Category: Timesheets

Three Project Strategies Your Company Must Follow To Succeed.

Project tracking is a good idea for any project or goal. It is essential to know how much time you’ve spent on who your teammates are, what the project is about, and how many hours it will consume. Project tracking helps you plan for the future when you know what needs to be done and when. It also lets you keep track of feedback from your clients or other people involved in the project so you can stay current with their requests and needs.

There are various ways to make a project chart like this: pencil and paper, Excel spreadsheet, Visio diagrams, or even just an Excel scatter plot chart that needs to be tied down in a neat grid format. However, none of those solutions are as versatile or portable, and none can be accessed with a wide range of devices and operating systems. To make the most of your project tracking needs and get the most use out of your time, it’s best to use a cloud-based platform that can be accessed anywhere at any time. But before hopping in, let us understand what project tracking is and how it has made lives easy.

What is project tracking?

We’ve often seen the question, “How do you know what project to work next?” and we have the answer. Project tracking is a system that helps us prioritize projects by allocating our time and resources only to have one project at a time in progress. This means that you can track both revenue and expenses every week, which calculates how much money is left in the budget so that we can then determine how much of it should be allocated for future projects with similar or better profit margins. This allows you to see what projects will yield future profits and which are not worth pursuing any further.

Project tracking helps us keep track of budgets, deadlines, and the general status of each project so that we can be aware of what’s going on at any given time. It is important to note that you should track your project’s financial information and find a way to track the project’s time spent and errors and bugs in the website/app. This will give you an accurate account of how much time and resources were spent on each project, how much money is left after all expenses are paid, and how much profit was made from all of these projects. Before reading the strategies, let us take a quick look at the benefits of project tracking.

Benefits of project tracking:

Time management:

This is one of the most critical aspects of project tracking. If you track only a few projects simultaneously, it’ll be easy to manage the amount of time allocated for each project. Tracking dozens of projects at a time manually could be tedious and time-consuming. There can be chances of many projects overlapping, mainly impacting the workflow.

Time assigned to different projects: 

Some tasks are more critical than others; tracking how much time we devote to each one will help us figure out which ones are worth doing first and which we should focus on next

Accurate P/L: 

Analyzing accurate P/L is the foundation of any business, and project tracking helps us know what each project could make in revenue. If you know how much time and resources are spent on each project, deducting the profit percentage from the time and resources invested will be easy.

Accurate expense:

Accurate expenses are also crucial for a business’s operation. As mentioned earlier, costing out each project aids in assessing the profit generated from the invested time and money. Analyzing the time and money invested enables the determination of each project’s profitability.

Savings in the long run: 

Calculating profit margins for various projects assists in determining future budget allocation for similar projects. Additionally, it aids in budget monitoring and adherence to financial boundaries established by the CFO or assigned team member overseeing business expenditures.

Budgeting: 

Project tracking helps us determine the best way to manage finances and budgets, especially when they are in flux or under constant change. This can happen when a manager changes or if different business areas need more funding. Even though some managers prefer to keep costs down, this sometimes puts other parts of the company at risk.

Trend analysis: 

By tracking multiple projects, we identify profitable endeavors worth pursuing further and those not yielding profits. Analyzing trends helps determine project costs in time and resources, providing accurate profit vs. expense breakdowns.

What is the best way to track projects?

Over the years, we have found that there are different ways of tracking projects. The key is to consider what stresses you will be under and how much time you want to allocate to each project. You can do this by using different types of project tracking tools. For example, Zoho, Scoro, Juntrax, Monday.com, etc., are fantastic tools. The advantage of each software is that they have different functionality. For example, with Juntrax, you can list all the active projects, their team members, billing rates, and tasks on one screen.

Some of the most common ways businesses use are:

  • The Pomodoro Technique: One of the most popular time management techniques, it is also one of the easiest to implement. It involves working for 25 minutes and taking a 5-minute break. It is perfect for those who have a lot of tasks to do in little time, with no stress or pressure to perform. This will make you more productive, and it’s straightforward to follow.
  • The Eisenhower Matrix: If you don’t like the Pomodoro Technique, this technique is proper for you. The Eisenhower Matrix analyses your tasks and places them on a matrix. This way, you can mark the priority level as high, medium, or low. The objective is to get important things done first. This matrix strategy is appropriate for those who have many tasks but are under pressure to complete them quickly.
  • Henry L. Gantt designed the Gantt Chart, enabling a comprehensive view of project management. Utilize this chart for small projects within set timeframes, aiding in stress-free and efficient tracking.

