Get a handle on tracking project costs

When your business embarks on a new project, there are always going to be costs. Usually, you’ll have allowed for this in your budget however it’s important to track your what you’re spending as the project progresses so that you can make sure there are no runaway items.

Your accounting system can do this tracking for you provided all of the project costs (and income, if any) are correctly coded to the project.

Likewise, you can use your accounts system to monitor the expenditure and sales of individual departments. So, say you are a retailer with three shops, you can set up your system to show how each of the shops is performing. This type of tracking is a really good way to keep costs under control. It can also help you get your pricing right.

As well as tracking project costs, there are also tools to help you track how much time your staff are spending on a project. Again, this is useful information to have when it comes to working out what you need to charge for your goods or services.

Need help with tracking project or department costs? Contact GroForth for details of our bookkeeping services.