Managing projects can be overwhelming, especially when it comes to tracking costs and budgets. Have you found it hard to stay within budget while also meeting deadlines and quality standards? In today’s business world, keeping project costs in check is essential. It helps you maintain financial control and use resources effectively for successful results.
Our new Project Costing functionality helps you tackle common challenges in project management. You can create projects linked to employees and cost centers, set and monitor budgets, and manage expenses with ease. This functionality offers a complete solution for your project needs. You can use it through our user interface or integrate it with your systems using our API, giving you the flexibility and control you need.
Configuration Made Easy
Setting up Project Costing is straightforward and requires minimal effort. In our R98 release, we’ve introduced an on-page callout specifically for System Administrators at companies using TLM who do not currently have Project Costing activated but have full access and Paycalc 2.0 is activated. You’ll find this callout located in the bottom right corner of the home page.
When selecting “Learn More,” an additional message will appear containing detailed information about the benefits of Project Costing and the option to activate this feature directly from your home page.
Additionally, here is a step-by-step guide on how to get started:
- Activate Project Costing:
- Navigate to Settings > Global Setup > Company Setup, Company Config page > Edit Tabs > Project Costing Setup section > add to column> Save
- Select the cost centers, rate tables, and counters you wish to use.
- Save your settings.
- Create and Manage Projects:
- Go to Team > Time > Project Tracking > Manage Projects > Add New Project.
- Create projects and allocate budgets.
- Assign employees to the projects.
- Expense Tracking and Forecasting:
- Activate expense tracking to include incurred expenses against specific projects.
- Analyze spending trends and forecast how much money will be spent throughout the project.
- Timesheet Rule Validations:
- Set up timesheet-based rules to highlight if employees are going over budget when submitting or approving timesheets.
Best Practices for Project Costing
To make the most out of Project Costing, consider the following best practices:
- Define Clear Budgets and Objectives: Clearly define project budgets and objectives to ensure everyone is aligned and understands the financial constraints.
- Regular Monitoring and Adjustments: Monitor project expenses regularly and make adjustments as needed to stay within budget.
- Utilize Forecasting Tools: Use the forecasting tools to predict future spending and make informed decisions.
- Leverage Timesheet Validations: Implement timesheet validations to prevent budget overruns and ensure accurate tracking of project costs.
- Engage with the Community: Use the Ideas forum and Community to share suggestions and recommendations for enhancing the functionality.
Our new Project Costing functionality is a game-changer for efficient project management. Simplifying the process of tracking costs, managing budgets, and forecasting expenses empowers you to make informed decisions and optimize resource allocation. We encourage you to explore this powerful tool, apply best practices, and share your feedback to help us continue improving. Stay tuned for more updates and enhancements to take your project management to the next level with Project Costing!
Learn more about Project Costing in your solution under Menu > Help > Online Documentation > Workforce mgmt. > TLM Advanced Features > Project Costing.