Ensure that profitability targets are met for each project by accurately controlling costs and financial resources
Engineering and manufacturing businesses deal with a multitude of projects on a yearly basis, which range in complexity from simple one-day undertakings to complex endeavours. Project managers will agree that one of the biggest pain points is maintaining control over total project costs, including resource expenses, time costs and 3rd party supplier fees. It is near to impossible to maintain accurate insight and visibility into the financial status of a project when using manual processes and disparate spreadsheets. Effective, efficient project management and accurate financial control is key to ensure that profit margins are met and overall financial targets are achieved. An integrated project management solution, such as SAP Business One, makes it possible to monitor budgets in real-time throughout the project, identify and address potential overruns early on and increase the project’s profitability.
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“Tighter controls in critical business processes, better reporting, increased transparency in terms of system changes and insight to where the business is going benefited us greatly.”
Peter Laubscher, IT Systems & Telecommunications Manager, MTU South Africa.
SAP Business One for Project Management:
SAP Business One for Project Management is a comprehensive management solution that streamlines tasks and activities to ensure that projects are delivered on time, and within budget. Project Managers can now have a complete overview over each aspect within a project, and have complete control over resource allocation and costs. Each team member’s time and project expenses can be automatically linked to specific tasks within each project, resulting in all relevant costs being captured. These costs can then be automatically billed to the client as and when needed. SAP Business One reduces the time to invoice by enabling project managers to review and approve work-in-process swiftly and seamlessly. Customer dashboards and reports can be setup to give project managers complete insight into the financial performance and status of both projects, and the business as a whole.
Some of the key benefits of the SAP Business One Projects solution:
TWO STAGE TIME AND EXPENSE REVIEW:
- Projects can be billed more accurately as supervisors and project managers are able to approve time entries independently.
AUTOMATE EXPENSE PAYMENTS
- Increase efficiency with streamlined processing of reimbursable expenses.
- Accounts Payable invoice can be automatically invoiced as soon as the expense is approved.
IMPROVE TIME TO INVOICE
- Select which activities to bill (or not bill) in the current period by easily reviewing work-in-process details for a project.
- Bulk processing allows you to set instructions for multiple records at one time.
REDUCE BILLING ERRORS:
- Project-related purchases, charges and disbursements can be automatically assigned to a project and can be billed to the client where necessary.
- Two-stage review reduces mistakes as the finance team has to provide the final approval before the invoice is created and sent to clients.
- Projects are invoice more accurately, and the amount of corrections are reduced.
STREAMLINE RECEIVEABLES WITH CONSOLIDATED BILLING
- Increase efficiency by consolidating invoices for a given client. In one click, you can group activities from multiple projects into one invoice.
GET INSIGHT INTO THE FINANCIAL HEALTH OF YOUR BUSINESS
Custom reports give complete insight into financial performance and status of the business. Various financial reports are setup to deliver the information that you need.