Convert Time into Money on Projects – Part 1

Convert Time into Money on Projects – Part 1: Streamline your Estimates-to-Projects Process

This is the first post in our “4 Tactics to Convert Time into Money on Projects” blog series which shares four ways having a cloud-based, modern ERP with project accounting can maximize profitability.

For any professional services or projects-based business, “time” is the precious commodity. Your profitability is dependent on efficient use of time, accurately estimating time on projects, and accurately billing time and expenses. The best way to control your profitability is through your Enterprise Resource Planning (ERP) solution with project accounting functionality.

If your ERP is siloed with disparate information, you won’t be accurate. If you have to perform manual data entry, you can’t be efficient. If it is not integrated into one central location and accessible anytime and anywhere, you won’t have true visibility to make strategic decisions on estimating, resourcing, analyzing and adjusting project performance.

Leveraging Microsoft Dynamics 365 BC with Progressus Advanced Projects, small-to-medium businesses can easily apply the first tactic of streamlining your Estimates-to-Projects process by empowering users to accurately estimate projects and purposefully set them up by:

  • Accessing data on resources, customers, vendors, and inventory for more precise estimating
  • Setting up an estimate, a budget, billing arrangements, including any discounts, and then easily converting it to an Order to create a project
  • Using a template to create an estimate; copying all the tasks or just choosing some of them or setting up an estimate or project by copying another project, its budget, and/or tasks
  • Making an existing budget into a new estimate
  • Setting up “dimensions” to assign codes to projects and tasks to affect reporting
  • Creating projects to measure each activity or task against the budget to track project performance

Download our Progressus Advanced Projects for Business Central Overview to learn more.

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