Job Costing and Project Management
Job Costing and Project Management
For client-oriented service businesses, Project Management can be a very time consuming but extremely important task. Industry specific Project Management software can be quite expensive and difficult to learn, so many businesses rely heavily on Excel worksheets to manually track projects.
When information isn’t integrated with the accounting system, it becomes difficult to reconcile project information. This limits the ability of a business to fully analyze client projects, since essential information may be spread out within several reporting systems. It can also result in omissions and delays in invoicing, and makes it difficult to confirm amounts due vendors and subcontractors.
Basic job costing can be managed within Xero using Tracking Categories and Billable Expenses.
The new Expense and Project features included in the Xero ESTABLISHED subscription are designed to handle slightly more advanced job costing and invoicing needs. Both features include their own mobile Apps that facilitate the tracking of project information.
If your business uses time billing, there are several time tracking and invoicing apps that integrate well with Xero.
Progressive businesses may benefit from advanced job costing and project management systems. Often an industry specific app is the best solution.