Tracking Projects
Before we begin understanding the process of tracking projects let’s first understand what is a project?
A project is an undertaking, carried out individually or collaboratively and possibly involving research or design, that is carefully planned to achieve a particular aim.
Any business has many goals and objectives to achieve. Businesses start projects to fulfill those goals and objectives. A common requirement we heard from customers is the ability to track revenue and cost related to projects.
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Versa Cloud ERP: Tracking Projects
Versa Cloud ERP has a built-in project costing module. You can use it to track different types of projects such as fixed price, time and material, internal projects, cost plus projects, and many more.
The idea is simple: businesses can gain valuable insight by tracking revenue and expenses against each project. Sales orders, sales invoices, purchase orders, purchase invoices, timesheets, and other relevant transactions can be associated with a project, bringing its financial activity together in one place. This makes it easier to review what has been ordered, what has been invoiced, and how the project’s revenue and costs are progressing. By setting revenue and expense projections before a project begins, businesses can monitor performance against their objectives and review projected profit or loss. As the project progresses, actual revenue and expenses can be compared with the original targets, helping teams identify cost overruns, review financial performance, and spot discrepancies that need attention. Revenue targets and expense budgets can be revised as needed. If you are billing by the hour, the timesheet tracking will allow you to compare your total billable hours to a pre-established target.
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The project costing module can also be used to track activities that would not normally be considered projects. For example, when a customer order requires multiple invoices, you can group the sales order, related invoices, and associated expenses under one project. This provides a consolidated view of the transaction’s financial activity and helps teams review what has been billed against the order. If you bill your customer based on a set of pre-agreed milestones, you can create sub-projects to track each milestone. Some customers of our Small Business ERP product also use the project costing module to track internal projects even when there is no direct revenue to be generated from the project. Tracking expenses against a pre-defined budget is also a very important strategy to control the cost of ongoing projects.
Versa Cloud ERP also allows employees to log in from their tablet and mobile devices to enter their timesheets and expenses. This reduces the amount of paperwork between the front office and the back office. Employees working remotely on-site can report their expenses while on the job.
With the visibilities and real-time information you get from the project costing module, businesses can effectively monitor big and long-running projects to ensure projects do not overrun their budgets before it is too late. This module is included with Versa Cloud ERP at no additional charge.
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