Nitin Mittal Senior Manager, Assurance and Risk Advisory at Perfect Accounting .and shared services Pvt. Ltd. Read more…
In large projects like construction of a building, managers need to do project planning well in advance and keep track of budget, costs, resources, and schedules at every point in time. It is not possible for project managers to manually keep track of everything and manage the project. In this era of cut-throat competition across businesses, it is imperative that companies be as productive and efficient as possible to keep themselves in the competition. Hence, to effectively manage the projects, companies use online project management software.
OfficeTimer is one of the online project management software. It is a project management tool used for planning and managing projects. It can be used for scheduling dates, setting milestones, capturing cost and revenue, and most importantly reporting results from time to time.
What makes OfficeTimer the best project management software is its access to data of all the departments, be it Sales, Finance, Production or Materials. In other words, OfficeTimer is an integration of all the departments of business.
So, in a nutshell, WBS, Network, and the Activity forms the structure of any project.
Once the project is created, you can use it for tracking and reporting KPIs. You can plan costs for various activities, allocate resources for activities, and set up milestones to keep track of the progress. Hence, it is a time tracking software.
Consider yourself a manager of a manufacturing firm developing a standard product X. Suppose the manufacturing of product X requires multiple raw materials, human resources, and overhead expenses. You may consider these cost components as your KPIs and would like to track them. For this, you may break down each requirement into WBS. This will allow you to manage each cost component in a better way. Then, you need to plan a budget for the manufacturing of product X. So, OfficeTimer allows you to plan costs for each of the materials required, allocate man-hours and overhead expense required for the manufacturing. In different stages of the manufacturing, you can track how much of the budgeted cost has been realized into actual cost, and at the end, you may compare the planned cost and actual cost to get the variance. Similarly, you can also know how many hours were required by each human resource in the project. This way, OfficeTimer works as a cost as well as time tracking software.