For organizations large and small, accurately analyzing, tracking, and estimating job costs is a vital software feature. An employer's ability to accurately predict job costing directly affects future budget planning, how teams will be built, and the planning of future projects. But despite the best spreadsheets, job costing is a challenging task. That's why it pays to use a time and attendance software well suited for job costing.
Accurately Estimate Job Costing with Fully Functional Time & Attendance Software
Your ability as a manager or employer to accurately estimate job costing affects all manners of your organization, from payroll to hiring new employees to how much you bill clients. And the key to building a reliable job costing strategy is greatly dependent on how well your time and attendance software functions.
Does your current time and attendance system provide you with the kind of data you need to estimate the cost of future projects? What about tracking employees who work different schedules or at other locations? These are basic examples, but they provide small analytics samples you'll need to run for accurate job costing.
Is Your Time & Attendance Suited for Accurate Job Costing?
To determine if your time and attendance software is suited for accurate job costing, consider the following questions:
- Is it challenging to complete timesheets at the end of each pay period?
- Can you identify revenue leaks in project budgets?
- Are you able to account for all billable hours?
- Are you having difficulties determining which projects provide the most revenue and which might be oversaturated with funds?
Dominion's time and attendance do a lot more than simply track your employee's hours. Our single-source solution means hours flow directly into payroll. Supervisors can approve and review hours worked and quickly pull reports to see which employees are close to hitting overtime and who can be moved to another project. With accurate and accessible employee data, you can stay ahead of hidden costs and trust job costing estimates.
Trust your job costing estimates.
It's a skill to draft an accurate budget for a new project, client event, or product release. But once a project starts, any number of hurdles can spring up and derail your perfectly crafted budget.
Dominion's job Costing feature allows managers to track costs within an accurate window to see how much time employees and teams spend at different project phases.
Supervisors can receive alerts when a project is about to go over the forecasted budget based on hourly pay rates. Additionally, supervisors can set cost-centric benchmarks to help you stay informed on anticipated costs. From now on, track time spent on planning, development, quality assurance, testing, and more, as they occur in real-time.
Plan future projects around past job costing data
One of the most significant advantages of using Dominion's time and attendance software is that it syncs effortlessly with payroll and runs user-friendly reports. These two components allow you to:
- Access, read, and forward the information you need at different phases of a project. Having access to time card reports and payroll data can maximize the time and effort spent on a project while making confident decisions about future projects.
- By analyzing past and current projects, you can create more accurate budgets for future projects and ensure you have the right team to accomplish your organization's goals.
Find and prevent hidden costs.
Unexpected costs can delay a project well past its due date, or at worst, kill it completely. And no business or manager wants that. Suppose your current method of collecting employee time is inefficient or inaccurate. In that case, you'll hardly be able to generate the data you need to see the finer details of where a project is stuck.
Dominion's job Costing feature allows managers and administrators to quickly view hours worked and on which project. Plus, employee hours are automatically synced into payroll, so each pay period is accurate and reflects the correct pay rate.
Find a Software Well-Suited for Job Costing
If your current time and attendance software doesn't allow for accurate job costing, you're taking one step forward and two steps back. Dominion's ability to accurately track job costing will enable you to fully maximize your organization's resources. Moving forward, you'll have the data necessary to enhance your workforce, feel confident in taking on new projects, and find new efficiencies. If you're seeking a better job costing feature, request a demo for Dominion's Time and Attendance!