Tag: Project management

How does Project Cash Flow help in Decision Making?

How does Project Cash Flow help in Decision Making?

Introduction

Company Finances and cash flow are the major components that help in tracking the overall performance, expenditure, and profits of a company. It is a compulsory task for every business, be it an SME, a startup, or a large enterprise. But there still are many organizations that are contemplating the question – How does Project Cash Flow help in decision making?

Looking after finances involves rigorous documentation and calculations. These components help in plotting the official graphs related to the cash inflow and outflow of a company. Maintaining track of this information is essential from many legal and administrative aspects.

In this article, we will talk about the definition of a Cash Flow Statement and its importance.

What is a Cash Flow Statement?

Companies maintain a financial report that documents the inflow and outflow of cash in a standard format, this format is known as the Cash Flow statement. It is an indicator of the company’s liquidity and therefore one of the most essential components when it comes to the financial management of a business.

Vital Information for Cash Flow Statement

Having information about a company’s income, expenses and budget allocations is important information required to prepare a cash flow. All this data is reserved in the accounting reports of a company and contributes to determining the current balance and future cash flow of the company.

You may also like to read : Benefits of using Project Management System in Startups & SME

Negative Balance 

A negative balance indicates that the expenses were higher than the net income of the company.

Positive Balance

A positive balance indicates that the income period was higher than the expenses.

Significance of Cash Flow Statement in Decision Making

The cash flow statement of a company speaks of its present and prospects. It assists an enterprise in making decisions that comply with its financial state and its expected cash flow.

Given below are some of the points that explain how does Project Cash Flow help in decision making :

Emphasize creating revenues

Business revenues can be increased in many different ways. Multiple revenue sources stimulate the profits of a business and facilitate faster growth. With a well-maintained record of cash flow statements, companies can assess their overall performance and identify new ways of generating income. They can also enhance the functioning of the already existing methods to cultivate additional revenue.

Analyze business finance in a promising manner

Keeping a check on business finances is a vital task. It is equally rewarding as it helps you build a fool-proof plan for organizing and utilizing your finances. Protecting prompt cash flow details also helps the company gain the trust of its stakeholders. It increases their credibility and speaks for their management and organizational skills.

Cash Flow statements play a vital role in providing the budget outline for projects and other office requirements. This budget plan further allows the company to form a thorough blueprint of the finances and allocate them wisely. It prevents unwanted expenses and maximizes profit.

You may also like to read : Why is an Expense Management System Important?

Business Expansion

Managing a proper cash flow process helps the company understand its financial position and lead its expansion in a planned format. It gives them a precise direction that constantly guides them about the time and area where they can spend their capital and the amount of the capital they are entitled to spend.

Create a solid credit base

When you organize and document your business cash flow you prepare a well-detailed document that can prove the utilization of your finances. This builds a great business credit score. It puts you in a great position where you will be eligible to avail the credit whenever you are in need.

Simplify the accounting and audit Process

It is mandatory for companies to maintain accounting books. These books serve as legal documents, financial proofs, and reference material for the business. They help the company monitor its status and get an idea about the total debtors and creditors involved in a business.

Prompt accounting is also important for companies to deal with the audit process and comprehend their business activities. Software like Juntrax, provide automated assistance with tracking and calculating cash flow. It provides real-time information with flexible access to its cloud-based portal.

Inventory Planning

With a comprehensive knowledge of business cash flow, the company can maintain its inventory with a better strategy. This in turn increases the efficiency of internal proceedings and promotes smooth management and a profitable business process.

You may also like to read : Why Engineering Companies Need A Project Management System

Project Cash Flow Management

According to numerous researches evaluating the corporate field, over 49.5% of Project Managers face challenges in tracking the progress and budget of projects.

Juntrax Solutions can rescue you from this dilemma with the Project Planning & Cash Flow Management feature of Juntrax.

Juntrax can enable you to:
  • Create Projects, assign clients and mark budget in any currency
  • Organize tasks, allocate members, monitor cost centers, start and due dates
  • Fill the timesheet with hours spent on specific tasks.
  • Allow employee self-service to ease the burden on the manager
  • Discern comprehensive reports on Timesheet and Projects.
  •  Generate instant invoices

You can know more about our features by visiting our website and book a demo with our team.

Conclusion 

When cash flow statements are maintained in a professional manner, they assist in efficient planning for the financial management of a company. Prompt cash flow statements can transform the fate of a business and help it reach excellence.

