Controlling costs with Estimation’s Job Costing
When it comes to managing the costs of a project and maintaining profits, Estimation Job Costing software gives contractors the edge they need to remain competitive and safeguard their margins. As such, Job Costing tracks all committed, accrued and actual costs – for materials, labour and sub-contractors – ensuring that users are in control of the financial health of each project.
With Job Costing, users are able to manage the costs of each job as it progresses, comparing budgeted costs with actual costs to ensure the job remains profitable at all times, with no unpleasant surprises at the end of the project. It also makes it easy to spot areas of a project that are not performing.
Job Costing incorporates many advanced features to reduce the complexity of managing the finances of a project. For example, its powerful Purchase Order processing package includes comprehensive features for managing sub-contractors, There are also tools for recording direct labour and expense costs, and managing time sheets (with integration to leading payroll packages).
Furthermore, Job Costing makes it easy to manage deliveries, part-deliveries and returned deliveries.
In addition, Job Costing ensures accurate Applications for Payment, matching payments and certificates – as well as tracking customer and sub-contractor retentions.
To achieve optimum buying price, Job Costing uses each contractor’s own preferential discount tables – with immediate allocation of orders to jobs – giving up-to-the minute projected cost figures.
It also holds comprehensive details for both materials and labour costs against jobs and offers a wide range of drill down reports to provide users with the information they need, all of which can be saved into a range of formats, including Word, Excel, html and Adobe PDF.
Job Costing can be used as a stand-alone package or it can be integrated with Estimation’s Estimating and Accounts programs to deliver even greater time-savings and improved cost control. Sharing information in this way eliminates duplication to increase productivity and efficiency.
When a job is won, Job Costing can be populated from the estimate produced in Estimating with a breakdown of estimated costs and revenue. These are organised into cost heads; such as tube, valves, cables etc. These budgets form the basis for comparing estimated costs against actual costs as the job progresses.
There are also separate cost heads for materials, labour and sub-contract costs so actual and estimated costs can be compared for each of these areas. Crucially, for maximum productivity, this happens automatically through the integration capabilities of the software so that analysis and reporting becomes a by-product of day to day operations, rather than an extra task.
Integration with Accounts ensures that each purchase order, time sheet, material and sub-contract invoice is automatically posted onto the relevant contract. This happens as a by-product of processing the payroll, purchase ledger and sub-contract ledger – along with Applications for Payment and sales invoices – and updates the ledgers in accounts.
For further information visit www.estimation.co.uk