4 Tactics to Convert Time into Money on Projects

4 Tactics to Convert Time into Money on Projects

Tactic 1: Streamline Your Estimates-to-Projects Process

For any project-based business, “Time” is the precious commodity. Your profitability is dependent on efficient use of time, accurately estimating time on projects, and accurately billing time and expenses.

The best way to control your profitability is through your business management system with project accounting functionality.

If it is silo’d with disparate information, you won’t be accurate. If you still perform manual data entry, you can’t be efficient. If it is not integrated into one central location and accessible anytime and anywhere, you won’t have true visibility to make good decisions on estimating, resourcing, and analyzing and then adjusting project performance.

This blog series shares 4 tactics a cloud-based, modern ERP with project accounting delivers to support accurately converting time into money on your projects.

In the Microsoft universe, for small-to-medium businesses, the tactics are easily supported by Dynamics 365 Business Central with Progressus Advanced Project Accounting. The first tactic is to empower users to accurately estimate projects and purposefully set them up through:

  • Accessing data on resources, customers, vendors, and inventory for more precise estimating
  • Setting up an estimate, a budget, billing arrangements, including any discounts, and then easily converting it to an Order to create a project
  • Using a template to create an estimate; copying all the tasks or just choosing some of them
  • Or, setting up an estimate or project by copying another project, its budget, and/or tasks
  • Making an existing budget into a new estimate
  • Setting up “dimensions” to assign codes to projects and tasks to affect reporting
  • Creating projects to measure each activity or task against the budget to track project performance

Watch the on-demand webcast “Streamline Your Estimates-to-Projects Process” to see how it all works.