Efficient Exploration, Online, On Time
March 2011 Newsletter
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Visit us at the PDAC in Toronto   Booth 601 Sun 6th to Wed 9th March    Georeference Online Ltd

This issue: Cost Tracking & Foreign Currency Management

  • CampControl Cost Tracking
  • How it works
  • List of CampControl Modules
  • Test Drive CampControl


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CampControl Cost Tracking & Foreign Currency Mgmt

In our previous newsletter, we discussed cost controls and the major problem of the delay between the purchasing of items and when the cost is recorded in the accounting system.  This delay can be as long as 2 or 3 months, depending on how well organised both your suppliers and accountants are or merely as a result of invoicing cycles.  When you have many people purchasing items (your Geo's and camp support staff) and many people paying for items (your accountants and pay clerks), where these groups are often not in the same location, you have a potential nightmare on your hands!  CampControl's cost controls help provide answers the following questions:

  • What invoices have we not yet paid?
  • What have we bought that we don't yet have an invoice for?
  • Are the invoices that we're paying correct?
  • Who approved what got bought?

We've leveraged the Cost Controls and added Cost Tracking, so now you'll be in a better position to answer these questions:

  • How much money have we spent this month on each project?
  • How much money do we have in unpaid invoices?
  • Will we run out of money before the end of the season?
  • Our office in Mongolia is spending in local currency - what did they spend last month in US dollars?

Being online, this information is available from anywhere that has an internet connection - at an airport between flights, a coffee shop, your office or your accountant's office.  At any time in the season you can print out a report, that is completely up-to-date, detailing your expenses.

Authorisation and payment responsibilities can easily be delegated to the right staff for efficient operation of the company with minimal emailing and telephone communication.

How it works

CampControl implements the following workflow, in terms of cost tracking, for each order:
  • A CampControl user enters a purchase order (or request to purchase) and includes the estimated cost of the item(s) being purchased.  Foreign currencies are automatically converted to a common currency, configured in your account, thus making it suitable for reporting.
  • A manager authorises it for purchase, checking the cost as well as ensuring the purchase is coded to the correct project(s), activity codes and cost code  (authorisation is optional or mandatory, depending on the configuration of the CampControl account)
  • The items are bought and sent to camp.
  • A manager prints off a report showing what has been spent as well as what is still payable.
  • Some time later (perhaps 2 or 3 months) the invoice arrives, a manager checks it against the records in CampControl with what was actually delivered and authorises it for payment if it is acceptable.
  • The accounting staff pay the invoice and mark it as "Paid" on CampControl.
Note that the estimated cost is entered right at the beginning of the order and is built into the workflow, ensuring the information you have is always up-to-date.  Along with the cost controls, you can be sure that the information is checked and is correct.

As Company Manager you maintain oversight of the purchasing process with access to all the information you need for responsible management, while at the same time keeping your involvement to a minimum and allowing your staff to work efficiently.

Consequently, budgeting for the following year becomes less burdensome as historical purchasing records are readily at hand for cost-estimation purposes.

List of CampControl Modules

For first-time readers of our newsletter, here is a summary list of modules provided by CampControl:
Work Logs Tasks Inventory Control Sample Custody
Drill Progress Logs Calendar General Orders Control Photo Management
Vehicle Logs Helicopter Logs Travel Orders Control Document Management
Custom Logs Custom Reports Air Charter Control Standard Reports

Test Drive CampControl

There are two quick ways to try out CampControl and see how it can improve your efficiency:
(1)  Click around inside our Exploration Manager Demo Account - fun to do because it's full of real exploration data (see top left of our Home Page);
(2)  Create a 14-day Free Trial account, configure it to the locations you operate in and the users who will use it, and customise it to your company's existing accounting standards. [Contact us if you need free assistance with this trial setup stage.]

Be sure to read our next newsletter: Introducing the Staff Scheduling Module

Click here for Sign Up Options

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