Effective Job Costing with TimeTec TA

Wednesday, November 02, 2016 TimeTec 0 Comments

Job costing is the process of tracking costs by tasks assigned, where employer gets to monitor the cost of each work completed by the employees. Having this information, company can evaluate its profitability and review its decisions based on the return-on-investment or cost-effectiveness of the work done. 

3 Obvious Job Costing Benefits!

Improve Profitability – Job costing is calculation of cost based on each work. It’s the process of quantifying each work into dollars and cents, allowing the management to calculate the monetary value for individual task. As the management reviewing the report on job costing, it’ll become apparent on which tasks that are hemorrhaging money and which tasks are doing fine, resulting in cost control measures that can bring better profits to the company. 

Assess Work Performance – Through job costing, you will be able to assess your employees’ individual work performance, based on everyone’s productivity and efficiency. Always when dealing with a group of employees, there’s no accurate indication of who’s actually doing what and how effective this staff is. With this tool, you will be able to identify and justify employees who fail to meet performance expectation and recognize the ones that have performed well.

Estimate Future Costing – By having the cost for each job, management can make estimation of the future costing that will incur and plan on their resources better. This will enable company to understand what the REAL cost for a job to be completed. 

Regardless of the size of your company, job costing can deliver an efficient method to calculate the exact expenses required for your company’s production. Be in control of your company’s costing today! Try the job-costing feature in TimeTec TA through the steps below:

1. Create the work code at Company > Remark/Workcode. 
2. Add in user work rate per hour in their Profile at User > Manage User.
3. Create flexi schedule and enable the work code in Schedule settings

4. Assign users into the schedule.
5. Make sure that users under this schedule choose their work code each time they clock for work.
6. Generate report at Report > Attendance Listing > Job Cost Analysis. 

Note: We will enhance this feature in the future by allowing Admin to add in the rate per hour for each work code to provide a more detail job costing report.