A plan which includes definitive objectives for your project, how those goals will be accomplished, which resources are needed for specific tasks, and realistic budgets and timelines all need to be considered for profitable project management. Each individual plan needs to be well-researched and fluid in order to give you the best chance of success.

Here are some tips for accurately estimating your next project:

Know your team’s strengths. Before taking on any project and being able to accurately forecast its required elements, you need to have a deep understanding of your team’s strengths (and weaknesses). By carefully tracking previous time and labor costs, you will be well-placed to match up particular tasks with the employees who are best skilled in terms of performance or time-efficiency. You will know just which job can be completed by whom, and how each pairing can benefit your business for maximum profitability.

Understand client and stakeholders’ needs. You may need to dig a little deeper to truly get at the varied needs of your customer. Sometimes, asking them isn’t enough to get a full grasp of what your project needs to incorporate in order to fulfill their true wishes. The last thing you want when trying to flush out a plan is ambiguous and shifting expectations, from either side. Identify and document every single required variable within each project, review it with your client, and go over it a final time before having everyone sign off on the budget before any work begins.

Make a list of resources and costs. Just as you collected all of your customer data and put it in writing, each and every piece of what will make this project work also needs to be carefully documented. Now that you know what your customer needs and which employees are best placed to accomplish these goals within the agreed timeframe, you can add in any costs, materials, hour estimates, and outside services to accurately gauge what your project will look like in terms of overall cost and time. Be sure to properly compare prices; you want to be as cost-effective as possible.

Assign costs. You have your list of resources in hand, so now you can refer back to it as you determine your task costs. Get accurate estimates from suppliers and apply your knowledge of past similar jobs to calculate realistic hours. Place a cost on each item on your list, and use the information to calculate your overhead.

Make a project budget. With your list and costs available, it’s time to set a budget. Now that you have all of the information you’ve gathered, this part will be a breeze. The accuracy of your estimates will allow you to stick close to whatever budget works for the entire project, keeping in mind a balance of quality, service, and cost. But remember that a too-strict budget can be constraining when it comes to the flexible nature of any project. Know what kind of estimate or budget is best for your particular project before going ahead.

Get good tracking software. Tracking your progress collaboratively and accurately is the key to achieving all of your project goals. Evaluate progress in real-time, with a tracking software tailored to your needs. Time Tracker allows for mobile or desktop time-tracking from anywhere, and includes features such as timesheets, one-click timers, GPS tracking, and team visibility, making project management effortless.

Try a free, 14-day trial today to see how Time Tracker can help you save time and money. Not quite convinced? Try a free, 20-minute tour with a Product Specialist to help you get started today.

The post Tips For Accurately Estimating Your Next Project appeared first on eBillity.

Time management is an area most of us struggle with. It must be accurate and reliable. How are you going to implement it in your business, and how will its use benefit your profitability? Here are some of the reasons that time tracking is essential for profitability.

More effective project management. Time tracking helps you to understand where all of your employees’ time is being spent. Which tasks are taking the longest, and which employees could perhaps improve their productivity? If you know exactly how much time is spent on worked hours you’ll be able to easily set estimates and budgets for future projects. If you’ve underestimated the time an employee needs to complete a project in the past, you can adapt when you understand that they may need fifteen more hours for that task. Lost time equals lost money, so understand exactly where your time is going.

Knowing where to cut expenses. Knowing where perhaps too much time might be spent on projects, you also have the ability to cut excess costs. If your time tracking shows that there is an issue with time that has until now gone unnoticed and is affecting your business’s workflow, you will be able to pinpoint exactly where to address any issues. Are some jobs taking longer than they should? Increase your profits by reconciling deficits.

Having more accuracy in billing. Knowing what to charge is such an important part of your business, and tracking your hours down to the minute will be reflected on your client invoices. They need to see a transparent record of all of the services provided to them, and this process will establish trust with customers who will want to retain your services. Time tracking will also allow you to quickly adjust your pricing based on the time it has taken to complete projects. Use your data to help you better clarify profitable and fair pricing for your services.

Expertly process your payroll. Tracking the time in your business makes payroll more efficient. If you know exactly how much time was spent on each task, as well as which employee(s) worked on the project, it will be a breeze to calculate salaries, wages, deductions, and bonuses. Automated timesheets make this process simple, and reduces time writing it all out by hand.

Transparency of profits. The data collected from time tracking will allow you to see costs and profits at all times. These reports will also help with understanding which of your hours went under their estimated time. This means that you can cut costs and make more profit. If your time is billed by the project, this is particularly helpful to your profitability!

Not understanding hidden costs or data which is inaccurate costs your business. Time tracking allows you to organize your business goals by analyzing the data and then reworking plans to enable for more successful and profitable projects in the future.

Take the guesswork out of the time tracking process, and use an automated time tracker which is easy to use, reliable, and accurate. Know precise billable hours, create automatic timesheets, and understand inefficiencies in your business with Time Tracker. Sign up today for our free, 14-day trial. No credit card required, and no hassle. Enjoy the flexibility of tracking time anywhere, from your mobile, tablet, or laptop, and watch your business grow.

The post Time Tracking is Essential to Profitability. Here’s How. appeared first on eBillity.