Costing & Pricing Tool

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Costing & Pricing Tool

Finding the real cost and value of research to both the funder and the university can be complex and time-consuming.

Managing multiple projects, funder guidelines, providers on different payment structures, varying time frames, changing suppliers, different dates, times and currencies requires a dynamic and powerful management tool.

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Increase accuracy and reliability, reduce risk and administrative burden.

Features & Benefits

Varying rules and requirements, specific convoluted formulae and agency-limited line items create a complex series of hoops for researchers to jump through to fund their research. The ResearchMaster Costing and Pricing tool requires minimal technical skill and streamlines this laborious process to improve the accuracy, access and reliability of applications, reduce organisational risk, and redress the growing burden on administrators.

  • Set requirements for specific funders, which can be stored and recalled to apply across different applications
  • Enter complex costing formulae once and apply them across multiple applications, obviating the need to manually look up and copy the correct formula
  • API integration with existing internal systems ensures information used in the funding applications is up-to-date, and the approved resource and funding allocation is readily available in real-time
  • Varying permissions safeguard data privacy by ensuring that only the correct personnel have access to stored information; this also means that researchers with permissions can access and check their progress against the funds allocated to them, outside of regular review
  • Funding agreements involving international funding agencies and projects that have multiple funders are fully supported, enabling administrators to understand at a glance the provenance and expenditure of research funds
  • Invisible costs can be accounted for, such as overheads, consumables, legal services, CPI-linked personnel cost changes and others—in accordance with specific rules and limitations set forth by funding agencies
  • Create validation rules for information entered into forms; data that doesn’t meet the parameters set by the administrative office can be flagged automatically for review
  • A single source of data truth keeps information up to date without double- or triple-handling

ResearchMaster’s Project Costing and Pricing Management Solution allows researchers to determine the project cost and price based on individual funding guidelines. It is a fully integrated web-based costing and pricing tool designed for researchers. This powerful system can deliver:

  • The ability to refine and manage changes throughout the life of a project through recasting and auditing,
  • Minimal data entry through integrated forms and finance systems,
  • Maximum accuracy by applying pre-configured funding rules, salary rates and indexation,
  • Depending on configuration, can allow for variances at project and fund source level.
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