In many engineering and IT environments, the main focus points back to security. That’s because the success of many firms relies heavily on protecting their intellectual property. Along with security, engineering firms must also focus on managing their workforce in order to maximize ROI on every project. This starts with tracking how much time your […]Read More >
Job Costing with Time & Attendance
- nettime solutions staff
Job Costing Across Multiple Projects
When tech companies support different lines of business, or work on multiple projects at once, being able to track and manage job costs accurately is a must-have. After all, there are budgets to plan and follow, teams to build from a mix of salaried, hourly and contract employees, benchmarks to keep clients happy, and future projects to prepare.
Despite everyone’s best efforts, challenges come up related to job costing. For instance:
- Workers work on multiple projects, and move in and out of projects at different phases.
- Schedules change midstream, forcing managers to bring in new team members who work at different hourly rates.
- Clients request changes to the project scope, which can trigger a change order that affects the schedule, budget or both.
Estimating Future Job Costs with the Right Time & Attendance Solution
The way that your company breaks down job and project costs affects everything from payroll, to billing clients, to preparing your next RFP. And when it’s time to build a job costing strategy, how you track time & attendance is one of the first things to look at.
But as you consider which time & attendance solution can help you manage your job costing challenges, another question pops up: Does the time & attendance system also provide you with the kind of data that will help you estimate and complete future projects, uncover employment gaps, and streamline your labor costs?
The data you receive from stratustime can help you shed light on costs of current projects, and help you plan your next project bid. Our latest report, “Cloud-based Time & Attendance in the Tech Industry” discusses other ways that stratustime offers a scalable, cloud-based time & attendance solution to clients in the tech industry.
Is Your Time & Attendance Solution Bad at Job Costing?
How do you know your time & attendance method isn’t helping you with accurate job costing? Consider a few questions:
- Are your invoices missing billable hours?
- Do some employees or managers scramble to complete time sheets at the end of each week or pay period?
- Are there leaks in project budgets that you can’t identify?
- Is management having a hard time figuring out which projects are most lucrative, and which might be hogging resources?
As a time & attendance solution, stratustime goes beyond just tracking workers’ hours across projects. Our cloud-based software presents you with data you can use to bid on and build future projects, and stay ahead of hidden costs.
Track what’s happening, and compare the numbers with the project’s estimated costs.
Proposing and signing off on a budget is essential when starting a project, whether it’s for a client, or an in-house initiative. Of course, once projects begin, many take on lives of their own.
stratustime’s job costing features helps employees and administrators track costs with an accurate window into how much time workers and teams actually put into the project at different phases.
- Gain a detailed look into where you’re doing well, and where you’re going over budget.
- Using stratustime, administrators and employees can receive alerts when costs go over the forecast based on hours and pay rate.
- As an administrator, you can set specific benchmarks to help keep you up-to-date on estimated and anticipated costs. You can track time spent on strategy, UI or UX design, development, Q&A, bug fixes, and even addendums to the scope as they happen.
- Build future projects from existing job costing data.
When it comes to job costing, perhaps one of the most important insights that stratustime can provide is a breakdown of cost estimates per project, and how they align with the budget in real time.
- From time card reports to instant payroll data, you can access and disseminate information you need at different phases during a project. This information can help you maximize time and effort in the existing project, and also make stronger decisions on future projects.
- Once you start looking deeper at your data from past and current projects, you can generate more accurate price estimates for future project bids, and make sure your project teams possess the right mix of professional skills.
- Uncover hidden costs.
Hidden costs can eat away at just about any project’s budget. For example, an inefficient time & attendance method can lead to employees and administrators losing time every time they clock their hours. This can feel like a double-edge sword, especially when the solution your company uses, whether paper, spreadsheet or cloud-based solution, isn’t generating the data that you and your teams need.
- stratustime’s project view can provide employees, managers and administrators with an easy-to-read view of actual project hours, phase-by-phase.
- stratustime syncs up with more than 60 payroll systems. This can help you eliminate any tedious wrap-up work at the end of a pay period.
- Managers and employees can access their time & attendance information from their mobile devices when they’re on the go, which is another one of stratustime’s built-in efficiencies.
When you accurately track job and project costs, you can start to see where you’re maximizing resources, and where you’re putting a strain on project budgets. Using this information can help your company enhance your workforce, create new efficiencies, and take on projects in areas of strength.
Job costing is just one of many factors to consider when deciding which time & attendance solution is right for your company. Give us a call, and learn more about how we can put stratustime to work for you.