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Traditional business accounting methods may cover the basics of an organization’s financial health, but don’t provide the visibility that contractors need in order to track the ongoing financial status of, or predict the expected profits (or losses) across their many, diverse projects. So, for most contractors, job costing is the accounting method that makes the most sense.
Without a true job cost accounting solution:
Project managers lack the day-by-day visibility required to make timely and informed decisions to avoid profit fade.
It becomes difficult for contractors to accurately track project progress, productivity and key workflows.
There is a lack insight into profitability without project level costs, revenue and allocation of company expenses.
Limited access to underlying financial transactions and weak internal controls lead to miscoded costs and reporting.
Executives are hard pressed to accurately determine the profitability and risks associated with ongoing projects, limiting their ability to strategically plan or confidently pursue future work.
Modern job costing software is designed to help contractors win more work and maximize profits by accurately tracking all the costs associated with specific projects, providing better views of the project as a whole before, during and after completion.