Manage WIP as the asset it is. Use MYOB Practice Management or MYOB Advanced Professional Services to handle all your WIP challenges.
If you’re focusing on growing your business, you may not realise you’re running less efficiently than you could be. Ask yourself how long it takes to close your books. Are your projects often delayed? Do you have to micro-manage budgets? They may seem like growing pains, but really, they’re software pains – that you can easily fix.
Why you need to get WIP management right
WIP represents your chargeable time as assets. For any business, asset management is make-or-break. So why do it manually, and risk inefficiency and error? Budgets, clients, and milestones must be given the proper attention without writing off any billable time. For this, data needs to be perfectly clear.
When you manage WIP efficiently, cashflow becomes predictable, and business starts to hum along nicely. But how do you ensure invoices go to the right code, project and client while tracking WIP lock-up? MYOB Advanced Professional Services and MYOB Practice Management offer two great solutions.
Which suits you best will depend on how you’re running your business now and your goals for the future.
Image: MYOB Advanced Professional Services dashboard
How MYOB Advanced Professional Services solves WIP challenges
As a full ERP system, MYOB Advanced Professional Services has all the functionality you need, built into the native product. Here’s what you can expect:
Get a clear picture of future revenue.
Have each WIP represented in your balance sheets as an asset while seeing potential write-offs.
Automate the inner workings of your business.
Use sophisticated costing, automated rules, event triggers and invoicing features in one ERP system. Generate invoices or alerts automatically based on WIP reaching certain thresholds – for example, when you’re getting close to budget limits or a project hits a milestone.
Have flexibility over tracking categories.
Choose how you want WIP recognised in your business’s trading accounts – for example, as straight or deferred revenue.
Allocate your team efficiently.
Set up costing variations per department, type of job, partner or service line. This lets you see one job charged as time-and-materials alongside another multi-period, fixed-fees job, all in one view.
See WIP and related cashflow in real-time.
MYOB Advanced Professional Services uses timesheets integrated with the project planning system to give you a flawless view of projects.
View bulk reporting from a dedicated dashboard.
Rather than investigating each client separately, use a bird’s eye view to get the bigger picture. And because it has built-in CRM, you can drill down into specific clients when necessary.
Embrace future efficiencies.
Automating accounts payable will allow your firm to invoice clients via WIP while ensuring it appears in the general ledger.
Track profits in real-time.
You’ll have an accurate growth picture by integrating MYOB Advanced Professional Services with Payroll and General Ledger finance software. You can also apply cost or profit margins with approvals where necessary.
Image: MYOB Practice Management dashboard
How MYOB Practice Management solves WIP challenges
As dedicated practice management software, MYOB Practice Management uses its wide range of integrations with best-of-breed software to let you:
Update and terminate tasks quickly.
MYOB Practice Management uses a purpose-built management dashboard for bulk WIP transactions.
Get a clear picture of budget vs actuals.
Set automatic alerts based on WIP reaching specific thresholds – for example, when you get close to budget limits or as the project hits various milestones.
Choose bulk or singular WIP adjustments.
Improve efficiency with built-in approvals for certain write-offs.
Translate planned time into WIP instantly.
Capture timesheets based on planned projects and see them as tangible assets.
Build your perfect system.
Connect with best-in-class integrations to create the ultimate bespoke solution for your firm.
