From Chaos to Success: How Better Cost Accounting Can Propel Your Company to Higher Profitability
Post on 15-Jan-2017
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From Chaos to SuccessHow Better Cost Accounting can Propel Your Company to Higher
ProfitabilityPresented by
Austin Mayse, Account ExecutiveJournyx
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How Journyx Helps OurCustomers• We help companies collect data for
complex cost accounting• Companies use Journyx to track time,
expenses, mileage, consumables and equipment
• Journyx data helps you understand costs on a:- Per-Person Basis- Per-Customer Basis- Per-Project Basis- Per-Department Basis
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A Grim StatisticThe 2012 Standish Group’s CHAOS results show just 39% of all projects
were deemed successful, 43% were challenged, and 18% failed.
How many of those failed projects were
yours?
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Today’s Goal
Demonstrate how to employ highly-delineated cost accounting
capabilities in your company so that you become more profitable, eliminate competitors, grow
revenue, and lower both costs and risk. Are you ready?
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The Stages from Chaos to Success
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Stage 1: ChaosMost companies have been there:• Over commitment is common • Processes abandoned in crisis • Successes are difficult to repeat consistently
The first step is to take the first step:Start tracking time1Start tracking projects
Start tracking expenses
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Have you worked where people track time but no
one trusts the data?
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Stage 2: TransitionEveryone tracks labor hours on a per-project basis. Your focus is to gain more insight into your project cost accounting data.
Track costs1Report costs
Know your data
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What are the worst parts of project cost accounting?
What good can come of it?
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Stage 3: StructureNow that you know your costs, you can improve cost estimations Institute a feedback loop:
Ask the right questions1Adjust as necessary
Continue to improve future estimates
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Your Checklist
People have begun tracking their time, projects and expenses
You have insight into project cost accounting data
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What bad things happen when you don’t understand costs? What have you seen
or heard of?
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Stage 4: System
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Put key performance indicators (KPIs) in place:2
Put better goals into place that are measured by SMART metrics
S – SpecificM – MeasurableA – AttainableR – RelevantT – Time-bound
• Billability• Adherence to estimates• Percentage of projects
profitable
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Your Checklist
People have begun tracking their time, projects and expenses
You have insight into project cost accounting data
Improved cost estimations You have a feedback loop
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What are some good KPIs you use in your company? What are some you wished
you used?
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Stage 5: SuccessYou’ve arrived at the success stage! The final step is to improve resource allocation procedures:
What is each resource assigned to?
1Does everyone else know this?
Are you sure the resource is yours?
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Your Checklist People have begun tracking their time,
projects and expenses You have insight into project cost
accounting data Improved cost estimations You have a feedback loop SMART goals and KPIs in place
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COMPANY NAME
facebook.com/journyx @JournyxInc
7600 Burnet Road, Ste. 300
Austin, TX 78757
Thank you!Austin Mayse512-225-3912austin@journyx.com
linkedin.com/company/journyx-inc
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