The primary goal of job costing is to determine the overall price and profitability of a particular job. Job costing refers to tracking costs against a certain job or project. Companies use labor time sheets to track the amount of labor used to complete the job. This information is compiled on a job cost report, which is used to analyze the profitability of the job.
Hour Timesheet provides reliable insight into how much a job will cost against the backdrop of how profitable it can be. It projects labor hours and labor costs, so you have a clear picture that also helps you demonstrate, at any given moment, DCAA compliance for government and defense contracting jobs. Hour Timesheet gives you the power to see where projects may be costing you more than they’re worth, and shows you ways to stay on time and within budget.
To gain insight into a project’s costs, simply input the bill rate and the pay rate details for every employee's job code. Right away, Hour Timesheet generates easy-to-use job costing data. This enables you to quickly gauge your project's budget and adjust as needed to help ensure efficient use of your employees’ time. Some of the most important benefits of Hour Timesheet’s online job costing
Some of the most important benefits of Hour Timesheet’s online job costing software include the following.
From constantly being able to monitor and control costs for optimum profitability on each project to tax records to always being ready for any DCAA-compliance audit, Hour Timesheet’s job costing features make it easy to track and budget expenses responsibly and efficiently.
Hour Timesheet project and job costing software automates and simplifies the process of crunching the numbers when you’re building a budget for a project. You can track every expense for each project and budget wisely for resources along the way, measuring the impact of each expense and how it fits into the overall project budget.
With the budgeting clarity Hour Timesheet provides, you can more accurately project how much profit each project you evaluate is likely to gather. You can break projects into smaller jobs and assess profits or losses, which helps you save time and money — enabling you to focus on the areas with the best profit outcomes.
Hour Timesheet provides full-featured, easy-to-use ways that enable you to monitor employee productivity on every project. This includes the ability to track in-office hours, remote hours and hours worked at various job sites.
All of Hour Timesheet’s time tracking data integrates easily with QuickBooks, ADP, Paychex and Insperity. With expert customer support, integration is effortless and immediately reduces time spent on data entry, as well as eliminating errors.
Most importantly, Hour Timesheet understands better than any other job-costing software-maker, how critical DCAA compliance is for our clients and has built features into the system that remove the stress and headaches of preparing for surprise audits. Hour Timesheet’s job costing and time tracking features instantly provide auditors with what they need to see and help you get the contracts you want.
Does Hour Timesheet integrate with payroll and accounting software such as QuickBooks?
Yes, Hour Timesheet integrates with QuickBooks and other major accounting software packages you already use.
How does Hour Timesheet help us prepare for surprise audits?
The reporting features in Hour Timesheet give immediate access to data for which DCAA auditors are looking.
Will Hour Timesheet help me figure out profits from different projects?
Yes. You can input bill rates and pay rates for easy tracking and budgeting. This helps you reduce unnecessary expenses and maximize profits.
Does Hour Timesheet allow for subcontractors or vendors to track time?
Yes, contractors can user Hour Timesheet to capture time. This timesheet exports to QuickBooks allowing for an easy billing solution for your subs and contractors.