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Job Costing - How to Get the Most Out of Your Projects

Your company may be based in the construction, engineering and manufacturing industries, and when it comes to labor costs it's important to analyses the project overheads along with the revenue coming into a business. This type of data provides you with a basis to maintain and improve costs project by project, year on year.

Job Costing is the process of determining how much labor and materials cost per project or specific job in an efficient way so that the information can be used to create an accurate and balanced proposal or quote for a client or customer.

By using an online system, all numerical and analytical data can be easily held in a system, accessible for management staff to delve into the information in depth and gain insights into labor plus its overall cost on the business.

Using the HRIS software allows you to allocate a specific budget to each of the projects, to then be used as a comparison for actual costs. It takes into account direct and indirect costs, which can all be inputted into the software for analysis throughout the project duration and beyond.

For many companies in construction or labor industries, the ability to use a cloud application is beneficial on many levels. Not only does it mean that all data for every employee working on site can be inputted and retained, it also means that if a site manager is location based, they have access to that information at the touch of a button. All of the information is stored in one place online.

Cost Centre features of the HRIS software include:

Labour forecasting By creating rosters and schedules within the software, productivity comparisons are easily visible to see exactly how many members of staff you may need for each project.

Start and finish times can be captured in the software Providing insights into projects that may have had to stop or projects that have been completed quicker than expected.

Integration For information collected in a third party system previously, this information can be added in to draw comparisons to the types and duration of projects each month or year.

Finding out the true cost of labour within these industries will help to manage budgets and improve cost reduction. By using cloud based software, you can ensure that job costing quotes you are giving to your customers are both accurate and profitable in the long term, helping you to achieve your goals.

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