A project is a one-time activity that produces a specific output and or outcome. In the buildup of projects in any business, there will come a time when you will need a systematic way of creating quotes, tracking each project, invoicing customers for jobs done and understanding job profitability.
Project Management is the application of knowledge, skills, tools, and techniques to project activities versus project requirements. Applying project management in your business will allow you to better manage performance and allow a greater chance of success and profitability – this is achieved by setting up the scope, schedule and budget so that can compare actuals against. By understanding your project better, you will be able to:
- prioritise resources and ensure their efficient use
- stay on schedule and keep costs and resources to budget
- improve productivity and quality of work
Xero Projects
A key element in the management of a project includes having access to a tool that will allow you to measure metrics and understand the performance of each project.
Xero has greatly invested in their new feature called Projects to help measure profitability, monitor budget, costs and staff time. Xero Projects is an all-in-one-tool covering:
Bookkeeping – allows setting up of new projects, creating customised invoices, capturing time and expenses and receiving deposits. This tool allows you to manage workflows and collaborate with various users. Also, time capturing is available in real-time, providing staff overview with various users provided with tailored access.
Reporting – detailed performance indicators will outline time logged to each project. Xero provides variance analysis against estimates and an overview of how much you can potentially invoice clients.
Conclusion
Xero Projects is an end to end project management solution that will allow you to send professional quotes, view streamlined time and cost tracking, review a real-time profitability dashboard, and send accurate invoices out to your clients.
The benefits of strong project management are many, including high staff and supplier engagement, higher customer satisfaction, accurate reporting, and ultimately higher profits.
Let Us Help
If your business has a turnover of over $1 million and you would like to explore the benefits of Xero Projects, ABJ Solutions is offering a complimentary meeting to help answer questions and model critical decisions with you. Get in touch with us today so that we can help guide you through these business challenges.