Also Read: How Workflow Automation reduces employee burnout and stress?

Three project tracking strategies to get more Business

Tracking projects is necessary for any professional services company. There are many approaches to this, with varying levels of complexity and functionality. To help teams stay organized and avoid late-night story time, here are some strategies:

  • Workflow automation: 

Workflow automation is a game changer in achieving project efficiency. Rather than manually creating tickets for every task and monitoring each access’s progress. Ticket automation can save time and create a more efficient workflow.

Workflow automation can take many forms. JIRA is a bug-tracking software that enables the creation of workflows. This can come in handy if the project has multiple teams and members. Juntrax has timesheets to monitor projects and keep records of time taken by employees. 

  • Mobile Application: 

It is necessary to have a mobile application to track time and projects quickly. Having a dedicated mobile application will increase productivity, as you can easily access the system anywhere without a laptop. It is a perfect solution for all the people working remotely to connect with the teams. It also keeps all members on the same page. Employees can easily track due dates and update timesheets for you to glimpse easily.

  • Effective communication:  

One significant contributor to a successful business is efficient communication. Especially today when companies follow a new hybrid model. Everyone must be clear about the goals and responsibilities of the business. Accessible communication is possible when you have the right tools to support it. Tracking tools help a lot in bringing transparency to the company. You will save time and energy with the right tools regardless of your project management style.

Choosing a platform is another challenge. Plenty of free services are available if you have a few projects at once. However, if you have more than one ongoing project at a time and are doing actual work for profits. It’s worth paying for the service. Juntrax’s services are free of cost if you are a small-scale company with less than ten employees. Apart from this, Juntrax is a one-stop platform for all your business needs. You can create timesheets, manage workflow, generate payslips, create automated invoices, and manage onboarding all in one place.

 

A Step-by-Step Guide to a Smooth Transition From Project to Invoice

You’re wrapping up a project, and it’s time to invoice your customer. But wait – you’re not sure how to do it correctly. You don’t want to make any mistakes that could lead to delayed payments or, even worse, no payment.

Don’t worry; we’re here to help. In this article, we’ll walk you through the steps for creating an invoice that will make the billing process smooth and easy for you and your customer.

Defining the Scope of Work and Setting Expectations

The first step in any project is to define the scope of work. This document should outline all project deliverables, deadlines, and objectives. It’s essential to be as specific as possible in this phase to avoid misunderstandings or disputes later.

Once the scope of work is defined, you can start setting expectations with your client. Be clear about what you will and won’t do during the project. It’s also important to set realistic expectations for the outcome. If the client expects a perfect result, you must manage their expectations accordingly.

If both parties are happy with the scope of work and the project expectations, you can move on to the next phase.

Your team needs to understand what’s required and what they can expect from you. This will help minimize any misunderstandings down the road.

It’s also essential to agree on a timeline and budget and ensure both parties agree with these parameters. By setting expectations upfront, you can avoid any nasty surprises down the road.

Tracking Progress and Deliverables

So you’ve completed the project, and it’s time to bill the client. But before doing that, you need to track your progress and ensure you’re delivering what you promised.

This involves creating a timeline or project plan and putting together a checklist of tasks that need to be completed. You can then use this as a guide to track your progress and ensure everything is on schedule.

It’s also a good idea to take photos or videos of the work as it progresses to show evidence that the project was completed on time and within budget.

Automating Time and Expense Tracking using timesheets

Time and expense tracking can quickly become a headache for project managers, mainly when dealing with a large team. Timesheets can help automate this process, making it much easier to track how much time is spent on each task and ensuring that expenses are properly accounted for.

Several different timesheet software solutions are available on the market, so it’s essential to choose one that best fits your organization’s needs. Once you’ve selected a solution, setting up the system and training your team to use it can take some time, but it will be well worth the effort in the long run.

Using a timesheet solution can be a huge help when it comes to time and expense tracking. Not only will it make it easier to keep track of progress, but it can also help to ensure that expenses are properly accounted for. If you’re not already using a timesheet solution, now is the time to consider implementing one.

