You can use project accounting software to make things even more straightforward. In BQE Core, for example, if you allocate tasks to specific employees, their time cards will be populated automatically by the assignments they need to work on. You can also create to-dos for team members that, when marked as complete in Core’s mobile app, can be converted right into time entries. Processes like these remove the friction during data entry while keeping everyone on track. Benefit 4: Sticks to the schedule — Project accounting keeps you from falling behind in two distinct ways. First, related to Benefit 3, when everyone’s role is clear and the whole team knows its next steps, it’s easier to stay on schedule. Admittedly, the second reason doesn’t exactly fit into the qualitative theme, but it’s important to note. Project accounting provides the in- sights needed for better efficiency and more accurate timelines. When you hold a magnifying glass up to your projects, you’re able to see where processes are breaking down, and act to fix them. Perhaps a specific employee doesn’t have the training to complete a task on time, or there’s something about your approach that’s causing you to go over. With project accounting, you’re able to pinpoint flaws and then address them. Similarly, when you gather data on multiple projects that are similar to each other, you’ll be able to form estimates that are more accurate. This is especially helpful if you find that your team is already very efficient but is still falling behind schedule. When you have trend data,
you’ll understand if you’ve simply been undercutting your efforts with unrealistic timelines. Benefit 5: Makes clients and staff happier — There are a number of reasons why project accounting will foster better moods across the board. In terms of clients, your financial strength will allow you to give them adequate attention and provide the best service. They’ll appreci- ate your timely work, accurate numbers, and professionalism. Employees, meanwhile, will feel empowered by their responsibility. They can be more effective at their jobs, prove their worth, and be fairly compensated for doing so. Your team will also appreciate the context that project accounting gives them. While improved morale is a noteworthy benefit in its own right, it’s worthwhile to mention that it can boost profits as well. Naturally, your clients are more likely to do repeat business with you if they’re satis- fied, and happy employees are more dedicated. Given all of these qualitative and quantitative benefits, you owe it to yourself, your team members, your clients, and your firm to start prac- ticing project accounting. Information provided by BQE Software (www.bqe.com), which makes BQE Core software for billing, time and expenses, project management, and accounting for professional services. To learn more about BQE Core or to schedule a walk-through demonstration, visit www.bqe.com/CSESC618.
All the numbers, one platform. NEXT-GENERATION PROJECT MANAGEMENT AND ACCOUNTING
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june 2018
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