Obtain better control of your projects with a solution specifically designed for engineering firms
Project management is the lifeline of the engineering industry, where simultaneous long-term projects are par for the course, often involving multiple disciplines and the participation of different groups. As such, it is crucial to track costs and revenue in real time to ensure a good understanding and control of all your projects. A solution specifically designed by and for engineering firms will support your business by providing all the tools that you need to face your daily challenges.
Better flow of information with extended reporting capabilities
Project managers can track the evolution of their projects in real time with a variety of out-of-the-box reports specifically designed for engineering firms. Reports can be scheduled and sent automatically to key resources based on their roles and responsibilities. This allows managers to track profitability by customer, project or department, reducing discrepancies, improving communication and increasing cash flow.
Time and expenses available in real time with an integrated timesheet
With a Web-based time and expense module accessible from anywhere, employees can easily allocate time to the appropriate project. They can also add comments and attachments to facilitate the invoicing process. The full integration to financials also reduces double entries and the risk of coding errors, ensuring that information is accurate and available across the entire system.
Improved visibility into your projects, sales and customers
By centralizing your client and project information within a customer relationship management application, you can improve communication within your organization and streamline your sales and project processes. This way, you can view your project’s health at a glance and at anytime as well as obtain information contextualized according to who is reviewing data.
Enhanced management of resources and budgets
Gain a better understanding of your budget and project details to date with a resource planning module integrated to your financial system. Manage budgets and activities, monitor project progress in real time and plan future workloads efficiently for a better turnaround in the event of project revisions or order changes. Better visibility into your project costs and utilization levels allow you to make the most out of available resources and maximize profits.
Increased insight into the results of your various cost and profit centers
Allow for inter-departmental staff lending to optimize resource utilization rates and leverage all the talent that your organization has to offer based on your different projects as they arise. Automate employee lending markups between your different departments or profit centers to ensure that you have more accurate P&Ls to correctly understand the actual health of the group.
Optimized profits with extensive employee management
An integrated HR module allows you to review employee performance and career path as well as billable targets. Reports can provide you with in-depth data regarding overall profitability and productive hours for better insight into the performance of your resources, allowing you to maximize their productivity—and your profits by the same token.
How could I use this tool within my organization?
Project management from proposal to profits
As the point of entry, project creation and follow-up can be managed easily from a single place. Once a project has been won, the information is automatically created in your financial system to maintain consistency across your organization. You can create, track and manage your projects from the proposal to the invoicing phase and obtain better insight into your project status, profitability and progress.
Timesheets integrated to projects and financials
A Web-based timesheet greatly facilitates the entry of time and expenses. Project structures are linked to your financial system to ensure that time is coded where appropriate. Employees are able to complete their timesheets from anywhere in a uniform manner. Comments and attachments can be included to make the information clear and simplify the invoicing process when it is time to bill the project.
Specific reports automatically sent to project managers
Reports can be automatically sent to project managers according to the security criteria specific to their role within the project, saving time for project managers and reducing the number of requests for information made to your administrative team. You can also create dashboards with refreshable data and export your reports to Excel for an even more in-depth analysis.
Flexible invoicing that meets all your clients’ requirements
Adapt to your clients’ requirements within each of your projects by mixing and matching various revenue calculation methods and defining different billing rates depending on the task or phase. Whether it is a fixed fee, time-and-materials or progress-based billing, the invoicing process can be set up to capture amounts in real time as data is entered through the employees’ timesheets.
Shorter billing cycles with extensive invoicing functionalities
You can create, customize and save invoice templates in Microsoft Word to meet any of your clients’ requirements while streamlining and standardizing the process. The integration between the project structures, timesheet and financial system allows for a seamless transfer of details. This ensures that the billing team has all the information that it needs, including notes to speed up the invoicing process and communications with project managers.
Adaptable solution that supports your growth and processes
This solution is robust enough to support your business processes while also retaining the flexibility to let you manage your projects in the way that best fits your reality. Every aspect of your business from projects to invoicing can be managed from the same platform, which can be adapted to incorporate new processes and increasingly complex structures as your business evolves.
Benefits for every user across your organization
Managers can review the health and profitability of their projects with robust reporting and analysis capabilities. Since the financial system and project management solution are linked, managers can obtain up-to-date information in real time and gain better insight into project performance and employee or departmental productivity rates.
Fewer coding errors and double entries occur thanks to the full integration of the solution. Automated billing requirements and allocation to projects mean that less time is spent adjusting invoices. Mix and match the various billing methods to the contract details when billing rates and terms and conditions vary depending on the work or phase of the project.
Employees can enter their time and expenses from anywhere and at any time via the Web. The tasks that have been allocated to them can be viewed directly from the timesheet, minimizing the risk of coding errors. Moreover, resources can provide comments and attachments for the accounting team to facilitate the creation of invoices.
The project management solution is scalable, ensuring that it can adapt to the size and complexity of any project. Project managers also have access to accurate information updated in real time as well as the level of detail that they need to ensure thorough project control and informed business decisions.
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:
How to bridge the gap between your operations and finance departments
Following up on projects and ensuring that resources are utilized effectively is an important concern for organizations of all types. However, this can become quite complicated as everyone has their own way of managing and interpreting information. With this in mind, the question becomes: how do you bridge the gap between your project management and your financial system?
>> Learn how an integrated system can improve access to information
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