From XU Magazine, 
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The Value of Accurate Data and Real-Time Reporting for Project Managers

March 12, 2021

Data - can’t live without it, sometimes unsure what to do with it. Successful services businesses know the importance of having detailed and accurate data at their fingertips. However - knowing what numbers are the most insightful and how to communicate them can be the real challenge.
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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Keeping track of all business progress indicators is an impossible task, and no project manager wants to be asked a critical question about a project’s progress, and have to answer back with “I don’t have that information”.

The answer here is real-time reporting.

If you're currently operating without having a reporting engine built into your business management software then you’re missing out on insights into how your projects (and in turn) overall business is tracking. This is almost like operating your business blind, via guesswork and manually generated reports.

Live reports at the click of the button allow your people to:

  • Comprehend large or complex data sets.
  • Measure and monitor project progress.
  • Make informed decisions and justifications when making project and people changes.
  • Have improved visibility across departments.
  • Communicate effectively to key stakeholders and other teams.
  • Be freed up from having to import the data manually.

Projectworks is an all in one business tool with a powerful reporting engine, which not only provides the above benefits but delves deeper into your business, offering valuable data on how your business is tracking.

Our three most used reports for these insights are:

  • Margin - If you aren't profitable then not much else matters, ensuring you are making a profit should be the highest priority. We provide reports on margin by a company (client), project, and person. If you don’t have visibility of your margin until the month after the work has been done, then there is no time to take action and course correct.

  • Utilization by person - As a services business the main thing you are selling is hours, and you generally employ skilled people who are expensive. If these people aren't utilized on customer work then you have a huge cost overhead with no revenue to pay for it.

  • Forecasts - Services businesses are often feast or famine. Ensuring you have work/revenue booked as far out as possible with as much certainty as possible enables many things such as knowing when you can hire staff, knowing where you need work to cover costs, and ensuring you haven't overcommitted to work that you can't fulfill. Projectworks allows you to generate forecast data by companies and projects in both monthly and yearly reports.

Whether you're exhausting time creating manual reports, or you’re not creating them at all - your business needs to harness the benefits of having real-time reports at the touch of a button. Get in touch with us for a free demo on how our reporting engine will bring meaning to your numbers and allow you to operate your business and projects more effectively.

Why leave it there?

To learn more about Project Works

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