GroupThink Project Accounting

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.

EXPENSE REPORTS

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

SEE NEXT FEATURE....

Collective Management

PROJECT ACCOUNTING

Making the business of consulting infinitely easier and immensely more lucrative

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
GroupThink Projects
GroupThink Purchase Orders
GroupThink Invoices
GroupThink Invoices
GroupThink Status
GroupThink Timesheet Summary
GroupThink Timesheet Reports
GroupThink Timesheet Approvals
GroupThink Expense Reports
GroupThink In House Expenses
GroupThink Expense Approvals

1

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.

2

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

3

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.

4

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

5

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.

6

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

7

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

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

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.

10

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

11

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.

12

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

13

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

14

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.

15

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

16

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

Start with Permissions

Add a Project

Project Financials

Purchase Orders

Create & Track Invoices

Invoice Summary

Project Status & Phase Profit-Loss

Bills

Project Phases

Timesheets Simplified

Project Timesheet Status Summary

Timesheet Reports

Timesheet Approvals

Expense Reports

Expenses

Expenses Approvals

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GroupThink Project Accounting