add, remove or transfer funds to and from budgets or sub-budgets easily.

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Budget Changes

Add, remove or transfer funds to and from budgets or sub-budgets easily.

More about this feature

Budget Changes Overview

Mastt enables fast and easy add, removal or transfer of funds for reliable budget reporting of project costs and variances. With Mastt, see in real time how your project, program, or portfolio budget is tracking as funds are added, removed, or transferred between budgets, and compare back to commitments, cash flow, and more. Properly managing these changes is vital to maintaining financial control and ensuring project success.

What are Budget Changes?

Budget Transfer

Budget transfer refers to the process of reallocating funds from one budget line item to another within a project or across projects. This allows project managers to adapt to changing project needs without disrupting overall financial control.

Add of Remove Funds

Budget additions or removals refer to the direct modifications made to the budget of a project. Adding funds or taking funds away can result from various factors such as unexpected costs, scope adjustments, resource reallocations, or changes in project timelines.

Funds can be easily transferred between budgets or sub-budgets.

Challenges Managing Budget Changes

Common challenges we see when managing budgets.

❌ Tracking What's Changed: Manual budget adjustments is time-consuming and prone to spreadsheet formula errors.

❌ Complex Approval Processes: Multi-level approvals can slow down decision-making.

❌ Complicated Formulas: Inaccurate or complex formulas make visibility into budget changes impossible.

❌ Risk of Overruns: Unmanaged budget changes can lead to cost overruns and project delays.

❌ Non-Standardized Budget Structures: Differences in budget formats and structures makes transfering from / to difficult.

Visibility into budget changes is a challenge in spreadsheets.

Budget Change Features

Mastt offers an easy to use Budget Change tool that makes things simple and easy.

🔷 Add or Remove Funds: Make direct additions or subtractions to budgets.

🔷 Budget Transfer: Move money between budgets easily or make direct changes to adapt to project shifts and requirements.

🔷 Budget Change Register: Keep a detailed record of all budget changes, including original amounts, added or subtracted amounts, and the updated budget.

🔷 Overall Budget Table: View a straightforward table that includes the original budget, budget adjustments and the current budget.

🔷 Budget vs Actuals vs Forecast: Easily compare updated budget data against commitments, total costs to complete, and payments made to quickly identify variances.

🔷 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.

Visibility into Budget Changes is integrated into the Mastt Cost Tracker.

How to create Budgeting Best Practice

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.

Add, remove, transfer, repeat...add, remove, transfer....

Step by Step Guides

Are you a Mastt user? Find detailed help articles by visiting 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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