If you are part of a business that still manually tracks hours and costs or manages professional projects using as spreadsheet, thenyou should most definitely read on. Currently, many companies continue to coordinate projects usingpaper or spreadsheet tools, whichcan cause problems. These can include:
- Limited Access and Lack of Visibility: Limitations of data visibility can inhibit your overall perspective of the projects. It is also very difficult to see the status of projects, meaning external communication with employees are constantly needed to coordinate the work.
- Duplication: Sometimes, information must be re-submitted multiple times in traditional spreadsheets if auto-filling is not possible. This can be time consuming and lead to mistakes.
- Loss of Data: Since the software does not interact with employees in real time, it may result in loss of data.Some inputs or outputs may not be included in the record, which can lead to worryingly inaccurate data being collected.
Luckily, there is a solution. Xero recently introduced a new feature called ‘Xero Projects’ which is fully integrated with Xero to provide an interactive project management tool. It works with new, on-going or archived projects to solve all the issues detailed above, whilst maximising profitability and efficiency. It is essential for business owners and managers to easily identify the projects that deliver the best return on investments, as well as those that may need restructuring. Xero Projects provides a simple platform to assist in meeting these goals.
For businesses undertaking complex projects, good project management software is undeniably essential. Smaller businesses, however, may be more reluctant to invest in a formal accounting software program. In an effort to reduce costs, businesses owners continue to waste hours of their precious time on managing these projects manually. It is important to understand that having a simple way to capture, track and report the time and money spent on each job allows owners to proactively invoice, make informed decisions and manage the projects more efficiently. This will ultimately lead to higher profitability and increase understanding of your finances. Further, it helps to streamline the workflow and be a great asset to the business without adding unnecessary complexity.