There are many different ways in which companies administer, document, and handle cash flow statements. But in the current times of convenience and technology, automated software systems show up as the best option.

 

Why Engineering Companies Need A Project Management System

Why Engineering Companies Need A Project Management System – Introduction

While comprehending the benefits of a Project Management system for engineering companies we first need to address that projects in engineering firms have a broad range of requirements and cover numerous departments and aspects. However, there are project management software systems like Juntrax that work towards fulfilling as many requirements of the firm as possible.

In the current times of technological advancements, software solutions are empowering engineering companies to manage their employees, resources, projects, payroll and other such aspects in a multidimensional way. A Project Management software is one such solution that helps engineering companies organise, assess, monitor and track their projects.

Why Engineering Companies need a Project Management System

In this article, we will explore the benefits of a Project Management system and why it is important for engineering companies. 

Benefits of Project Management System for Engineering Companies 

A good Project Management system complements the complexities of managing multiple projects in an engineering company and assists in simplifying the task on numerous levels.

Here are a few benefits of a Project Management System for engineering companies –

Effortlessly create and manage projects

Project Management Systems like Juntrax, provides a user-friendly interface where the user can easily create projects and manage them. They allow the creation of multiple projects at the same time and assist the admin and the employees in managing these projects simultaneously without incurring any confusion or errors.

You may also like to read: Benefits of using Project Management System in Startups and SME

Track your tasks and projects easily

Project Management System integrated with other office management features like timesheets and progress reports to track the work status of their employees and their projects. This progress can simultaneously be tracked by the admin as the employee’s update and edit their information, status, and work reports.

It also benefits the employee as they can overview the work allotted to them along with their deadlines and accordingly come up with an effective action plan. This eliminates the trouble of manual tracking and simplifies the process of tracking tasks and projects for both the manager and the employee.

Track your tasks and projects easily

Transparency in communication

Many Project Management System software provides a feature to declare the job role of their employees and publish it on their software portal. This allows team members to recognize their roles as well as the roles assigned to their colleagues.

This software also allows both admin and the employee to view details regarding their projects, leave status, payroll, attendance and pay scale. When information is provided in a transparent manner, it promotes awareness and good coordination between the team and the entire office space.

Provide easy collaboration between the team members and clients

Along with prompt communication between the employee and the manager, a Project Management System also promotes easy collaboration between the team members and the client. In case if the company is outsourcing their employees to other companies or collaborating with other brands and business ventures, they can maintain all these details in their Project Management System portal. They can also keep track of their payment status, billable, quotations received and payments status of their clients.

Manage all your resources in one place

There are many Project Management Systems like Juntrax, that link with the resource and asset management systems of the company. This allows the viewers to assess the available resources in one place and utilise them in the best possible manner.

You can also read: What is ERP and Why is it Used in a Company

Engineering companies can list, link, and store all their data related to their resources and even information regarding their status, employees they are allocated to, renewal, and maintenance records.

Manage all your resources in one place

Flexible and remote access

A Project Management System software streamlines all essential data and processes it to a cloud setup. This empowers companies to continue their work even when their employees are outside the office premises or away from the office network. Along with the facility of remote access, the Project Management System provides flexibility in terms of system interface and device.

For example, the Project Management System software Juntrax by Juntrax Solutions can be accessed on different devices like mobile phones, laptops, computers, and iPads.

Integrated database

Project Management System like Juntrax uploads all project-related documents and data to a cloud-based interface. This interface maintains a regulated library of all this information in an integrated manner. Project Management System simultaneously works with various office management processes to collaborate with them in a seamless fashion. This helps them work in tandem with each other while they share and fetch data with other departments. Since this entire setup runs in an automated manner, it provides a simplified outlook for the user and the viewer.

Automate invoices and Timesheet processing

Formulating invoices and processing timesheets are amongst the most important and regular tasks that are encountered in an engineering company and linked to their projects.

You may also like to read: How to Increase the productivity of your company with Payroll Software? 

An automated Project Management System software streamlines these tasks by procuring relevant data from other departments and formulating them in the provided templates to produce the final results. Unlike the tedious manual method, Project Management System takes a few moments to process and formulate the required document in an error-free format.

Role-based access and security

Each company has different levels of admins and employees. Each position has some advantages and limitations. These boundaries can be well maintained through the Project Management Software. This system allows the company to distribute access permissions amongst the super admin, admin, managers, and the employee. This limits their access and provides them with a portal outlook and features based on their role in the company.

