Don’t waste money unnecessarily

Naďa Šolcová
January 19, 2021

There are several common ways a company needlessly loses money. Below are a few of the most common mistakes businesses make that cost them profit.  The good news is that with Teamogy, you can stop losing money unnecessarily.

Poorly-Priced Jobs

The most common reason companies lose money needlessly is because of poorly estimated projects. Often, a project’s true difficulty is not accounted for accurately, resulting in additional resources and unexpected manpower hours that eat away at the company’s profit.

If your team members record their work appropriately over a long period of time (clearly allocate hours to specific projects or specific internal work), it creates an invaluable information source.  This data allows for a much more accurate estimation of the time needed for new projects that are similar to those that have already been completed.

Another issue is not considering all of the supplier’s costs.  Without a system, you can easily close a project, invoice it to a client, and then suddenly find that there are other costs associated with the project that you forgot about or were not aware of. However, at this point, it is no longer possible to create a corrected invoice or issue an additional invoice to the client for professional reasons.

Last but not least, a poorly-priced budget prepared by a “junior” employee may be sent to the client because the approval process for important documents was not properly put in place.

With Teamogy, you have all of this under the control.

A Quotation created directly in Teamogy can go through the approval process that is customized for you and your specific needs.

 

quotation-process
Higher Supplier Invoices

In the case of supplier invoices, an invoice is often approved for payment that exceeds the amount of the purchase order. This increase may be justified, though, and no one wants to go over the client’s estimated budget.

In Teamogy, you can link each supplier invoice to a specific Job and then you can control it with the order. If the amount is higher than the order that was approved, you will immediately be notified – both in the project itself and in the financial report.

In each Job, you have a complete overview of not only all hours worked but also of all orders and supplier invoices associated with the Job. 

 

financial-documents
Inaccurate Client Invoicing 

It happens more often than we would like to admit – the client is invoiced less than he should. The most common reason for this is not invoicing all of the hours spent working for the client because they were recorded informally somewhere in excel spreadsheets or sub-applications. Another issue that commonly arises is that not all third-party costs (supplier invoices) are re-invoiced because they are simply forgotten. Alternatively, the invoice is often completely forgotten or issued after a long delay, which can seriously affect the company’s cash flow. Quite often, there is no general overview available for all of this information.

In Teamogy, you can easily view an overview of all unbilled projects and unbilled hours. You can quickly see why tthe mistake happened and correct the mistake.

In Reports, you have an overview of your business’s finances – you can always immediately identify the under-invoiced Jobs since they are highlighted.

 

financial-report
Inefficient Teamwork

Some companies struggle with properly controlling how much time an employee spends on a specific task. Staff often work on tasks independently for as long as they want and set their own priorities. Also, manpower hours and energy are needlessly consumed by switching between different applications and inefficiently communicating in multiple locations in order to find the information needed to work.

At Teamogy, everyone has access to their tasks, the time allocated, and when the task should be completed. The time is reported directly to the project for which it is intended. Team members communicate comfortably via an internal chat option and shared discussions stored directly in the projects. The person responsible for the project can easily see the status of the assigned work in Teamogy by looking at the tasks, and he will also receive a notification when the status is changed.

An Overview of tasks in Teamogy in Kanban

 

kanban
An Overview of tasks in Teamogy in the style of Gantt chart

 

gantt
NAĎA ŠOLCOVÁ

NAĎA ŠOLCOVÁ

Naďa is a member of the management team for AD-IN-ONE Europe. She specializes in coaching and marketing communication. She is a certified coach of ICF and ČAKO and the holder of the Direct Marketer of the Year award bestowed by the ADMEZ Association. She has been involved in marketing for over twenty-five years and coaching for the last seven years. In her free time, she enjoys sailing and is an active fan of modern gymnastics, which she participated in during her youth.

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