Can Project Management Accounting Improve The Way You Do Business?

The productivity and profitability of a company are often largely dependent on the effectiveness of the project management systems they have in place. Effective project management accounting enables businesses to manage their resources, personnel and timelines while keeping track of the costs and profitability of each project. Having easy access to information about the workload and cash flow of a company gives you the ability to plan better for the future and to quickly react to unplanned issues.

Booysen Accountants utilises Xero Projects to simplify job and project tracking for their clients while also giving them more control over their financials through a range of features.

Streamlining Estimations and Quotes

Using estimates of the time that it takes to complete a project and the expenses incurred during a job, Xero Projects is able to prepare budgets based on this information. With this data available, users are then able to create customised quotes with a few clicks. Project managers can prepare quotes with the Xero Projects application by simply adding the materials- and the estimated number of hours required to finish a task. By streamlining the quotation process companies are able to save a lot of time and money in the long term.

Track Your Time Spent and Costs Incurred

Xero’s job tracker helps workers to track the time that they spend on a task with a timer that is activated as soon as the job commences and is stopped when the job is completed. Location-based tracking can also be activated to indicate the amount of time that was spent on a work site. This project management accounting software can also be used to capture expenses as they occur and add them to the job invoice. This can be done anywhere through the Xero application and makes for extremely accurate reporting and invoicing as it reduces the likelihood that any costs will be overlooked.

Make Projects More Profitable

Xero Projects boasts a simple interface that enables users to monitor the profit margins of various jobs on a dashboard. This provides a detailed chart of the actual costs incurred, the amount that was initially quoted and the gross profit of each job. Managers can use this information to identify possible pitfalls and create strategies that maximise the profits of jobs in the future.

Incorporating the accounting function into project management enables businesses to have significant control over their cash flow and provides a unique insight into daily operations. Booysen Accountants uses Xero projects to help their valued clients stay on top of their financials and provide them with easy access to important information. Contact us today to find out how we can help you or browse our website for more information on the services we provide.