Keep your business profitable with these key takeaways
Your company has deadlines to meet and the project at hand is not much different than the one before it, yet you are questioning why this project has so much time against it. You have the same amount of employees working on this project as the last one, but this project has consumed double the time. Why are you over the projected allotment of billable time and the project is only at the halfway point? If you are scratching your head as you scroll through spreadsheets making comparisons, you have taxed your project’s time deficit even further.
The 7 keys to success:
- Real-time project performance and project tracking enable quicker response time for resource reallocation and project diagnosis.
- The right time management software will increase productivity by providing the information you need to access a situation in real time.
- Monitoring project tracking through automation is essential, schedule reports to your email inbox so you don’t miss a beat.
- Over budget reporting and tracking project budget projections for actual data being accessed on a daily, weekly, or monthly basis will allow you to keep projects on track and be cost effective.
- Set up a project budget and correlating timesheet projections along with monitoring actual data, allows one to make comparisons and assessments through immediate visibility, thus getting your projects quickly back on track.
- Using quality time billing software will allow you to bill and invoice as well as offer a significant reduction in billing cycles; therefore putting account receivables into your pocket faster.
- Great timesheet software includes invoicing that allows management to access billable and non-billable costing information such as total project costs (comparing fixed or actual cost) and only for the timesheet and expenses, which are manager approved.
In recap, this is the information age but unless you can access information timely and in a format that is designed specifically to your company’s needs, you are not shoulder-to-shoulder with the big boys. Whether your company consists of one, one hundred, one thousand or thousands, it’s all about the bottom line — and the right software application for time and productivity management.
Discover what the big boys use to save time by keeping on top of time management challenges. The big boys play the numbers with accuracy, increasing company profitability by implementing a plan to reduce internal costs while increasing project profitability. They understand where an employees’ time is spent and realign that time as necessary to “fit” the project at hand.
“Timing is everything. The right set up will keep an organization from having a wrong setback” – John C. Maxwell
As John C. Maxwell said in his book, The Power of Thinking BIG, “timing is everything. The right set up will keep an organization from having a wrong setback”. Having the right information in real time will keep your company from having unnecessary setbacks. Avoiding those unnecessary setbacks because of project and timesheet control issues and you will ultimately increase the bottom line.
dovico.com – Time management software and project time tracking for billing & costing
Also published on Medium.