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xTuple for Service Businesses Demo Guide |
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xTuple for Service Businesses Demo Guide |
| Chapter 3. Time & Expense | ||
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Project management requires the ability to account for the hours and expenses related to a project. This is a useful way for service-oriented businesses to capture and consolidate costs and manage billing. It can also be a good way for contract or capital equipment manufacturers to capture and manage costs and billing for activities not directly related to manufacturing—such as engineering, installation, or follow-up maintenance.
Here are just a few examples of how the time & expense package for xTuple ERP can help you:
Time & expense will enable you to report budget vs actual information for a project and task. And, by requiring hours and expenses to be assigned to a project and task, your ability to manage costs and project margins is greatly enhanced.
Capturing service billing in a routine manner allows for faster invoicing. The ability to enter detailed notes on each time or expense line provides supporting documentation, which fosters better communication and faster cash receipts.
Employees can enter expenses and associate them with a project, and managers can then review and approve them. Expenses can then be automatically vouchered and payments processed.
For this chapter, we will assume that employees and projects are already defined—and that the necessary set up steps described in the System Administration chapter have been followed. We will be looking here at how employee time and expenses are entered, approved, and processed using time & expense sheets.
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| 2.1. Project Activity Report |  | 1. Entering Time & Expense Sheets |