Having a cost code system implemented helps construction firms keep on top of the project’s budget and build a valuable database to generate insightful information like what is working and what can be improved. In this post, we share with you three tips to create or enhance your cost code system:
Create one master cost code template: The best way of using cost codes effectively is to have one master template used for all jobs. Besides saving time, you can also create a database to compare project costs with other projects.
Track time using cost codes: There are many apps to help you track time on your projects, but make sure when setting up your time tracking system that the cost codes match your master template. This way, data can be imported into your project management system without the need for manual adjustments.
Ask your Accountant for help: Yes, we can help you! Creating and implementing a cost code system can be a time-consuming process and lead to frustration. With our experience in the construction industry, we can make this process seamless.
Cost coding is an effective method to measure profitability and efficiency in Construction firms. It not only helps you with your budget, but will also improve your team’s productivity.
777Eccounting has partnered with Corecon (hyperlink), an online project management system that can generate insightful reports for managing your projects. If you want to know more about this system, contact us at carrie@eccounting.ca.
Corecon: https://www.corecon.com/
