Q & A: Do you really need Project Accounting Software?

The questions below are intended to help answer the question of your need for project accounting software.  Or at least our timesheet and project accounting offering.  Read the questions below, and download a copy if they help answer your need.  Some companies are not large enough to warrant special software to calculate future project costs.  Others do not have a company culture that leans in this direction -- they fly by the seat of their pants, and that works for them.  But there are some that focus on the details and work for tighter efficiency margins.  This article is mostly for them.

Q: Do your employees work on time sensitive projects?
A: The answer to this is probably obvious.  Yes, most do.  You've searched for project accounting products (and landed here), so your employees are probably working on such time sensitive projects.  You need to complete projects quickly for clients so they know you care about them and your own business.  Comparing actual hours to estimates is important to you.

Q: Do you bill clients for your time?
A: If so, our timesheet and project management system is designed for that purpose.  It allows you to build a list of tasks for each client project, assign them to employees, and track time to them.  Project accounting consists of both time and client values.  Both are automatically computed when employees enter time into the timesheet.  Measuring effective billing rates, utilization rates, and billable-verses-non-billable hours is important to you.

Q: Do you keep track to project hours?
A: Keeping track of project hours means you can compare actual hours with forecasts.  Standard Time® performs this aspect of project accounting well.  When creating tasks, you enter a forecasted duration.  Later, as employees enter hours, you can see percent complete, remaining hours, and project costing values.

More Q & A below...

Project Accounting

Q: Do you compare project time with admin time?
A: Project accounting is more than just client billing or project management.  It involves the comparison of work time to administrative time.  In other words, how much time do you spend getting ready to work?  Email?  Meetings?  Travel?  Comparing this time with actual project time factors into company profitability.

Q: Do your projects go into overtime?
A: Learning how to finish projects on time is an important aspect of project accounting.  It means you start them up and complete them quickly, without a lot of extravagance.  You can always add extravagance later, in a follow-on project.

Q: Do your projects cost more than they should?
A: You may not be watching the salary costs as you go.  If you don't have a tool for this, consider our timesheet product.  It shows the time and costs as the project proceeds.  If you still haven't downloaded a copy, click the link below.  Good luck with your projects!

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