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Your accounting system can answer your Yesterday Questions with the push of a button. What if it could also answer your Today Questions and help you project answers to your Tomorrow Questions?
Transactional accounting processes answer Yesterday Questions. This is often the information you need for tax returns and information filings, and gives you a general understanding of financial performance trends:
Yesterday Questions should be easy to answer with a standard accounting system report, assuming the information has been collected in a consistent way. That’s the challenge! As you consider the setup of your accounting system, make a list of all your Yesterday Questions and think about how to collect the right information efficiently and accurately.
Today Questions are the things you need to know to manage people, projects and cashflow:
To answer your Today Questions, your accounting system needs to have up-to-the-minute information available for reporting immediately. Approve biweekly timesheets, transfer the information, process it and send out reports – that’s a lot of lag time. Consider using an integrated project portfolio management system like Unanet. Collect daily time and expenses by project and task, so project managers, business unit managers and owners can run real-time reports on budgets vs. actuals, costs, projected revenue and resource utilization.
Tomorrow Questions are the hardest to answer, the most complicated, and the most important to business growth.
In most companies, the information needed to answer Tomorrow Questions lives in several systems plus dozens (or hundreds!) of spreadsheets across multiple file repositories. Budgeting tools are not connected to project planning tools are not connected to timekeeping and project accounting tools.
And therein lies the value of systems like Unanet: one system, one source, from pipeline to closeout. Build labor and ODC plans for each opportunity and run what-if budget scenarios. Plan projects with current and future staff to see who’s over- or under-utilized months into the future. Use solid data to estimate future effort. Visualize projected revenue and cost at the project, division and company-wide level.
You need answers to your Tomorrow Questions today. Let us introduce you to Unanet.
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