If you are currently looking on the Internet, searching for a project management software, you will notice a high number of options. Which one of them is tailored to your needs while meeting your financial constraints? These are all valid questions.
Beyond the considerations you might have regarding the supplier’s geographical location, his reputation, the quality of their service and the evolving nature of their solution, it is important to adequately define our needs. We can cluster these future needs into three main groups:
- Is the time I want to manage billable, non-billable or might be a bit of both?
- Do I have to manage expenses?
- Do I have to manage time related to a project?
- Do I have to manage my employees’ time banks (regular hours, overtime, vacation, sick leave, holidays, etc.)?
Invoicing and financial management
- Is my current invoicing process tailored to my needs?
- Do I want to optimize my invoicing process and lower the time spent on it?
- Is my current work in progress process tailored to my needs?
- Does my current management system allows a suitable monitoring of my budgets?
- Do I currently have a tool that allows me to properly calculate my projects’ budgets and to manage them?
- Do I have to assign my resources to my projects?
- Do I have to manage budgets with schedules?
- Do I have to manage my projects’ documents?
If my needs are limited to time management, it is then recommended to choose a modular solution offering a software “à la carte”. My choice would be limited to time entering module. It is suggested to verify if the chosen option allows:
- A differentiation between billable and non-billable transactions (time and expenses)
- The entering of transactions in a project framework
- The possibility of integrating employees’ time bank management
- The entering of transactions exportable to Excel
If my transactions are billable, my choice will go towards a solution that combines time management and invoicing. Why so?
Because in that case, since the entering and invoicing modules are part of the same software platform, transfer errors (such as billing the wrong client, billing the wrong project, errors related to the rate, under-invoicing or over-invoicing) simply disappear. The invoicing and work in progress processes are then optimized.
It is particularly important to validate that the intended solution is able to communicate with the accounting software to send it the invoiced transactions.
If my billable projects need to be managed with details, it is wise to reach for a solution that combines time management, invoicing and project management. The obvious advantage comes from using a multipurpose platform that eases both the project manager and the financial director’s work since the software allows an organizational management (phase management, budget management, schedules, notes, documents, assignments, etc.) combined to a financial management.
Abak 360 offers a modular solution tailored to your need. From simple time entry to project management integration, you can build your software “à la carte”.