Time tracking & job costing are significant points of reference to build competitive quotes with better margins and higher profitability.
There will come a time in every small business when efficiency and profitability decisions need to be made to help your company move forward.
Sometimes it’s difficult for entrepreneurs to let go of the reins and stay in control of their business aspects. Every small business owner can tell you it’s nearly impossible to manage day-to-day operations, clients, employees, projects, budgets, stay hands-on, and be up-to-date with accounting procedures and regulations. Something always has to give, and more often than not it’s your profit!
Time Tracking & Job Costing To Maximize Your Profits
Today, competition is fierce, margins are tight, and your business needs to invoice for every billable minute. Losing track of time and overlooking project expenses will drain your profits. Without time and expense benchmarks to reinforce your project quote it’s nearly impossible to know if your project numbers are off base. And once committed to the underpriced project there is no way to recoup lost time and project expenses.
Working with faulty information that is based on missing or hidden costs and materials is bad for business. Time tracking and job costing are critical components of financial planning because they allow you to dissect larger jobs into smaller segments and specific tasks to see where you are making money and losing profit.
Account & Management Company’s clients love job costing and class tracking. We can help your business manage and track your project’s budget, employees’ clock time, and expenses to take back lost revenue. QuickBooks can’t help your company recapture lost revenue, billable time, and project supplies, by optimizing your accounting, bookkeeping, and payroll process. QuickBooks recognizes revenue instantly when it hits your company’s checking account, and notes expenses as they are disbursed.
Accurate Project Planning WIth Time Tracking & Job Costing
Accurate Project Planning
Job costing, estimating, building out project specs from start to finish with available labor, equipment, materials, overhead, and office resources is a risky proposition without real-time tracking and reporting. AMC can help you take the guesswork out of project pricing with QuickBooks. Accurate time tracking and job costing can increase your profit margins and ROI. QuickBooks tracking tools can compare the current status of a project with your original specs and budget, so you can make adjustments before it’s too late.
Simplify estimates with Time Tracking & Job Costing
Don’t shoot from the hip, take advantage of historical data and pump out new estimates with confidence. Set up client-friendly benchmarks, progress reports, modify change orders and send invoices online to get paid sooner.
Time tracking, & job costing For Better Revenue Detection
Business managers and operators know the importance of revenue monitoring because it details how income and expenses are applied. Understanding how to leverage time, resources, and revenue is the foundation for building winning estimates.
Track progress periods & expenses in real-time
Compare the projected cost with real-time expenses at every stage. Use real-time data to spot rising cost and quickly adjust project parameters before it becomes uncontrollable.
The ability to compare time gaps and escalating costs early is critical to keeping the project on track, within budget, and timeframe. Time tracking and job costing reports give your managers the ability to keep projects and employees organized. Tracking reports can help control budgets and hit benchmarks by working with actual data. As speed bumps become evident it’s easy to adjust procedures, schedules, and work assignments to be more efficient.
Time management & cost control
Client alterations and unnoted changes can and will bust your budget. Scope creep can suck up your time, escalate project expenses, and siphon off your profits. Nail down your project’s deliverables, timeline, and cost with a master service agreement before you engage to avoid and recoupable add-ons. Accounting & Management Company can customize you’re reporting to account for change order adjustments, so you don’t have to eat the cost.
When considering outsourcing time tracking and job costing services be extremely cautious due to its complexities. Fortunately, Account & Management Company offers flexible solutions, personalized attention, and scalable services to meet your needs and fit nicely in your budget.
Billable Time + material = Happy Invoice
Accurate information is the formula for small business success. It’s too expensive to track down lost time and materials. Quantifiable and documented work attendance reports and material costs will help you estimate better projects costs and material expenditures.
On-time, on budget, every time
QuickBooks has time-tracking and job costing settings that let your people log time, materials, and expenses, per project for each client. At any point during the project, you can tally up every penny and decide what gets billed.
Tick-tock employees are on the clock
With unique permissions, employees can clock in when they hit the job site, punch out for lunch break, and knock off at quitting time. GPS tracking and Geofencing features ensure location login accuracy. Employees can be granted permission to change job codes on the go and enter assignment details instantly from a smart device.
Create, modify, and distribute employee schedules, build out assignments, and set automatic budget limit alerts so you stay on track. With time tracking no billable time goes unrecorded. Sync time tracking and job costing reports with payroll processing and manage every project in real-time.
Revenue Detection & Job Costing
Business managers and operators understand the importance of revenue monitoring because it details how income and expenses affect a project.
Connect integrate & process payroll seamlessly
Capturing billable time and materials on your projects makes paying your employees easier. Time tracking and job costing analytics highlight how much time it took to perform a specific chore. Additionally, performance reports will show each employee or subcontractor that worked on a particular job, project expenses, change orders, and will also calculate wages, withholdings, and bonuses. Automated timesheets make this time-consuming task fast and simple instead of recording everything by hand.
Real-time reporting to improve productivity
Instantly compare time on task, job materials, and expenses by client or assignment to manage projects and budgets. Easily adjust workflow assignments to maximize profitability.
Reporting where & when to cut cost
If your time tracking report signifies a lot of downtime, you can quickly reduce excessive costs and reassign wasted manpower. By adjusting workflow, you can regain control of your project and minimize the negative effect on your budget. Isolate the critical issues and re-work your plan to offset any deficiencies. Moving forward, tweak your estimates to provide better pricing and more efficient services for your clients.
Turn lost time into a money-making profit center
Accounting & Management Company is ready to help your business recoup lost time and materials by running detailed job posts and client reports. Actual-time customizable reports can identify inadequacies, monitor employee time, track billable hours, and identify areas of opportunities to make your business more efficient.