Conclusion

A promising Project Management System like Juntrax helps engineering companies in planning their projects, organizing all their information, managing resources, monitoring time, tracking expenses, and collaborating with their team, vendors, and clients efficiently.

Project Management System - Engineering Companies

With a Project Management System, you can enhance your company’s productivity through proper teamwork and communication in the workspace. It helps you formulate a well-defined work structure and execute it in a precise way. All the way from resource management, document management, time management and monitoring employees Project Management System works at boosting the overall potential of an enterprise.

 

Benefits of using Project Management System in Startups & SME

Benefits of using Project Management System in Startups and SME

What does Project Management imply? Why should Project Management Systems be used in startups and SME? What are the Benefits of using Project Management System in Startups and SME? These are some of the valid questions which come up when the term “Project Management Software” is discussed.

The business markets in the current scenario are on a constant spree to upgrade them to enhance their performance and output. Startups and SMEs are outnumbering the existing ventures in the market. With this increase, the contest to outshine and bag more clients is also increasing.

Project Management System Software is one such means which can accelerate the potential of Startups and SMEs in polishing their performance via proper management.

What is Project Management?

As the name suggests, Project Management refers to the process of regulating planning and dividing all the essential work concerning the project amongst the team. The most crucial goal of project management is to complete the assigned work in a particular time frame and meet all the criteria mentioned by the client.

What is Project Management-Juntrax

Project management covers various aspects like work regulation, quality check, documentation, expense management, role division and optimization, and allotment of necessary inputs. A well-managed project can pave the way for a successful completion process of tasks and a satisfied customer review. Startups and SMEs are new in the arena of constant competition, and project management can be their golden ladder to broad client exposure.

With time, the discourse of project management has changed from pen and paper methods to automated software. Project management software is readily available in the market, with a vast range of tools and features.

What is a Project Management System? 

Project Managing System is a software that enables the enterprise to organize their team and distribute roles, plan an effective framework, and manage all the different aspects of the task. The essential purpose of this system is to enhance the functioning of the team. It also grants the business to work with an automated outlook. Project Management System regulates all the data related to the project and links it with the software.

Project Management System - Juntrax

The need for Project Management Systems in startups and SMEs is as essential as the workforce. It provides a well-figured direction to the project and maintains a track of every update in it. Along with the real-time tracker, it is beneficial in terms of keeping a record of the projects for future reference. Project Management Software comes with several features that add to the benefit of the Startups and SMEs.

Major Benefits of using Project Management System in Startups and SMEs

  • Ease of Communication 

    Reporting the status of a single project can be a hectic deal. Along with the different team members working on the project, the project manager, and the senior authorities, it is possible the client also wishes to get updates about it. In such scenarios, the Project Management System plays a very crucial role in providing a convenient platform.

The Project Management System upholds all the essential data concerning the work and presents it in a tabulated manner. It assists the enterprise in sharing and collaborating with their clients. The communication system becomes more manageable and transparent. It also extends space for feedback, edits, and review reports. It is a commendable means for startups and SMEs to bag more clients via their efficient functioning and on-point communication access.

  • Schedule Check 

    In order to complete a project successfully, it is important to keep track of both quality and time. In the case of startups and SMEs, the biggest mistake can be wasting much time over a single project. Time is money, and the rule doesn’t change in the business market as well. Spending more than the planned time on a project means spending more resources and manpower on it. Preventing the expenditure of this extra time can yield more time for another project. This is where Project Management System can be opted.

The Project Management system helps the enterprise stay on the decided schedule and plan out their daily tasks accordingly. It also has features like deadline reminders, information alerts, and daily task tracker. There are numerous Project Management System Software in the market, and  Juntrax Solution is one of the prominent companies which provide top quality Project Management System.

Benefits of Using Project Management System for Startups and SMEs - Juntrax

  • Ease of Orientation 

Adding new skills to the team can upgrade the functioning and productivity of startups and SMEs in a significant way. But adding new individuals to the team can also be a bit difficult in terms of introducing them to the ongoing projects and assigning them tasks. The Project Management System enables the HR and Project head to share information about the project. Through the Project Management System, the employee can get quick background information and work on the responsibility assigned to them.

  • Record Maintenance 

Each project comes with its own set of challenges. But it often occurs that they have common attributes to the projects done in the past. Manual records can be a chaotic source of information. Project Management System serves as the most convenient source of going through old projects. This convenience is a result of its data maintenance and search tools. Platforms like Juntrax Solution provide Project Management Systems, which come with perfect tools and features that enable the enterprise to maintain records of their past projects.

