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Need for LITS project cost estimation & Cost control

All Construction and Project Management companies know that they must go through series of variations right from the time when the offer is given to quoting to the customer to project awarding, budgeting, and
project execution. LITS SERVICES offers LITS Project Cost Estimations & Cost Control vertical which is meant for Buildings, Hard infrastructures and Construction companies who build complex purpose-built structures that require fast track turn around and innovative transport solutions. The estimation module is used to calculate, create, manage, control and complete estimation of Material, labor, and other expenses. Using LITS Project Estimation and Cost Control vertical, estimation has never become so easier. Through the estimation process the estimator can have all the math done by the ERP for you. Based on the estimation type, standard cost, and analysis, LITS Project Estimation vertical calculates what your cost proposal to your customer should be. The whole point of having a dedicated ERP is so that one has the right amount of control over their business. What good is it if the ERP only caters processes to meet both ends but absolutely with no control over the processes at all. This is where LITS Cost control comes into picture. Customized to meet the client demands and at the same time offering all the basic functionalities of D365
Finance and Operations. LITS Cost Control is a vertical which is built on-top of D365 Project Management Accounting module and also
extends its capabilities across the Procurement and Inventory modules. Need for LITS project cost estimation & Cost control

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    LITS Project Cost Estimation mainly comprises of:
    Estimation Cost Sheet & Cost Templates
    Create multiple Cost Sheets and Cost Sheet Templates based on the Items handled with
    Estimation Cost Elements & Its Cost Components
    Create master of Cost Elements and Cost Components lined with the Cost Elements to
    be included in the Cost Sheet for calculations.
    Estimation SOW (Scope of Work)
    Create Scope of Work master based on different Cost Sheets. Edit/Adjust the Scope of
    Work to be included in the project based on the selected cost sheet.
    Estimation Nominations & Exclusions
    Create Nominations & Exclusions master based on different Cost Sheets. Edit/Adjust the
    Nominations & Exclusions to be included in the project based on the selected cost
    Generate BOQ based on estimation
    Based on the Cost Elements and Cost Components included in the cost sheet, arrive at
    the BOQ which needs to be submitted to the customer.
    Generate Estimation Quotation & Revisions
    Based on the negotiations with the customer, create multiple versions of the Estimation
    and send to customer for confirmation.

    LITS Project Cost Estimation also comes with below default features:

    Simple import of Cost Estimation lines
    Generate excel template for multiple Cost Sheet templates and import cost estimation lines
    directly in to D365.
    Provision to enter Customized Excel formula in cost sheet
    Every organization will have their own formulas and factors based on which they quote to their customers. Using LITS Cost Estimation, you can prepare estimation based on your own organization formulas.
    Copy Cost Sheet to another estimation
    Considering multiple customers could repeat the same type of order, LITS Cost Estimation module gives provision to copy an already created Estimation and further make changes.
    Merge multiple cost sheets
    You can merge multiple cost sheets to have consolidated building or construction details in the BOQ report.
    Addition of Charges and VAT
    Add miscellaneous charges and VAT also a part of Estimation calculation.
    Addition of Mark-up/Margin in cost sheet
    On top of the Base Sales price arrived at, add Mark-up/Margin to an item/ Group of items or All Items.
    Addition of Discount/Discount Percentage in Cost sheet
    Based on client negotiations add Discount/Discount Percentage to an item/ Group of items or All Items.
    Estimation Approval
    For every change in the Estimation, system generates a version for which you can get approval from the concerned authority

Using LITS Cost Control vertical, you can control and make sure the Purchases and stock transfers
from one Project to another, resource and stock consumption remains within the allocated budget.
Every time there is a Purchase requisition/ Purchase order or Stock Transferred from one Project
to another or a resource hour or stock is consumed, the system will validate the order value with
the Project Budget. If the Order submitted cost is more than the Budget allocated, then D365 will
not only stop the user from proceeding further but also gives detailed information about all those
activities and submitted orders where the budget has already been committed.
LITS Cost Control Module provides the below control to an organization using Project
Management & Accounting:
▪ Eliminate the chances of users creating duplicate orders and ordering more stock than what is
required in the BOQ of the Project.
▪ Eliminate the chances of the Project cost exceedingly more than what was budgeted.
▪ Visibility of all the budget committed orders against a Project and respective activity linked to
a project.