For most businesses, the cost of having your team show up can be one of the biggest expenses. With that in mind, making sure you are accurately reporting on how they spend their billable time can help you improve your profits.
You are likely already getting timesheet information from your team to help run payroll, but you can get a lot more value from the same information by using that data in your job costing process.
When you track timesheets as part of your job costing you take the guesswork out of your quoting estimates.
While the first time you work on a project, you might have to give it an “educated guess” when adding time. By tracking your timesheets on tasks you work on, you can build up a better understanding of how long those tasks really take and quote more accurately.
Plus, if you track in real-time, you can make sure that you’re not going over quoted time to ensure you make money on the time quoted.
When you’re tracking timesheets as part of your job costing processes, it means that you can share that information across all your business. So your job costing, payroll, capacity planning tools and quoting templates can share and utilise the same information.
You can keep a single source of truth so that your records are always accurate and consistent. As we talk about in our other recent blog, using real-time reporting can also help you ensure that timesheets are accounted for in your billing, not just on your payroll.
Extra Info: Forgotten timesheets are costing your business over $40,000 a year
Combining your job costing and timesheets can also mean that your team save money on admin time, freeing up more time for profitable work. Because your team can submit their timesheets once, there is no doubling entering of data.
If you are looking to better account for your team’s time in your job costing, then purpose-built software like WorkGuru.io can make it easier for you. WorkGuru.io lets your team track their time in real-time so you can see how much time has been used vs quoted.
The platform also allows you to assign the cost and charge-out rates for your team, so you can accurately understand how much you’re making. You can analyse the time spent on tasks and update your quote templates if tasks consistently take longer than thought.
Want to learn more? Book in a free WorkGuru.io walkthrough today.