An inaccurate job bid can be devastating for your business. Whether it results in losing the job or performing it at a loss, this blunder is an unfortunate reality for many field service companies. Luckily there is technology to help mediate this – you can avoid this situation with job costing software. Explore the features of our software to see how it can fit into your industry and business practice.
Track Project Progress
A factor in inaccurate job estimates is lack of progress tracking. You can start out with a reasonable estimate, but as the project progresses and your team encounters difficulties, it may become a low estimate. Lack of communication between contractors and office employees can make these unexpected additional costs a surprise until the very end of the project.
Trade information in real-time with your field technicians. Your technicians can clock in and out of specific jobs and add parts to the order in real time. These additional components instantly add to the invoice total, which helps your back-office team monitor the ongoing costs of the project. This also helps you track the total hours being put in to prepare for payroll.
Other forms of project tracking leave some of your employees in the dark. You can use job costing software to share all the available resources throughout your entire company. From minor service calls to a major construction project, all your teams need to be on the same page as you take on a task and plan for future projects.
Manage Project Cash Flow
Changing material costs, weeks with contractor overtime and other changes in costs can affect your cash flow. Don’t let delayed payments or additional costs affect the cash flow of your business but be sure to plan a successful work in progress project.
Real-time data analysis is available to your team with job costing software from Fieldpoint. Connect your work orders with accounting software to synchronize your estimates, invoices, payroll and accounts receivable tasks. Instead of relying on estimates of your budget to determine the balance of your cash flow, continuously updated information keeps you cash positive throughout the entire project. It also helps you spot the early warning signs that you may need a line of credit or other working capital boost.
Cash flow is a constantly moving target. While it’s essential to understand whether your current situation is cash positive or negative, it’s also important to do so in an efficient way. Older methods of monitoring cash flow are time-consuming and inaccurate, but a job costing program can make all the necessary calculations in real time.
Improve Cash Flow of Projects From Start to Finish
Cash flow management is crucial in every step of every project. Don’t wait until the end of a project to receive updated information about the cost. Efficient billing cycle management keeps you in control of your finances.
One way to improve the efficiency of billing cycles and project cash flow is a Gantt-style chart of your project. This chart allows you to view the start and end dates, as well as the estimated project hours, in a convenient way. Manage the time of your field technicians to avoid downtime and create efficient timetables for all your equipment. You can not only make sure equipment is available at the right time, but also ensure it isn’t sitting around waiting to be used.
Your customers can also benefit from innovative job costing software. By using software like Fieldpoint, you can show real-time material pricing information to help customers make an informed decision. Alert them to any changes in material prices that could affect the total cost of the project. This helps you and your team make quick, well-informed decisions at every step in the project.
Track Profit and Forecast Future Profit
Construction projects and other field work projects are multifaceted. The sheer range of expenses can make it difficult to track profit throughout the project, or even at the end of the project. From breaking ground to the grand opening, be sure you have the full information of your profit margin.
Inadequate profit margin tracking can make it difficult to determine whether your estimate is accurate or if your invoice needs to be adjusted. Use job costing software that connects your inventory, timesheet and other information in real time to instantly calculate your profit margin.
This same software can be used to predict future profits. Create sample jobs or add parts and expected hours to a future work order to forecast future profit. This feature helps you plan your expected income and determine the amount of work necessary to keep your business thriving.
Better Quoting for Future Projects
Prepare your project management team for any future project with Fieldpoint software. An accurate quote starts with detailed information from previous jobs. Understanding the exact amount you spent on a particular project can help you better budget for the next one. This detailed information includes materials used, material costs and time spent on the clock. All this information is available to your entire team with Fieldpoint software.
If a single project is too large to create accurate quotes, break it up into distinct elements. Dividing a major job into minor steps assists your team in creating accurate quotes for current and future projects.
Tracking inventory is another great way our software helps you prepare accurate estimates. If you already have materials on hand, then you need to consider the cost you paid for them in addition to current prices. Our job costing software considers your existing inventory as it creates purchase orders and invoices for your jobs. This allows you to better prepare for an order, particularly if you need to wait days or weeks for a part order in your industry.
Explore Job Costing Software Today
Request a demo of our field service software today to see how you can update your existing job estimate strategy. Take the necessary steps to enjoy accurate software at a low-cost investment. Whether you’re the only technician in the field or managing dozens of teams at once, our service software has the features you need.