5 ways job costing tools can help you stay profitable

WorkGuru | 5 ways job costing tools can help you stay profitable

The right job costing tools can help you make the most of your project and keep you making money on the jobs you do. Here’s the top five ways that tools like WorkGuru can help your business every day. 

1# More visibility

Tools like WorkGuru.io can help you better understand your projects and get clear insights into your profit as you work. Because WorkGuru.io allows you to report in real-time, you can get an up-to-date overview of how much you’ve made, how much you’ve spent, and how that compares to your expectations.

It means that you can prevent issues before they happen by carefully monitoring your project's “health”. It’s quick and easy to check, with every project and project group  giving you up-to-date widgets. 

WorkGuru | 5 ways job costing tools can help you stay profitable

2# More accurate quoting

Quoting tools that let you see your projected profit margins as you add information help you build profitability into your projects.

Having tools like quote templates, and stock records that outline your costs and sell prices can help you save time and quote more efficiently. No matter if it’s your senior sales team, or your newest team member pulling together a quote, the data is there for them to see how much profit the project will make, and how much it will cost the business. 

3# Learn from mistakes better

Even when the quotes are templated to make money, mistakes sometimes happen. Parts get lost and broken, and tasks sometimes take much longer than expected, especially if it's the first time working on a new type of project. 

By setting up templates, and being able to actually see when and how a project has exceeded its budget, you're able to better prepare in the future. That could be anything from adding a few more hours to the project template, or providing extra training to your team to help them work faster on tasks. Job costing tools give you the insights to see what’s going wrong so you are able to learn from past issues that arise. 

4# Understand how your costs change

WorkGuru.io not only provides job costing tools, but also stock control tools that help you manage your stock levels and costs. It benefits your job costing too, as you don’t need to manually update your quote templates to adjust your changing costs. 

This is particularly useful when you work with materials that have volatile prices that can change quickly. WorkGuru uses a FIFO stock control method to track the per unit cost of your stock on hand. When you add stock in, and your costs change, your costs on your quote also change and your profit margin is affected. 

Without all the heavy-lifting, you’re able to keep your quotes at a comfortable margin even as stock prices change. This also applies if you change the hourly rate of your team. 

Read more: Ins & outs of FIFO Inventory Management

5# More informed decision making

When you have more data at your fingertips, you’re able to make more informed decisions faster. For example, knowing which projects or products are popular or profitable, knowing which tasks take your team the longest to complete and what stock has huge price jumps and drops can help you plan ahead and make everyday decisions for your business.

Job costing tools that collect data as you work help give you an accurate, up-to-date snapshot of your projects, your deadlines and your schedule. This can help you in the short time, and help you when looking into your future.

Want to Learn More about WorkGuru.io Job Costing?

If you’ve got a question, or want to book a demo with the team, give us a shout on our Contact Page. We’re happy to have a chat and set you up with a free trial.

Here’s a little more about how WorkGuru.io can help you: 

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