Creating Transparency With Clients

Transparency is critical when dealing with clients, especially when it comes to billing. No one likes surprises when it comes to money, so it’s important to be as up-front as possible about what they can expect to pay and when.

One way to create transparency is to send a project estimate before beginning work. This document should itemize the project’s expected costs, including hourly rates, materials, or other fees. Once the client approves the estimate, you can begin work with the peace of mind that there won’t be any unpleasant surprises later on.

Keep them updated on your progress. If you’re working on a project that will span several weeks or months, it’s a good idea to send regular updates (weekly or bi-weekly, for example), letting the client know where you are in the process. This way, they can see how much progress has been made, and they won’t be surprised by a hefty bill at the end of the project.

Generating Invoices with Invoice Management 

When it comes time to generate invoices, you will want to use invoice management software. This type of software makes it easy to track your projects, clients, and payments. With this information, you can create accurate invoices quickly and easily.

There are many different invoice management software programs available on the market. When choosing a program, you will want to consider your needs and budget. Some programs offer more features than others. Choose a program that provides the features you need at a price you can afford.

Once you have selected a program, you must input your information. This includes your contact information, project details, and payment terms. Be sure to double-check your information for accuracy. Once you have inputted your information, you can generate your invoices.

Invoice management software makes it easy to create accurate invoices. With this type of software, you can save time and money.

Types of Invoice 

  • Credit Invoice
  • Debit Invoice
  • Mixed Invoice
  • Commercial Invoice
  • Timesheet Invoice
  • Expense Report

The above are the eight types of invoices that are commonly used. Out of these, the four most important ones are credit invoices, debit invoices, mixed invoices, and commercial invoices.

  • A credit invoice is generated when a customer returns goods to the seller. 
  • A debit invoice is created when the seller provides a discount to the buyer. 
  • A mixed invoice is a combination of both credit and debit invoices. 
  • Lastly, a commercial invoice is used for international trade and includes all the details about the transaction.

Benefits of Invoice Management System

An invoice management system comes with numerous benefits –

Flexible access

You can easily access the Invoice management system from any device or location. This means you can keep track of your finances even on the go.

Improved accuracy

With an Invoice management system, you can be sure that all your invoices are accurate. This is because the system automatically generates invoices based on your input.

Improved customer satisfaction

With an Invoice management system, you can provide your customers with better service. This is because the system allows you to send invoices electronically. This means that your customers can receive their invoices faster.

Remote access to all data

The Invoice management system provides you with remote access to all your data. This means that you can view your invoices from anywhere in the world.

Improved security

With an Invoice management system, you can be sure that your data is secure. This is because the system uses encrypted communication to send and receive data.

Real-time data updates

The Invoice management system provides you with real-time data updates. You can view your invoices as soon as they are generated.

Improved efficiency

With an Invoice management system, you can be sure that your invoices are processed quickly. This is because the system automates invoice processing.

The benefits of an Invoice management system are numerous. If you want to improve your business, an Invoice management system is a way to go.

The benefits of an invoice management system are plenty, but the bottom line is that it can save your business time and money. Streamlining the invoicing process with an automated system can help you avoid mistakes, speed up payment, and improve customer service.

Also Read: How to Handle Employee Satisfaction at Work?

Conclusion

Planning the transition from project to invoice is essential to ensure a smooth process for all involved. By setting up your accounts and billing system correctly, you can avoid potential issues and ensure that your clients are happy with your service.

So there you have it: a step-by-step guide to transitioning from project to invoice. With Juntrax, it’s easier to get organized and stay efficient.

Our platform is easy to use, making it quick and simple for you to manage employee onboarding, timesheets, leave, payroll and projects.

 

Track Project Cash Flow with Accuracy Using Juntrax

Introduction 

Project cash flow tracking has become an essential tool for business owners and managers as they strive to manage their finances more efficiently. However, many organizations need help to accurately track project cash flow since the data can be voluminous and complex. 

Juntrax is designed to make tracking project cash flow more manageable. By automating data collection from various sources, Juntrax helps organizations track their progress and stay on top of their financial situation.

Monitoring project cash flow is critical to the success of the project. There are many ways to track cash flow, but the most important thing is consistency. This will allow you to see trends and make adjustments to keep the project on track.

