PROJECT ACCOUNTING

Making the business of consulting infinitely easier and immensely more lucrative

GroupThink Project Accounting

THE ACCOUNTING PARADOX

Accounting platforms are difficult to use, they are firewalled from staff and they only provide dated financial information on the business.

 

Project accounting, on the other hand, is much simpler to use, it's used by everyone every day, and it provides a more robust picture of your business, your projects and your team. New insights are created every day as people work and this knowledge changes behaviours and gives individuals and teams the power to truly manage projects effectively.

 

GroupThinq is the missing step BEFORE your accounting system.

GroupThink Permissions

1

Start with Permissions

Control permissions in GroupThinq by setting the "role" of every individual. Owners, accounting, managers, project managers, and staff, all have different levels of access to data, analytics and reporting.

Easily add a project, assign a PM, a supervisor, a client and a project team.

Add a Project

2

GroupThink Projects

PM's and Supervisors can access the project fees which holds all the sensitive financial information of the project including fees, proposals, scope changes, purchase orders, expenses, bills and division allocations.

Project Financials

3

GroupThink Purchase Orders

4

Purchase Orders

Easily create purchase orders for contractors and authorize bill payments through GroupThinq.

GroupThink Invoices

5

Create & Track Invoices

Why burden controllers with chasing staff for invoices and timesheets? Instead, let project managers control invoicing for their own projects. Controllers and owners are notified of every new invoice. Overdue accounts are visible to managers, without monthly accounting reports.

GroupThink Invoices

6

Invoice Summary

View a summary of all invoices for each project including remaining to bill.

GroupThink Status

7

Project Status & Phase Profit-Loss

See how much time staff have spent on every phase of the project. In GroupThinq, you can see the direct profit/loss of every phase; making it easier to detect and correct problems much earlier. Auto-notifications are sent to senior staff as soon as a phase budget is exceeded.

8

Bills

When bills come in from contractors, notifications are sent to the project manager to determine if and when the bill should be paid. This keeps your controller and PM in close contact ensuring payments are properly timed to the work completed.

9

Project Phases

Set the start date,  due date, and budget/hours assigned to each phase. Track projected vs actual revenue throughout the project.

 

You can even create a phase for "pre-GroupThinq" work so that time spent before you started GroupThinq can be accounted for.

SMART TIMESHEETS

Successful project accounting starts with easy to use timesheets. "Smart" timesheets provide your entire team with instant feedback on the financial status of each phase of the project. They also notify managers of any phase overages as they happen.

10

Timesheets Simplified

See all your weekly projects at a glance including progress stats, % billable and project time summaries. Assign time to each phase of the project.

GroupThink Timesheet Summary

11

Project Timesheet Status Summary

Your team can check the status of a project from their timesheets. Everyone can see if a phase goes over-budget so teams start to self-regulate with greater efficiency.

GroupThink Timesheet Reports

12

Timesheet Reports

Everyone can run a project time report and filter time reports with ease.

GroupThink Timesheet Approvals

13

Timesheet Approvals

Assign a timesheet approver and easily approve or reject timesheets with a simple click.

EXPENSE REPORTS

An integrated project management tool should incorporate expenses for the entire team, tagging each expense to a project.

GroupThink Expense Reports

14

Expense Reports

Tagging expenses to jobs and submitting expense reports is easy in GroupThinq.

 

In-office expenses like printing or binding is also easily tracked in GroupThinq. Create your own list of in-house expenses.

GroupThink In House Expenses

15

Expenses

Track expenses for every job and submit to your controller for approval and payment. You can even attach real receipts to your expense report.

GroupThink Expense Approvals

16

Expenses Approvals

Expense reports are easy to approve or reject by controllers. Staff are notified instantly.

SEE NEXT FEATURE....

Collective Management

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