November, 2021 - FinClock

Importance of PMS tools for a business

Project management software (PMS) is a tool for managing projects. (Project management, by contrast, is the management of projects.) A project is a defined period of time during which a problem or opportunity is worked on. A project is temporary, not permanent. A project involves one or many persons, but no single person is responsible for the whole project. A project is an exercise in solving a problem, not making money. Project managers use software to keep track of what each person is doing. PMS software (or project scheduling software) is generalized, but specialized, software. It can handle, for example, a construction project, but may not be flexible enough to handle a jazz band or a symphony orchestra. PMS software may be part of an office suite, or may be a stand-alone program. Project management tools cost less than office suites, but is usually more expensive to buy than stand-alone programs. PMS software is usually not free. PMS software usually has special versions for different kinds of projects. A PMS designed for a large construction project might be overkill for a small development. PMS software is not magic. A project management software is not, for example, a magic way to make a [...]

staff performance improvement guide

Best staff management system for businesses Finclock is an easy to use online tool, which automatically measures time to task, and calculates employee performance. Finclock staff management system helps business to grow by providing a tool set that lets them measure and improve staff performance. The visual productivity app enables teams to focus on activities that add value to customers and the organization. Almost every business today uses digital technology in some shape or form. Wouldn't it be great to harness the power of these tools in an intelligent way? Finclock includes a performance management tool that organizations use time more efficiently, ultimately improving staff performance. It's easy to use and can accommodate any company size, whatever industry you operate in! performance management Finclock is a comprehensive performance management software that comprises goal setting, performance tracking, employee recognition, and powerful reporting. The tool allows managers to ensure their team is aligned with the overall company goals. The tool tracks employees’ individual performance against benchmarks set at the beginning of the quarter based on overall team goals. Every week, you will get an email notification to give employees kudos for achieving goals. Improve efficiency Seeking to cut the time your staff spend on [...]

Increase project revenue and profit using project management tools

Organizational project management is, at its heart, about increasing revenue. It's the same kind of thinking as, say, a marketing division: we want to increase sales. But project-management professionals generally take this a step further. They understand that, once a project is started, the expected rate of return on investment (ROI) declines sharply. This makes sense. A project has a finite lifetime, and unless it has some kind of guaranteed revenue stream, once it's finished, you no longer have a reason to work on it. It's a big risk to start a project, but an even bigger risk to finish one. Obviously, you want to make a profit on a finished project. But you also want to make a profit on every phase of the project. As the project progresses, it gains value, which gets captured as project revenue. Each stage of a project generates value, and each stage has a finite lifetime. We call this "manufacturing value." Every phase of a project generates value, and that value gets captured as revenue. The revenue gets spent, and that becomes project cost. The net result: revenue minus cost, or profit. You can make more profit by improving your design or more effectively managing [...]

Complete project reporting guide on online project management tools

Project reports have three purposes. First, they report how a project is going. Second, they report how well the company is doing. Third, they report how management is doing. A project report can have few or many sections. Here is a summary of the content of a project report 1. Introduction 2. Outline 3. Problem identification 4. Goals and Objectives 5. Project description 6. Project rationale 7. Project timing and schedule 8. Description of work procedures 9. Project team 10. Project budget 11. Project risks 12. Project controls 13. Project communication 14. Other pertinent project documentation 15. Closing 16. References 17. Sign-off Importance of project reporting The project report process I describe here is an artifact of how we organize our departments at a large financial firm, but the same principles apply to any large organization with formal project reporting procedures. A project report is a written report that summarizes a project's work and results. The finished report is usually circulated to management, and any changes are communicated via memos. The project report is also the first draft of the accounting of the project's costs. At Wall Street firms, the project report is the starting point of a project's accounting. A project [...]

project budgeting using project management system

Summary Project planning is a sequence of logical steps, with fixed rules and schedules. Using PMS tools in a project management software, all steps must be followed in order, and none can be skipped. The steps are: 1. Decide what you want to do. 2. Specify what you want to do. 3. Decide what resources you need. 4. Estimate how long it will take you to do it. 5. Estimate how much it will cost to do it. 6. Decide when to do it. 7. Arrange to finance it. 8. Do the thing. 9. Do a review. 10. Repeat. What is a project budget? When a business spends money on a project, it wants to know whether that project is worth spending the money on. In other words, is it worth doing? A project is any set of activities that produces a product. Product is any service, thing, or intangible that gives you something in return: food, clothing, shelter, entertainment, information, and so on. A project costs money. It takes money to build a house, for example, or to design a drug. (It's not clear that the drug is really worth the $80 million it cost to develop it, but that's a [...]

Project planning using project management tools

To make project plan using project management tools, first choose the project name. The project name is the name of your project, such as "New Employee Orientation Program." Next, add the date the project will begin. The project start date is the date the project will begin. For example, the project start date is April 1. Finally, add the date the project will be completed. The project completion date is the date the project will be completed. For example, the project completion date is August 1. Next, add a description of the project. A description of your project should include the project objective, what the project will do, what the project will do, and what the project will do. Next, add the project budget. A project budget is the amount of money the project will cost. Next, add the project cost. A project cost is the amount of money the project will cost. Finally, add the project budget categories. A project budget category is a category that a project budget can be in. try Finclock software (free) Start with a project Schedule A project plan can be thought of as a kind of personal business plan. It lists the projects you [...]

25 features in online project planner

How do you optimize project delivery? In today’s networked business environment, effective project management requires flexibility and agility. Projects often span multiple organizations, cultures and geographies. The project management system suite enables project-based organizations to collaborate on projects, and to standardize project delivery, both within and between project teams, departments and partners. These PMS tools help organizations manage project lifecycle, from planning, budgeting, cost reporting, cost and portfolio management, and resource allocation. The best online project management software offers a complete suite of project and resource management tools, including: Online project Planner Resource Management Schedule Management Cost Management Client portfolio Management Team records management Document Management Work Reporting Products & Services management Activity Management Expense Tracking Quality Management Task Management Reports Dashboards Collaboration Gantt Charts Timesheets Expense Reports Data Import & Export Calendar Permissions Performance ratings Profit/Loss reports Try Finclock Project management system today FinClock is a web-based project planning and time tracking application. It's sole purpose is to help you manage and track time, cost, and progress on your projects and tasks. You won't need to set up any project plans, create any Gantt charts, or do any data entry. FinClock allows you to track time on tasks, set estimates, [...]

What to look for in Online Project management tools

About Online project management tools A must-have for project managers, FinClock tracks budgets, schedules and more. FinClock takes the guess work out of your projects with real-time reporting that shows where dollars are spent or saved each day. FinClock is loaded with features for planning, budgeting and reporting to minimize gaps between budget and actual costs as well as project durations. This web application provides professionals with a single source for tracking project costs and schedule, workloads, status reports and more. Finclock team has been making tools for project managers since 2012, growing from a small team to a global team of customer success managers, DevOps and engineers. So once again we sat down and dreamed up all the amazing features an online project management system should have. Try Finclock Software (Free) Features in a project management system If you've ever worked on a project team, you know how much work there is in project management. But project management software is not only a necessary evil; it can be a life saver. Project Management: Project Management system is computer programs used for project management. PMS tools have has a wide variety of uses. It can be a stand alone product, or [...]

November 2021