Xero Projects: The All-in-one Tool To Track Profitability On Every Job
I love this fantastic add-on ...
Posted by Roger Eddowes on 02/07/2020 @ 8:00AM
Projects is one of the many add-ons for Xero, and this one is particularly useful for project-based businesses such as architects, engineers or designers, offering a simple job costing solution ...
Xero Projects is a fantastic add-on!
copyright: xero / essendon accounts
What does it do?
Using Projects allows the user to record the actual cost and profitability of a project
You can add tasks and expenses that are relevant to the project which allows you to manage the progress and completion of each task
Send a project quote direct to the customer
Invoice the client for any expenses incurred during the project, which you can invoice at a mark up to the cost incurred by yourself
Record any time spent on a project which shows you if you are on track or have gone over the allocated time for this project
Invoice the customer directly. There are three options to invoice; Invoice for a deposit, Invoice for time and expenses incurred so far or Invoice for the project amount
The status panel will give you a snapshot of the un-invoiced time and expenses and days left to complete the project
Xero Projects can help with:
Over-spending: Allows you to keep track of time and expenses that have been incurred during the project
Cash-flow problems: Allows you to see how much the customer has been invoiced to date and how much is currently un-invoiced
Missed deadlines: Allows you to keep track of when a project is due, helping you keep to the deadline
The user-friendly interface has many great features. We’ve picked a few out below:
Shows you the estimated project cost which you set up at the start of the project. It will show how much has been invoiced to the client, how much time and expenses you have incurred to date (as well as how much of these expenses have been invoiced) and also how many days are left until the deadline.
Any staff member can record time spent on a project by adding it to the project. This will ensure that this keeps your time and expenses up to date and will be reflected in the project status screen.
Keep track of your expenses incurred to date. With Xero Projects you can click into the specific expenses and see quite easily why you may have gone over the estimated expense budget.
Until next time ...
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about making your project accounts run more smoothly, call my team member Phillip Mirto on 01908 774320, leave a comment below or click here to ping over an email and I'll put you in touch with him.
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About Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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