It is crucial to be able to track the cash flow of a project. This allows you to predict if a project will go over budget. It also allows you to track how much money is spent on a task. This is essential to ensure a project stays on track.

Let us define project cash flow and then discuss project cash flow management.

What exactly is projecting cash flow?

The Project cash flow is a distinctive feature of project management. It provides insight into the efficiency of the performance of both cash inflows and outflows. The Project cash flow also helps to predict your profitability in the coming years.

Project cash flow management is an essential tool in project management, allowing the manager to analyze better and track their projects’ progress. Project cash flow management is critical for businesses of all types. 

Understanding the concept can help you better manage your company and make more informed business decisions. Juntrax has created an integrated solution to help you know Project Cash Flow and how it relates to your business. 

Project Cash Flow matters for a couple of reasons: First, without it, keep your project afloat and avoid shutting down. The second reason is that by increasing the scope or scope of work, your business can earn more and sell more products. 

How do you calculate a project’s cash flow?

Project management can be complex and time-consuming. Using Juntrax, you can bring your project management to the next level by tracking the cash flow of your projects.  With our Project Cash Flow feature, you’ll see how each task, project, or unpaid work will affect your cash flow once completed.

As a project manager, you must know the best way to keep track of your projects’ cash flow to ensure everything is running smoothly. This involves tracking your projects’ cash flow. This requires accurate records that can be used for billing and accounting purposes. This lets you know when your assignments start earning money.

Calculating your project cash flow can seem like a complex business endeavor, but it’s not that complicated. A small change in how you calculate your project costs and revenues can significantly affect how much money you make during your business. This applies to every business venture you undertake – selling products online or producing music as an artist. The same factors that determine cash flow for a company also apply to individual businesses.

You can calculate your project cash flow using a simple formula: the cash a project generates − the expenses it incurs. To get an accurate estimate of what you can expect from a project, you must understand both the cash generation and its cost.

How to Track Project Cash Flow with Juntrax

You’ve got a business. You’re busy, and there’s a lot of work to be done. But how do you know if you’re spending your money wisely?

Tracking Expenses

  • Tracking your expenses is one of the most important ways to keep a project on track. 
  • It is a great way to keep your business running smoothly and stay on top of any changes to your cash flow that occur from time to time. 

Timesheet

  • You could use a timesheet. 
  • A project’s timesheet is a chart that shows each team member’s workload, allotted hours, and the number of hours left on each project activity. 
  • Else you can even try tracking your invoices manually.

However, you can’t always rely on it. Many people find that using an app or website makes tracking their spending easier, staying organized, and ensuring they’re getting the most out of their money.

And many different apps can help you do it—so we’ve put together a list of our favorites!

  • Platforms for cloud accounting, such as Juntrax, may save all of your invoices in one simple location, provide you with a quick summary of your income, and notify you when any billings are past due.
  • Tracking expenses is an integral part of managing a project’s finances, but it’s also one that many people overlook. What you don’t measure, you indeed can’t work.

But don’t panic; we have some tips to get you going.

You need to start with the correct categories. 

  • Firstly, consider these two: office wages and supplies. These two categories should cover all of your business spending needs—and if you keep them separate from other categories, it’ll be easier to track and understand how much money is spent on each item.

  • Once you’ve got your categories down, make sure they’re organized into subcategories like “office wages” or “supplies.” This will help you track where that money goes and how much can be considered profit or loss for each category.

  • It might be time to upgrade if you’re still keeping track of costs using spreadsheets and putting receipts in a file cabinet.

Many cloud-based software solutions make expense tracking easy and intuitive.

Choose the best cloud software to ease your spending tracking.

Create a cash flow report and compare the project billing to the employee timesheets.

Wave farewell to manual entry by simply logging onto your bank account.

Create digital invoices and purchase orders, manage payments, and send reminders to make payments.

Conclusion

The need for accurate project CF has never been greater. You see, cash flow is the lifeblood of your project, whether it’s enterprise consulting or a small startup. It helps you drive more mileage per project by keeping your projects afloat. Unfortunately, some SMEs don’t fully understand this until it’s too late—when they no longer have the cash to cover their bills.

When you’re deep in the trenches of a project, it can be easy to lose track of some of these details and metrics. Juntrax simplifies this process by easily tracking project costs and cutting back on errors from a mismanaged budget. 

