How to drive profitability and gain visibility with Xero Projects
The success of every service business very much depends on the timely assessment of the profitability of individual projects. Most small business owners start off using simple excel spreadsheets to manually monitor the time and money spent on each project. However, as their businesses grow and the number of projects increase, it is no longer efficient to continue using manual tracking to manage their projects. In this blog post, we explore Xero Projects, a project management tool within Xero that helps business owners assess profitability of their projects in real time and make better business decisions.
Problems faced by business owners
Lack of visibility of real-time profitability of individual projects
Incomplete compilation of expenses and time spent, resulting in under-billing
Time and energy spent chasing timesheets and manually tabulating time cost of each project
What is Xero Projects?
Xero Projects is a tool within Xero that helps you capture, track and report the time and money spent on projects and jobs so that you can make better business decisions. Some of the functions include:
Create fixed price, time and materials, or progress payment invoices
Accurately track time on-the-go with stop-start timers and location-based tracking on mobile (both iOS and Android) – no more chasing timesheets (read more here)
Ensure your staff is working on the right things; see how your team’s time is spent on all projects with the Timesheets & Staff Time overview (read more here)
See how staff costs affect bottom lines; set an hourly cost rate for each staff member, so it’s easy to calculate overall profitability on a project
Read more here.
Advantages of using Xero Projects
Fully integrated with Xero
Unlimited number of projects
Supports fixed price and time and expenses invoicing
Available on iOS and Android
Assign your actual invoices, bills and bank transactions
Visibility across all jobs and how they’re tracking
Monitors budgets and job costs
Out-of-the-box reporting
Timesheet insights and reporting
3 levels of user permissions to manage access levels of your team
Real-time view of all your Projects in one place
Read more here.
Speak to your accountant
We are proud to be a Xero partner who can help digitally transform your accounting function and implement Xero Projects to streamline your project management workflow. Schedule a free 30-minute consultation with us to discover how you can outsource your accounting function to us and reclaim your time.
