Architecture firms often have projects that can greatly vary in size. As such, tracking and managing projects by profitability gives you better visibility across your portfolio. A robust system designed for architecture firms gives you the tools that you need to understand what’s happening with your business and to manage all your projects, regardless of size or complexity.
Improved tracking of your employees’ time
An integrated timesheet allows your organization to automate its time and expense entry process, reducing the amount of time spent entering the data while ensuring the reliability of the information. Employees and subcontractors can code time according to a predefined project structure linked to the financial system, providing project details to the accounting and project teams more efficiently.
Shorter billing cycles and increased cash flow
Automating various client billing requirements alleviates the burden on your accounting department. The templates and customizable views facilitate the invoicing process, shortening your billing cycle, reducing the risk of write-offs and bad debt, and improving your cash flow.
A 360° view of your organization
By linking your CRM to your project management solution, you can bridge the gap between your operational and financial teams. This ensures that everyone has access to the same data, including contextualized information based on the client or project being reviewed. Dashboards and reports can be created and accessed from the CRM for a 360-degree view of your clients and projects, and in turn, more informed business decisions .
Enhanced reporting capabilities
By grouping all of your organization’s data together in one place, an integrated system gives you the ability to analyze project budgets with enhanced reporting capabilities. By tracking the different phases and milestones for the various projects across the organization, project managers and the executive team can monitor budgets more efficiently and analyze past projects, leading to a greater understanding of time and costs involved and more accurate future project bids and quotations.
How could I use this tool within my organization?
Flexible tracking of project costs and revenue
Obtain a better understanding of your operations by tracking project costs and revenue in real time and automatically allocating project details to the appropriate accounts. Maintain control of financial details to have a more accurate view of your project profitability levels.
Timesheet integrated to projects and financials
Enter time and expenses from anywhere with a Web-based timesheet that allows resources to input information to the appropriate projects. The integration to the financial system allows for improved control and fewer double entries and risks of errors. Additional features such as comments and attachments help the billing department finalize invoices more efficiently.
Extensive invoicing features to meet all your clients’ needs
Thanks to the full integration, time and expense information can be automatically allocated to any project, even those with complex structures. You can mix and match billing terms and revenue recognition methods to meet the requirements of any client, and manage multi-company and inter-departmental transactions.
Better tracking with project-specific reports
With project-specific reports available out of the box,
project statuses can be tracked more closely by the different members of the project team through role-based security. Other reports, such as billable work in progress in conjunction with aging reports, can help your organization manage projects and track its cash flow with more precision. Integrated data make for exhaustive reports and better budget and cost monitoring.
Advanced invoicing features and templates to meet all your needs
Adapt invoice layouts and views in Microsoft Word to meet the various requirements of your clients. Create an unlimited number of invoice templates to facilitate the process and alleviate the burden on your accounting team. Customize your invoices in order to obtain different looks and feels depending on the situation or client while preserving your branding.
Scalable system that grows with your organization
The system is scalable, allowing you to add modules and change your business rules as your company evolves and its needs change. Start with a simple project accounting tool and add other project management modules as your projects increase in complexity and involve more resources. It will also be able to support complex finances, multiple companies or currencies if needed.
Benefits for every user across your organization
Extensive analysis capabilities allow managers to review the health and profitability of specific projects. The full integration between the financial system and project management solution also provides up-to-date information in real time for better visibility into project performance and the productivity of resources, departments or business units.
The integrated solution reduces the number of manual and double entries as well as the risk of coding errors. Billing requirements and allocation to projects are automated, which means less time spent adjusting invoices, easy tracking of milestone billing and shorter invoicing cycles.
The Web-based time and expense application allows architects to enter time from anywhere. They can view the tasks that have been allocated to them directly from their timesheet, along with comments and attachments to facilitate communication with the accounting team for clarifications on tasks.
This scalable application allows project managers to have a tool that can adapt to any project size while maintaining accurate information updated in real time with access to all the level of detail and reports that they may need.
Signs that you may need a new system
Still not sure whether an integrated project management solution is right for your firm? Read these articles to see if your organization is faced with similar hurdles:
Are You Suffering From Invoicing Insomnia?
The invoicing needs of professional services firms are often much more complex than that of a typical manufacturing firm. A lot more detail has to be included besides item price multiplied by quantity, and descriptions are typically longer than just a part number. Due to the variety and complexity involved when billing services, a professional services firm may face additional challenges when billing their deliverables, time or expenses.
>> Learn how you can remedy your invoicing issues
15 Red Flags: Is Your Accounting Software Hurting Your Business?
Most businesses get started with basic accounting software, then move on to more sophisticated business systems as their financial and customer service requirements increase. How do we know when is the right time to make the switch? The following white paper tells the stories of 15 real companies who were having problems because they kept their entry or legacy accounting system just a little too long.
>> Learn how an integrated system can improve access to information