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Project and Job Costing
The Project and Job Costing
module provides an effective solution for project managers in
construction, job service, and other professional industries who require
a time-and-material system. It delivers the tools necessary to manage
the simplest to most complex contract or job. It makes the estimating,
tracking, costing, and billing of projects easy and
manageable-simplifying cost control and planning. With the powerful
features of Project and Job Costing you can identify potential issues
and determine success factors for any project. The automated billing
features in this job cost accounting software streamline customer
invoicing, reducing the time spent managing this process.
Project and Job Costing
Capabilities
- Assign staff, material,
subcontractors, equipment, miscellaneous items, and overhead to each
project within the contract with this powerful job cost accounting
software.
- Set up complex estimates
by specifying the quantity (e.g., hours), unit cost, and billing rate
(for time-and-materials projects) for each staff member, material
(inventory item), subcontractor, equipment, miscellaneous item, and
overhead expense allocated to the project. Assign cost categories and
automatically calculate cost and revenue estimates per cost category,
or simply define the cost and revenue estimates for each project
category.
- Manage contracts or jobs
to three levels—contract (job), project (phase), and category.
- Maintain multiple
projects or phases within each contract and track multiple categories
within each project.
- Change contract,
project, and category names to match industry-specific terminology.
- Maintain multiple
contracts or jobs per customer.
- Use as many as five
segments in your contract numbers to represent types of contracts and
divisions.
- Easily navigate through
the projects and categories within the contract using the optional
tree view component of this job cost accounting software.
- Choose from three
different project types—time and materials, cost plus, and fixed
price.
- Select the accounting
method (revenue recognition method) for each project within the
contract. Choose from total cost percentage complete, category cost
percentage complete, labor hours percentage complete, billings and
costs, project percentage complete, completed project, or
accrual-basis.
- Mix and match the
project types and accounting methods for very complex or simple
projects.
- Assign each category to
one of six cost types (labor, material, equipment, miscellaneous,
overhead, and subcontractor) to track costs at a level necessary for
your company.
- Assign as many as seven
progress status categories to each contract and project. Choose from
estimate, approved, open, on hold, inactive, complete, and closed.
- Close a project to
billings and /or costs at any time.
- Automatically override
General Ledger revenue account segments for each project and cost
account segments for each category.
- Allocate overhead and
labor burden to each category.
- Specify whether each
transaction is billable, non-billable, or no charge.
- Track, calculate, and
automatically retain a portion of an invoice to handle common billing
practices in the construction industry.
- Automatically create the
customer's invoice based on the transactions that are due to be
billed. Review the generated billings for the customer and make
necessary changes before updating the job cost accounting software
Accounts Receivable module.
- Transfer inventory items
to a contract, project, and category and bill the customer for the
inventory used.
- Return inventory items
not used in the project to inventory for availability on other
projects.
- As equipment is used
within a project, record the cost and billing rate (for
time-and-material projects) of the equipment so you can bill the
customer for usage.
- Easily have employees
manage their time and billing records from any location (on site or at
the office) by entering timecards using an Internet browser.
- Approve employee
timecards and expenses before updating U.S. or Canadian Payroll.
- Record miscellaneous
charges such as service fees.
- Update revenue and cost
estimates at any time with a full audit of the changes.
- Choose when to recognize
revenue, based on GAAP requirements and your business needs.
- Review the current state
of each of the projects through the centralized inquiry capabilities.
Review the project status, profitability, and estimate-to-actual
comparisons.
- Drill down to the
originating transactions.
For more information about
Project and Job Costing, call us today at
(905) 363-7540 or
send us
an e-mail.
To see Project and Job
Costing in action,
call or email us to sign up for a live Web demo.
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