The Empower IT Project Expense Management Software provides businesses with the ability to coordinate and manage all project-related parameters such as: project budget approvals, project expenses, any additional hardware/software licensing costs, client invoicing, and outstanding payments.
Combining the power and functionality of Microsoft SharePoint and Microsoft Dynamics CRM (now part of Dynamics 365), the solution provides key decision-makers an insight into how their business operations are performing, as well as acting as a central communication and monitoring platform to ensure transparency in the organisation.
Who needs a Project Expenses Management System?
Project-based businesses often have to log and manage project expenses, submit invoices to clients, and make payments to suppliers on a repeated basis throughout the lifetime of any one project. Poor handling or mismanagement of these tasks can cause consequential cash-flow problems and impact on business profitability. It is therefore imperative that businesses have a streamlined expense management process to maintain control over all expenses incurred on individual projects.
Manual methods of managing project costs usually involves multiple people and segregated systems. As such, when these organisations need to study cash-flow velocities and compare estimated project costs against actual costs, the task is usually quite cumbersome and constraining. An effective Project Expense Management System can manage the company’s entire cash cycle and track project deliverables with reference to cost.
Project-based businesses, construction and trade businesses, financial institutions, educational institutions, professional services firms and organisations who are interested in tracking their internal and/or external project expenses can make good use of the Empower IT Project Expense Management Software.
Software Features: Empower IT Project Expenses Management System
The Empower IT Project Expenses Management Software packages together a series of features designed to help businesses control costs so as to remain profitable, efficient and successful. The software allows your organisation to perform a number of helpful functions:
Record Estimated Project Expenses/Costs – project budgets, estimates and expected costs can be imported into the software, from various systems (including Excel spreadsheets); for multiple projects at a time.
Record Actual Expenses/Costs – software can integrate with multiple systems to log actual costs and attribute costs to individual projects as they arise – for comparison with estimates and for customer billing purposes.
Resource Management – provides companies with the ability to track the resources spent on a project and allocate resources based on needs, skills and availability to ensure on-time delivery. This includes tracking the number of staff hours used on project works.
Invoicing – Logs billing rates and generates detailed client / project invoices with ease. Keeps track of all costs, billable, or accruals against each individual project and client.
Centralised Repository – seamlessly integrates with excel and other cost management systems to provide key stakeholders with a single source of truth – managing all project costing data and analytic tools in the one location.
Dashboard Reporting & Analytics – with ease, companies can monitor and evaluate the performance of projects in terms of project costs, resource hours, billability and overall cash flow velocity using an intuitive and user friendly reporting dashboard.
Software Benefits: Empower IT Project Expenses Management System
The Empower IT Project Expenses Management application can produce a number of benefits for your business, including:
Improved Cash flows – tracking project costs against incomes; easier invoicing; and integrated systems can contribute to faster payments from clients and help the organisation to appropriately spread out liability payments so as to avoid cash flow issues.
Enhanced budgeting and forecasting – project specific expense records can help project managers with future estimates, budgets and forecasts. Projects and associated expenses can be categorised to reduce project uncertainties and allow more accurate project quotations and less losses on projects due to unexpected surprises.
Better informed decision making – Management can use the Project Expenses Management System to determine what types of projects are most profitable, what types of projects carry the most risk or uncertainty and hence make product offering decisions. They can also make human resource decision based on level of billable hours, perhaps identifying staff worthy of bonuses or promotions, or alternatively staff that are underperforming or under-utilised.
Costs Containment – software can raise red flags when project costs blow-out; it can reduce administration and accounting time; and can identify project types that are unfeasible or unprofitable hence allowing you to allocate resources to less costly and more profitable ventures.
While the list of benefits for the Empower IT Project Expenses Management Software may be long and varied for different businesses or industries; in a practical sense organisations who have used our software have been known to save, on average, 6 hours per day in invoicing tasks alone. Organisations have also had improvements in budget forecasting and more accuracy in resource management making them more competitive without compromising on profitability.
If you would like to know more about Empower’s Project Expenses Management Software, or to schedule a demo, call us on: 1300 797 888 or write to us on: [email protected] (Ref: Project Expenses Management System)