An efficient job costing software allows companies to understand where its profits and, more importantly, losses are coming from. With such insights, management can take powerful decisions to optimise business workflow and general operations.
A good job costing software will enable companies to:
- Ascertain the profitability of jobs
- Compare estimated costs with actual costs
- Estimate cost of job requirements which arise in the future
Here are a few ways in which a job costing software can help your company save money.
It reduces time and resources required to manually calculate job costing
While the job costing process can help you plug holes in your customer acquisition and project delivery funnel, it can be tedious to do it manually. It takes time and resources to analyse the hundreds of costing touchpoints and perform the kind of analysis that helps you understand the big picture. An efficient job costing software, on the other hand, can help you automate and complete the process in a few minutes.
In most companies, the cost of service delivered varies from client to client, making the job costing process more complex. When deliverables, resources and time taken to complete projects are not standardised, additional dedicated resources are required for job costing calculations. With automated software, the time and resources spent on the gargantuan task can be put to better use.
It helps you find pain points with clients and vendors
When you’ve determined the profit and loss for each job, this helps you identify jobs and clients who might be abusing your services or underpaying. By identifying such clients, you can revise your estimates to become more profitable. In addition to identifying clients who might be abusing your time, job costing analysis will also help you identify vendors who are being overpaid for their product or service.
What should you expect out of an efficient job costing software?
A systematic job costing software should essentially allow a company to:
- Calculate workforce cost and time invested in a job
- Monitor the project’s working hours and billing hours across all resources
- Monitor estimated budget spend vs. actual budget spend
- Gain visibility across jobs and processes
- Manage timesheets and workforce management in an integrated environment
The benefits of a job costing software to any organisation, especially to a small business, cannot be overstated. After all, all businesses want to know how to stay profitable. With Synel’s Job Costing and Activity Tracking solution, you can easily identify pain points and drastically improve your company’s operational efficiency.
Our software allows you to:
- Create projects, cost centres and activities
- Get job-wise insights into time and resources spent
- Export the relevant data to your accounts system
With such a comprehensive job costing system, which also allows you to track activities and cost, you will be better equipped to take profitable actions with the help of actionable insights. Get in touch with us today to know more!
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