Juntrax features a robust timesheet system that allows both the employee and the employer to access data in a tabular format. Give Juntrax a try today and see how accurate its tracking capabilities are!

4 Most Popular Questions Professionals Ask About Timesheets

Timesheet Management

Learn how AI powered timesheets can help your employees be more productive and your organization more profitable

“Timekeeping is stuck in the 20th century. It’s basically a digital version of an analog method. Right now is the perfect time to reimagine how it’s done.

– Nick West, Chief Strategy Officer at Mishcon De Reya

Introduction

Time tracking is a major problem well recognized by most CXOs across industries and yet timesheets rarely get a lot of good press among employees. Who likes to sign tons of papers just to “prove” that they had put in a certain amount of hours in a certain project. However, timesheets, when seen from an analytical perspective, can be truly beneficial for both managers and their team members. The key is to choose the correct solution for your group, set up processes you can follow intuitively, and bolster it with progressing communication. In this article, I will share provocative reasoning as to why you need timesheets and a couple of examples of how AI can make time tracking easier for the employer and less painful for an employee.

Top 3 Tips To Efficiently Manage Offices In Multiple Locations

#1) What are timesheets?

Professional services are a billable hours-driven industry. It would be handy if we knew how much time is spent on project and by which resource. Timesheets contain pre-formatted fields in which daily tasks performed by each employee are filled. It not only helps Project Leaders and HR Managers, but it also helps the employees plan their day better. These timesheets when analyzed over a period of time helps us understand the current status of our projects as well as predict future manpower and cost requirements.

2) Are employees wasting time at work?

It is easy to complain that your employees are not working hard enough, however having the option to back that up with real insights is invaluable.

A recent study from sample aggregated form similar companies shows that:

• 65% of the employees waste 1 hour or less per day

• 25% of the employees waste 2 hours or less per day

• 10% of the employees waste 3 hours or more per day

Statistics even show that those born in the 1980s waste almost 4 times as much time as those born in the 1940s. Some may even extrapolate that with access to so many distractions and short attention span millennials waste the most time.

But who is to confirm such in-the-air judgments? A professional time-tracking solution helps bring accountability and drive maximum employee productivity.

3) How Artificial Intelligence can optimize time tracking?

Employees would rather take the time to justify a list of things they would want to do instead of filling out their timesheets. Make filling out these mundane things easier for your employees by using AI.

Here are some of the features that are most desired from AI powered timesheets:

  • Location-based time-tracking  – A GPS sensor-enabled smartphone helps the automated time and attendance tracking of in-field personnel. This solution applies to all professional services companies that deploy manpower on client sites and also to organizations that deploy feet-on-street sales professionals.
  • Time spent on apps tracking – In our daily work, we often switch between applications and websites according to tasks. How much time did you spend on going through emails? Or attending meetings? Or graphic designing a new ad? We need to measure it to find out hours spent on each channel against business impact made.

    Are Disconnected HR and Professional Services Automation (PSA) Softwares Hurting Your Employees’ Productivity?

4) What is the use of timesheet data?

Imagine a company with hundreds of employees where everybody working on multiple assignments and managers are responsible to control revenue, expenses, profit, capacity, utilization, and other metrics. Easy access to the daily fresh data about professionals’ hours is the major component controlling these parameters and forecasting future business growth and making correct decisions to your business now.

Business analytics and reports are required from timesheets for any consulting or professional services firm to accurately bill their customers. On a weekly or monthly basis, managers need to prepare performance reports answering such questions:

  • What is the current state of a project?
  • What will occur in the event that we roll out these improvements for the group?
  • How do project execution timeline, expenses, and billables impact the profitability?
  • How have past decisions affected KPIs?

Answers to all these questions can be provided by timesheet data.

Conclusion
Typically, a Timesheet module integrated into a cost-effective Office Management Solution like Juntrax is ideal for SMEs and startups. A good timesheet report would provide project-wise and team-wise time and cost analysis. Juntrax also offers to manage your project billables and invoicing on a single integrated platform. The benefit of tracking such man-hours is better project planning, cost planning, productivity analysis and predictable project deliveries. In essence an integrated timekeeping module increases employee productivity and company profitability.

 

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