Project Management Systems – Essential For Accurate Record KeepingPosted by Tracy Baker on Sep 17, 2012 in Blog, Productivity | 0 comments
Accurate record-keeping is very important for any service oriented business. If you charge according to certain deliverables, per task or per hour you really need to know whether each individual facet of your operation is working efficiently and helping to turn a profit. Small business owners are notoriously lax when it comes to accurate record-keeping however. It’s easy to fall behind with this as there is so much that has to be done on a daily basis, after all. Often it is felt that so long as a particular project has been completed on time and that revenue is received accordingly, the rest can just fall into place.
However, you cannot hope to be successful in business and to keep expanding if you do not keep on top of the entire set of minutia. These individual records may seem to be “just details,” but when you add everything up together and multiply it by the number of days and weeks that you fail to keep up, it can represent the difference between just getting by and doing well.
Many small-business owners use a team of outsourcers and virtual assistants to help them with various business overheads and administrative tasks and in the creation of online products or services. In short, a lot of what is sold by the business is produced by virtual assistants and therefore carries an outgoing cost for the business owner as well. It’s therefore very important for the owner to see how effective this arrangement is and to ensure that the appropriate amount of mark-up is included, in order to turn a profit.
When there is no central method of keeping records and no central repository for information, files, documents, feedback and updates this task can become very difficult indeed. It’s no wonder that the small-business owner often overlooks the need to do this, so long as they are getting by without apparently losing money. However, if they were to use a project management system to keep on top of all of this work then they would easily be able to see whether or not they were making an adequate amount of profit according to the work completed and money spent.
Some business owners feel that using a project management system is just adding additional work, where they’re trying to reduce their workload, after all. Yet when they finally come to terms with exactly what a project management system can do they understand that it is just the opposite. On a daily basis they are able to see a timeline of activities and can ensure that work is delegated. They can immediately see just how much it cost them to get that work done and can ensure that they are pricing their projects correctly, both for existing customers and new clients.
Many of the best project management systems have linked accounting modules or can be configured to interact with standalone online accounting systems. As with anything associated with record-keeping it’s much better to be up-to-date and fully aware of resources, liabilities and costs.
How do you currently “keep track” of everything within your Business?