REAL TIME JOB COSTING VS. TRADITIONAL
Job costing is a way to compare budget estimate with a projects actual cost.
From materials, equipment, sub contracts, tenders, and the largest expense; LABOR, contractors track job cost by phase code or cost code. Keeping projects close to budget estimate can be hard to accomplish when the data is not arriving at a managers desk in REAL TIME.
Once data is collected dashboards are created by an IT Team. Reports are sent via email or paper trail. Managers and appropriate decision makers scramble for time to analyze these reports. Once this occurs, onsite has already moved to the next stage. The need to streamline the internal-external communication is paramount.
A percentage of contractors still use spreadsheets and other paper trail; while other contractors choose custom design or commercial software revealing the vast REAL TIME benefit to their job cost compared to the Traditional. This improvement of data gathering enables contractors to complete projects AT or UNDER budget.
The additional advantage of speed and collaborative CLOUD BASED technology provides contractors an accurate description of where a project stands.
We as a Team at BONSE BONSE Real Time Bookkeeping, endeavor to connect Management with Project moment by moment in REAL TIME.
Friday July 10, 2020
Written by: Sally Cooper
Reference: CDP inc