The process of keeping track of costs is important for many reasons. Above all, any business, not-for-profit or not, needs to be financially viable. Monitoring expenses gives insights. Insights in a number of things, whether these are results, ways of working, payment milestones or anything else. The more detail, the more insight. This can help reduce mistakes, improve processes and optimise results.
When it comes to grant and contract management, milestones are tracked in Enquire. This eliminates administrative time and costs for you. Additionality, it enhances accuracy, timeliness and transparency.
Enquire now has the functionality to link outgoing payment milestones to cost line items. This means that grant and project managers can easily see the associated costs for any payment processed from Enquire.
Why is it important to link costs and payment milestones?
Tracking and acquitting project costs against your outgoing payment milestones lead to increased visibility and allow you to have a clear view of what costs relate to which payments and vice versa. In turn, this provides you with valuable insights into expenditure and return on investment, leading to optimisation and improvements.
Coupling this with data extracts and analysis with Business Intelligence tools provides both project specific details as well as overarching program or portfolio performance.
Find out more!
See how Enquire can provide your organisation this visibility as well as help improve your grant, contract and impact reporting process in many more ways. Learn how.