Job Costing Benefits
creating efficiency and preventing budget issues
Tracking Individual Tasks For Job Costing
You probably already know the importance of tracking precise time worked on the job. Not only do you verify how your employees are spending their time, but you save money in the long run. That said, what are the benefits of taking time tracking further, and tracking individual tasks worked?
Job costing allows you to track these tasks by classifying them as separate entities. For instance, an employee might clock into “Electrician” as their job, but may need to denote “Light fixture Installation,” “Outlet replacement,” or “Fuse repair” as their task.
Cost Code Groups
It stands to reason that not every employee may require access to all cost codes in a list—for instance, a carpenter may not work on a masonry job, or vice versa—so you can group cost codes together and assign the groups to jobs and employees as needed.
Grouping cost codes is as easy as setting rules for how the cost codes should be grouped. Rules can be set per each cost code level, filtering out any cost codes that don’t match the set criteria.
If employees have one group assigned, but their job codes have another assigned, then you can set how these groups interact, and which cost codes employees will have access to. If using an “Intersection” view, then employees will only see cost codes that are in both groups, and any codes that are not in both are filtered out. Alternatively, if using a “Union” view, then employees will have access to all cost codes in both groups.
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Thanks to TCP's superior functionality, all I had to do was set up my job codes and I was rolling.
Liberty Tax Service