  • Linked Information 

Project management is not limited to a single aspect. From documentation to budget check, there are many other departments which need attention. In such scenarios, SMEs and Startups can get stuck in getting a clear picture of all the different departments while maintaining their records simultaneously.

Project Management System provides an optimized platform for all the information related to the project by linking them together on the software interface. This allows an easy and convenient way of accessing the required data and keeping a check on the overall functioning of the enterprise.

Benefits of using Project Management System in Startups and SME - Juntrax

Conclusion

Project Management System can revamp the work style of an enterprise by upgrading it and giving it a bright outlook. Along with paying attention to the required features of the Project Management System, the selection of a correct service is also vital. Juntrax Solutions has a good name in the market for its technical provisions and top-notch quality software. Investing in a Project Management System can be synonymous with updating your standards and standing out with an unmatched professional discourse.

 

PSA Software: A Complete Guide For Understanding, Evaluating And Implementing Professional Services Automation Software

Professional services automation is a platform that improves business operations through the seamless automation of multiple business activities.

Tracing it back to its origin, professional services automation originally surfaced as a small piece of project accounting software. From there, PSA has become a fundamental fragment of project-based engineering and other professional services.

Although businesses today are already well-acquainted with other software categories such as customer relationship management and financial management, professional services automation is comparatively new and unfamiliar, but imperative. 

This article will introduce you to features of PSA and how you can approach its enablement for your business. 

Features of PSA Software

Professional services automation is a platform that improves business operations through the seamless automation of multiple business activities. It is essentially a predominant alternative for your multi-vendor solutions for project management, employee management, time tracking, billing, etc. 

It is obvious that the PSA tool works on the efficient idea of having a single, strong, and valuable foundation (read: aspects automation) instead of multiple disoriented systems. 

PSA software is specifically beneficial for organizations that deliver managed or billable services such as engineering services companies. Simply put, the primary customer of PSA is an organization that provides chargeable assignments as their principal source of income.

Considering this, let’s analyze the key features that PSA can offer to a managed or billable services organization. 

Project Management

PSA contains a bracket of modules for advanced project lifecycle management. Here’s how you can realize project margins and cost with PSA:

  • Proposals during the sales cycle for reduced errors improved project plan and decreased probability of any delay.
  • Configuration of contract terms to ensure adherence to policies. This includes systematic adherence to purchase order policy, experience reimbursement, and other rules related to client approvals.
  • Efficient project governance for risk tracking and early mitigation of issues
  • Management and tracking of changed orders after analyzing the comprehensive impact of financials and timelines

Employee Management

How to onboard new employees in 3 easy steps in this digital age!

PSA tools are equipped to match the project demands with the right available resources. With PSA by your side, you can achieve the following:

  • Allocation of resources based on skill-set
  • Allocation of resources after considering cross-project requirements
  • User-based permissions

It helps in proactive planning – leaving no room for last-minute challenges. 

Expense Management

If you wish to track assigned tasks, analyze performance forecasts, and record recurring expenses, PSA is your destination. Most of the PSA tools support on-site or online data entry for regular entry of expenses. This helps in the predictive forecast of expenses on a category basis. 

The categorization further empowers approvals for expense claims, which are immediately updated for the approver and submitter without delay. 

Client Billables Management

The PSA application is frequently integrated with the core accounting software of the organization, and as a result, it offers specific features such as profitability analysis and billing. Additionally, PSA efficiently tracks invoices of customers to mitigate revenue leakage. 

These invoices are often created through a batch automated process and dispatched to the client with relevant information. Of course, the user has the power to configure invoice formats such as local tax policies, language-specific changes, etc. 

Project Cash Flow Management

As discussed above, due to PSA’s in-built capabilities of automating bills and invoicing, cash flow automatically improves. Factors that contribute to this are:

  • Timely invoicing and billing
  • Reduced customer disputes
  • Improved accuracy of billing

Together these factors contribute to the cash flow of the organization. 

Reporting and Analysis

When you are dealing with services, it is not possible to quantify the service units sold. You can’t put a number to this statistic. Hence, performance management becomes complicated.

This is why the PSA software is pre-equipped with reporting potentials. Utilizing industry-specific KPIs and metrics, it is possible to gauge the performance of the business. 

Conclusion

Since you have gained significant knowledge of the professional services automation features, it is the right time to start implementation. We at Juntrax can help you in your PSA implementation journey by understanding the basic requirements of your SME or startup and then move forward. From there, we can help you deploy and utilize the PSA software. Schedule a demo right away.

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