Category "SolutionCorp"

Variance analysis is a key statistical tool used in operational and financial data for project management. Integral to ensuring short-term as well as long-term success of projects, variance analysis allows an organization to pinpoint risks, opportunities, patterns, issues and areas of improvement in the way a project is functioning.

So what is variance analysis anyway? Simply put, it is the difference between the planned and actual finances. Efficient project cost tracking often employ variance analysis to help managers in their project budgeting efforts. The quantitative financial data are evaluated using variance analysis at regular intervals to determine where the project is headed in terms of costing and profitability.

SolutionCorp closely integrates variance analysis into its project budgeting and project cost tracking software, giving managers the power to track the difference between their planned and actual expenditures at every step.

In fact, the project performance module of the software employs variance analysis to deliver key metrics about the status of various projects. The manager can find a summarized performance reporting for each of their projects in this module. This reporting will cover financial summaries of project as well as that of labor working on the project, since labor costs are an essential part of the overall project budgeting.

The project summary will showcase project name, customer name, current project status, planned and actual billing, expenses, labor, overhead costs, total costs, revenue, profit and profit percentage, and variance between these planned and actual parameters.

On the other hand, the labor summary will consist of departments working, activities performed, planned hours and costs, actually spent hours and costs, and finally the variance calculation between the planned and actual hours and costs.

Such a comprehensive overview of the project performance with variance analysis will empower managers with concrete financial data analysis results for making informed decisions for the future.

As an employer how can you make sure that your employees are filling their online timesheet correctly? While this isn’t a subject to obsess over, it certainly warrants close enough attention. Your regular supervision of the timesheets filled by your employees can help in maintaining accuracy, discipline and consistency in time logging.

The simplest way for you to enforce an accountable method for verifying time tracking would be via timesheet approval functionality of the timesheet software. This feature gives you, the employer, complete supervisory control over the work activities done and work hours filled by your employees. You decide whether to approve or not the work log submitted by the employees. If you use timesheets as source for generating invoices, payrolls, or reports, you’ll find timesheet approval system especially beneficial.

SolutionCorp’s cloud based timesheet system keeps the process of timesheet approval simple to the core. Learn how the timesheet approval module of the system works in just few simple steps:

  • Search for entire employee online timesheetdata at once, or confine your search to a particular work week.
  • Look for timesheets based on their current status, whether they are open, submitted, approved, unapproved, rejected, or posted.
  • Based on the filter conditions you’ve applied, the timesheet softwarewill give you a streamlined listing of the timesheet data filled by your employees.
  • The listing will give you a quick scan of the employee name, work week, timesheet status, and hours filled in.
  • To review a specific employee timesheet, you can click on the employee’s name to navigate to their respective timesheet data.
  • When you’ll do so, the timesheet system will display a day-wise reporting of the timesheet filled by the employee, including information like projects worked upon, tasks performed, project hours filled, leave hours filled, etc.
  • You can approve or reject the submitted timesheets with a single click.

One of the most important objectives for any organization is to avoid budget overruns in their projects. Stakeholders only want to invest time and energy in projects that are profitable, and the risks of project costs running over the board can seriously hamper the project profitability. SolutionCorp’s project software offers plenty of project budgeting options to keep the project costs organized, accounted for, and most importantly under control. The project cost tracking of the software enables the managers to keep close track of the costs incurred in the project by various related activities and employees at every phase.

Some of the key functionalities offered by SolutionCorp’s project budgeting and project cost tracking modules are:

  • Organize the project costs into different phases of the project so that the project budgeting requirements and expenditures of each phase are clearly outlined.
  • Plan the expected costs for labor, equipment and other overhead expenses in advance.
  • Calculate and track the actual costs that are incurred for labor, equipment and overhead expenses, and thus monitor the variance occurring between the planned and actual costs.
  • Get reporting of project expenses by expense code. Using parameters like project, expense, customer, account director and project manager, user can retrieve a report on expenses for a given time period.
  • An expense entry system where a user can input and save expense details like date of expense, project name, expense type, expense description, invoice id, cost, employee by whom expense is incurred, etc.

The project time and expense system by SolutionCorp is smartly designed to help managers bridge the gap between the expectations and reality of their project expenses. It is only when this happens that the annoying problem of project budget overruns can be successfully avoided and the project can meet its profitability goals and criteria.

For an employer, what’s important is that not only his employees regularly fill their online timesheet, but also that there is a way for him to view a concise and consolidated reporting of the filled timesheets. A timesheet summary report would give the employer a bird’s eye view into the working hours of his employees with just few simple clicks. SolutionCorp’s timesheet software features the functionality for timesheet summary report generation to allow employer to get an accurate real-time visibility into the work done and time spent by his employees.

In the cloud based timesheet of SolutionCorp, the employer can streamline his search for employee timesheets using various factors, depending on what exactly he is looking for. He can perform a comprehensive sweep through the employee timesheets by selecting whether he wants to view all timesheets, or only the missing, incomplete, missing and incomplete, not submitted, or unapproved timesheets. The employer can decide whether he wants to include timesheet software data for the terminated employees or not in the search results.

The search can be further narrowed down by selecting the exact time period for which the employee timesheet system data is needed. This can be done by either selecting a particular work week or by selecting a date range that could be today, yesterday, current week, month, quarter, and year, or last week, month, quarter, and year.

Once the employer has selected all the desired parameters, he can generate report to get the best time tracking summary for his employees. The report will show employee name, name of employee supervisor if any, and week-wise reporting of the hours filled by the employee and timesheet submission status. The employer can click on any of the records to view specific timesheet details.

The timesheet summary functionality of SolutionCorp’s online timesheet software offers employers with easy means to keep tabs on current and historical employee timesheet data.

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