For Service Firms, Effective Project Tracking & Monitoring Are Critical Controls
If you are a service firm that delivers technical or project-oriented services (e.g, engineering, architecture, information technology, consulting, etc.) you likely have complex financial tracking needs.
Your ability to keep projects within budget constraints is a major key to profitability!
Due to that fact, you need to understand and compute all aspects of labor costs, assign time & other job costs to individual projects, and compare actual vs. estimated costs via timely internal reporting systems.
When a customer wants you to create a specific result or product:
- You define the processes (job stages) that need to occur in order to produce the desired outcome.
- You project the timeframe for the project.
- Employees are assigned to, and work through, the various stages of the project.
- You may need to acquire specialized materials and may outsource or subcontract portions of the project.
Time and cost overruns, and thus thin gross margins, are a constant risk.
As a result, if you want to know the profitability of a given job before, during and after completion, you will need to record all costs and the related income for each job. That’s why project-oriented service firms turn to Info Plus Accounting. We help service firms create easy-to-use job-cost-accounting systems that let them:
- Create job estimates.
- Record and track service orders.
- Support purchasing processes.
- Produce accurate job-cost information.
- Track progress on jobs and monitor financial results.
- Highlight variances that can have a major impact on profit margins.
When you’re intimately familiar with your job-cost and company financial numbers, you’ll create more accurate estimates and make smarter buying and pricing decisions.
That’s the way to make real and lasting improvements to your bottom line!
Drawing on thousands of hours of service-firm experience, Info Plus Accounting will help you set up your accounting system to:
- Track internal time by job (and job stage) and assign payroll, payroll tax, and labor burden costs to individual projects.
- Assign materials and subcontracted costs to jobs.
- Track “Estimate vs. Actual” results (by job stage).
- Perform standard accounting functions within an integrated accounting system.
- Create a variety of valuable financial reports.
You also may need more advanced features such as:
- Sales orders.
- Work orders.
- Purchase orders.
- Company budgets.
- Payroll prep & related tax or union reporting.
- Fixed assets tracking.
- Customizing and printing forms.
At Info Plus, we help you tailor reasonably-priced QuickBooks (and related) solutions to match the specific way you do business. Better yet, we teach you to manage your information in-house — often by clerical-level employees.
Whether you’re taking advantage of individual or small-group training, or using our 24/7 online training sessions to fine-tune your system, master short-cuts, or take the next step, Info Plus helps you eliminate errors, create financial clarity, and maximize revenue.
Info Plus Accounting offers one-to-one support and consulting services, as well as industry-specific QuickBooks online training seminars, to clients throughout the U.S.