How Profitable Are Your Projects?

Whether you’re a small business or an accountant working on behalf of a business, it’s important to know which jobs deliver the best return on investment. Financial tools, such as WorkflowMax and Xero Projects, provide a simple way to capture, track and report on the time and money spent on each job, allowing you to make informed decisions and manage your business more efficiently. Working smarter not only saves you money, it also makes you money.

Both WorkflowMax and Xero Projects are fully supported by Xero, but there are some fundamental differences. WorkflowMax is a highly comprehensive end-to-end project management solution for businesses wanting to be able to track time and costs and manage workflow from quote through to invoice. Xero Projects, on the other hand, addresses the financial side of project management and is a simpler tool for more basic needs.

WorkflowMax

One of the main advantages of WorkflowMax is that it can be customised and configured to suit a wide range of industries. It provides powerful workflow management and financial analysis, allowing you to get a handle on project budgeting and giving you insights into profitability.

WorkflowMax is owned by Xero and therefore offers real-time integration to Xero invoices and billing. Sales activity can be managed helping to ensure no missed opportunities and it can also be used for staff collaboration.

Reports are either of standard format or can be customised to suit your individual business.

Xero Projects

Xero Projects was built for any small service business that tracks time and jobs, such as accountants, bookkeepers, lawyers, IT businesses and creatives. Its simple interface and ‘out of the box’ reporting make it easy for the small business get a clear view of its numbers. The information it gives can highlight any potential pitfalls and can be used to steer the business down a more profitable route for both the current and future projects.

Accessible with one Xero login, Projects integrates with all the key Xero features. It supports fixed price and time and expenses billing and provides you with visibility across all jobs. As well as monitoring budgets and job costs, it gives a project overview and produces simple reports.

Xero Projects is particularly suitable for businesses that are currently using spreadsheets to monitor their project time and costs. The time it takes to manage a project manually takes away from chargeable time, which could cover the cost of subscription. As well as allowing them to manage projects more efficiently, Xero Projects will give businesses insights to help them make more informed decisions.

Which is right for your business?

In order to determine whether its WorkflowMax or Xero Projects that fits the bill for your business, there are certain questions you need to ask yourself, such as:

  • Do you need financial tracking or an end-to-end project management solution?
  • How do you price your projects?
  • How many projects do you run in parallel?
  • What kind of reporting do you need?

For help in determining which of WorkflowMax or Xero Projects is right for your business, please contact us here.

 

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