“If you measure it, you can manage it”
With the 2017 Foundation Software User Conference in full swing, attendees funneled into one of a half dozen active classrooms on Thursday morning, eager to learn about job cost management from field trainer Melissa Wood.
Melissa began the session by reviewing control files settings and maintenance, including setting up the Job Costing Module. “This is important,” she explained, “because the setup determines the detail level of your job costing. This information can help you improve your business and aids in the tracking of your real costs versus your budgeted costs.”
She moved on to review the different roles of cost codes, cost classes, phases and project classes in successful job cost management. A cost code group, as an example, can help sort and organize your reports, such as by site prep, carpentry and finish work.
Melissa also shared four methods of cost projection with attendees:
- Estimated Change Orders
- Job Percentage Worksheet
- Cost Code Quantity Worksheet
- Cost Code Percentage
“When setting up job costing reports, it’s important to set them to reflect the proper method,” Melissa told the group.
From change orders to WIP and job cost reporting, attendees learned how all the pieces fit together, how to get accurate cost projections and how to enter data for accurate cost analysis. Melissa also covered form creation and tracking of change orders, RFIs, submittals, subcontracts and POs.
As one of the most popular sessions of the conference, Job Cost Management sent attendees off with more than knowledge — attendees were also empowered. “She restored my confidence that I know what I’m doing,” said Sheree Holland, a client from Monroe, Wisconsin. “I just didn’t have all the know-how I needed. I sure do now!”
Foundation clients will get to hear expert advice on job cost management and a variety of other topics at the next user conference in October 2018. Registration is now open, so sign up today!