Timesheet for Project Cost Accounting
January 30, 2009 09:00 AM
Novar, one of the largest global energy management firms, uses Journyx Timesheet to track time allocations for new product development as well as engineering project cost accounting. Novar tracks project costs with Timesheet and uses the information for planning and estimating, which assists with budgeting and employee role assignment on similar future projects.
Trevor Porter, Engineering Manager at Novar, says, "As we grew and became more service-oriented, we needed to monitor time very closely. Journyx Timesheet helps us in two key areas: capturing our total labor expenditure and capturing the total accrued man-hours for each project. This data, along with capturing other project costs enables us to determine the project's ROI based on hard data."
"The SaaS option of Timesheet has saved us more than $10,000 in capital expenditures. Further, with the low per-user, per-month pricing, we are able to write-off the SaaS as an expense without applying any additional burden to our IT infrastructure and resources," says Porter. "After looking at other time and attendance applications, I can confidently say that Journyx Timesheet is far more adaptable and cost effective than any other application I've used."
Parsons Brinckerhoff (PB) – a leader in design, planning and construction of infrastructure projects around the world – is currently working on the multi-year revitalization of a major metropolitan airport. PB, together with five other firms, comprises a Construction Management team that manages a number of contractors. It is critical for the six-firm Construction Management team to maintain consistency for all labor costs.
Early on, PB used Excel spreadsheets, manually merging all of the consultants’ time into one database and creating one single invoice, but PB soon found this method to have too high of a margin of error. With Journyx, all employees on the Construction Management team can track their time the same way, regardless of their consulting firm. Journyx Timesheet allows them to log their time to the projects they are working on from any computer at any location, creating a much more streamlined process. The supervisors are then able to log in and approve timesheets. Finally, the individual Construction Management team companies can log into Journyx from their main offices and extrapolate the labor data for their employees in order to do payroll.
“We were able to shave a week and a half off of our normal invoicing cycle,” said Allyson Stavron, Lead Cost Engineer for PB. “This time savings equals $5 to $6 thousand dollars a month versus our previous method. The historical data is more secure, creating a solid database for this multi-million dollar construction management effort. The Journyx solution is highly configurable with an open architecture that helps us manage contractors efficiently while keeping in line with the contract requirements.”
SafeNet, a global leader in information security, uses Journyx Timesheet to track vacation and sick leave along with employee time spent on Engineering projects. Timesheet’s flexibility was of particular importance to SafeNet. SafeNet executives use the report feature to generate data and export it to Excel. These reports provide the finance department with more timely and accurate insight into the progress of new engineering projects and the cost of maintenance for legacy products.
“The most important result to us is the time savings,” said Chris Dunn, Vice President of Engineering – Identity Management Products at SafeNet. “Journyx provides us with the information that we need at the push of a ‘Report’ button.”
Journyx is the first company to provide Web-based time-tracking and project accounting solutions that guide customers to per-person, per-project profitability. Customers include American Airlines, Bayer, AC Nielsen, L'Oreal and Schlumberger.