How accurate time tracking can help you determine the cost of each job or project — and be more profitable
Is your business in it to win it? Answer that ultimate profitability question for any given project, in real time, with job costing. A revelation for every industry, job costing is especially useful in cleaning and restoration, construction, professional services, landscaping, and any industry that needs to track the cost of each project.
How does TSheets help me estimate the cost of a job?
TSheets time tracking and scheduling allows your employees to track time according to a project, customer, or task, so it’s easy to see how much of their time is spent in each area. This knowledge gives your team better insight and more straightforward goals. When all’s said and done, the proof (plus the payday) is in the report.
The funny thing about understanding the cost of a job is if you aren’t properly tracking the hours your team puts in, you can’t really do it. TSheets makes time tracking easy, so determining the true cost of a job is never out of reach. Plus, you can turbo-charge new insights with simple integrations. Before you know it, your team can save time, maximize productivity, and take on bigger projects.
Where do I start?
Job costing works best when you track specific job codes and service items from the very beginning. And TSheets helps establish that base layer of time tracking accuracy and accountability from the get-go. Admins can create and choose uniform job codes and items that line up exactly with a project’s initial estimate and the eventual invoice.
Why job costing and time tracking work better together
Be honest. Can you say with confidence that your projects are always right on track? Some employees might take longer at certain tasks and projects than others, while you might be totally overestimating how long a job will take altogether. Extra time is extra money, so placing the wrong time on a project could hurt your business.
If you use TSheets, you can say with certainty that your projects are on track, because you’ll be tracking them to the second (and to the penny). What’s more, time tracking with GPS functionality allows you to see who’s on the clock and where they’re working each step of the way.
Plus, with detailed reports, you can compare the hours and costs established in the estimate to the invoice you send your customer. With a full breakdown of each project, you’ll have a better idea of where more time or fewer resources will be needed in the future. With the real-time data at your fingertips, you can adjust your business strategy accordingly to watch your company really take off.
Simple integrations enhance job costing capabilities
TSheets syncs with several accounting solutions, including QuickBooks. With one-click syncing and the ability to toggle between accounts, you can create invoices and reports in either program and share essential data in a snap. Read more about TSheets integrations that can save you time — and headaches — here.
At the end of the day, business is about profitability. Job costing with the help of TSheets ensures every dollar spent and earned makes total sense. It’s as simple as that.
Ready to track time for more accurate job costing? Try TSheets free for 14 days!