There was once a time when managing a project at work was fairly straightforward.
A hearty thank you to everyone across the globe that joined us for last week’s webinar on project time tracking, billing & utilization challenges in professional services!
Our experts led the discussion with a helpful overview on these challenges followed by some great questions. Below is a helpful recap on some of our top takeaways from the session. If you want the whole story, you can click here to watch the recording of the full presentation.
- Today, time data is often separated into numerous silos: CRM, ERP, HR, project management, and more. These disparate systems make it difficult to gain real visibility into 100% of an organization’s time, and consequently, understand true project profitability.
- This results in numerous time, billing, and resource utilization challenges, such as low utilization rates, revenue leakages, invoicing errors, decreased profitability, and more.
- This is further complicated as different personas within the company use different metrics derived from employee time in many different ways – but have no reliable system of record for time.
- To combat this, organizations should seek out a flexible platform for project time tracking offering capabilities like:
- Accurate Project Tracking: Project resources get to see the exact projects and tasks they are working on and are able to provide accurate inputs, even when they are mobile, around their work and how that affects utilization and billing.
- Estimates Vs. Actuals Comparison: Set estimates for costs, hours, and billing. Easily compare estimates vs. actuals in real-time using dynamic in-context summary charts and comprehensive graphs.
- Improved Billable Hours: Business leaders can map revenues to billable hours and set targets at the organization, department, and user level. This added visibility enables resources to be aware of their billable targets and more responsible for billing improving average revenue per resource.
- Maximizing Utilization: Enable your project managers to understand skills, resource allocation, and current utilization. Ensure high-value resources are mapped to high-revenue projects and ensure an overall reduction in bench time for resources across the board.
- Project and Resource Forecasting: Plan for future resource needs with full visibility into project pipeline, resource utilization and skill needs. Leverage historical information to more accurately predict resource needs for a project while bidding. Analyze resource availability by skillset to proactively hire or retrain resources.
Replicon customers use our comprehensive suite of products to manage a plethora of key business elements including labor costs, resource utilization, project tracking, and profitability to reduce billing errors, improve invoice turnaround, and more. Read more about some of our happy customers.
Q: Does Replicon integrate with accounting software like Quickbooks?
A: Yes! Replicon is open source and highly configurable, so we can connect with a ton of different accounting software, including Quickbooks. For any more specific questions about integration, please feel free to get in touch. We’re here to help!
Q: Does Replicon help with global time & labor? And more importantly, how is global compliance managed in Replicon?
A: Replicon has a solution for global time and gross pay that come built-in with a comprehensive library of pay rules for 60 different countries and over 110 locations including provinces and states. All of these pay rules are monitored by legal and product team experts. Our experts comb the globe, and any time there’s a change it is automatically updated in Replicon to ensure that you are constantly compliant with global compliance everywhere.