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 very simple yet if used effectively, businesses can benefit significantly from the insights obtained from tracking up-to-date revenue and expense numbers related to projects. When you create a sales order, sales invoices, purchase orders, purchase invoices, timesheets, you can relate the transaction to a project. By doing this and setting up revenue and expense projection before the start of a project, businesses can see how a project is performing against its objectives in real-time and see projected profit (or loss). Revised revenue target or expense budget can be set at any time according to the performance of a project. 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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You can also use the project costing module to track activities you would not normally be called a project. If you have a big sales order from a customer and you want to group all related expenses and current invoices (when you have to bill multiple times against a sales 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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