A Streamlined Approach to Profit Tracking

ProProject Bookkeeping successfully addressed the challenges faced by a 3-year-old Public Relations & Event Planning Firm in tracking the profit and loss of their projects. The firm initially used a manual, error-prone spreadsheet-based process that often led to underestimating project expenses. ProProject Bookkeeping implemented a solution using Quickbooks Online to automatically track project costs and provide real-time visibility to project managers, leading to better decision-making and increased accuracy in project profitability calculations.

Challenge: Sinking Under the Weight of Manual Processes

The client, a 3-year-old Public Relations & Event Planning Firm, was struggling to accurately track profit and loss for each of their projects. The firm used a spreadsheet to keep track of income and expenses for individual projects. The manual and time-consuming process often resulted in missing expenses, leading to overestimated project profitability.

The client faced the following key challenges with their existing process:

1. Human Error: The spreadsheet-based system required manually adding each invoice and expense amount, making it prone to human errors and oversights.

2. Hidden Expenses: Due to the manual nature of the process, several expenses were often omitted, causing projects to appear more profitable than they actually were.

3. Lack of real-time visibility: Project managers had limited access to updated project financial information, hindering their ability to make informed decisions and monitor project costs closely.

Solution: Embrace an Streamlined Financial System

ProProject Bookkeeping partnered with the client to design and implement a robust solution using QuickBooks, a leading accounting software. Key aspects of the solution included:

1. Automated expense tracking: We set up the system to automatically assign each cost to a specific project within QuickBooks, eliminating manual data entry errors and ensuring complete expense tracking.

2. Real-time project profitability reports: The accounting system was configured to generate project-specific Profit and Loss reports at the end of every week.

3. Automated report delivery: These reports were automatically emailed to the relevant project managers, providing them with real-time visibility into project income and expenses.

Results: Riding the Wave of Success

The client experienced the following benefits after implementing ProProject Bookkeeping's solution:

1. Enhanced accuracy: The automated tracking system ensured complete and error-free recording of project expenses, leading to more accurate calculations of project profitability.

2. Improved decision-making: Real-time access to project financial information empowered project managers to make better-informed decisions about resource allocation, cost control, and project pricing.

3. Time savings: The automation of expense tracking and report generation freed up valuable time for project managers, enabling them to focus on other critical aspects of project management.

Celebrating a Streamlined Solution

ProProject Bookkeeping's solution effectively addressed the client's challenges in tracking project profitability. The implementation of automated expense tracking and real-time reporting enabled the Public Relations & Event Planning Firm to make data-driven decisions, streamline operations, and ultimately improve their bottom line.