- TIME TRACKING
Improve cashflow with detailed A/R reports
Know if your contractor is inflating billable hours
Determine if employees are going over time allotted
Track costs associated with a project
In order to know if a project is profitable, it is important to understand whether your business is charging enough, limiting scope creep and reducing costs and time. Running project profitability reports on these metrics will help to ensure projects don’t go over budget.
If your business is paid based on a set project price it is important to understand realization rates of employees. Realization rates are the number of employee hours divided by billable hours. By running realization reports you will know how much revenue an employee is bringing in versus how much they are costing you. Increasing billable hours will increase overall revenue.
Understanding labour costs, including benefits and overtime will help your business identify if you have correct staffing levels. Are you paying too much for overtime and should be hiring? Do you have too much staff and not enough work? A labor cost report will help to improve profitability in your business.