Business problem overview
How much time and money does it take to control schedule and budgets manually?
We’ve calculated it. Even if you as PM spend 10 hours per project per month to control budget and schedule, you spend 360h/ year even on 3 projects. But typically, a small IT company tracks 8-10 projects monthly. So you either spend a lot of time on control or… do not control it properly and face a high risk of budget cost overruns.
But in such a way or another, you lose money. FinAutomation is designed to help you.
What if this problem remains unsolved?
According to the report, only 15% of all projects are done with less than 20% of costs and budget overruns, and some of them have more than 400% over budget. And what are your company statistics?
So basically now you should make a choice: to control and improve your projects’ finances or leave as is, and consider losses as a normal situation.
OK! I ALREADY DECIDED TO MANAGE THIS CHAOS - WHAT SHOULD I DO?
You should focus on these things:
Project estimation. Most of the projects are generally underestimated.
Healthy financial model. You should check if your financial model covers all expenses.
Real-time budget control. You should know how much money you have to complete the project.
Salaries. Almost all IT companies don’t track if team salaries are covered by project budgets in full.
Rate and expenses change during the project. Most of the tools don’t allow you to prepare a financial model of your project that takes into account these changes.
Even provided with unlimited budgets (do you believe in miracles?), you still need to understand the financial effectiveness of each team member.
How Finautomation solves the problem
FinAutomation is designed to automate the monitoring of the financial status of projects and improve the financial health of SME IT companies. FinAutomation solves the problem of daily project profitability monitoring and financial routines (rates, salaries, T&M reports, budget stats, etc.) for small and medium-sized IT companies.
With our software, such companies rise efficiency and do not need high-level enterprise solutions that are too expensive for them.
Web and mobile app development company
Before using FinAutomation company used:
- Google Spreadsheets for project estimations
- Redmine for time tracking
- Google Spreadsheets for salaries calculations, because some team members are full-time and some are project-based paid per hours
- No formal financial model, just per hour rates
- Some of the projects are unprofitable, some are highly profitable and cover all expenses, but they couldn’t predict it before completion
Sounds familiar, right? What has changed?
With FinAutomation, this company now can predict project profit before it even starts. And have enough real-time reports to make proper solutions on the go to make each project profitable. The total profit of this company has risen by 34%.
- All popular PM tools (Redmine, Jira, Trello, etc.) integrations
- Suitable estimation and project templates
- Real-time budget analytics
- Different salaries models (hourly rates, monthly fee, commission-based, etc.)
- Multi-currency, project deductions, track rate, and salaries changes
DO YOU WANT TO MOVE YOUR COMPANY'S FINANCES TO THE NEXT LEVEL?
Feel free to contact us. We are happy to provide you with any relevant information you are interested in absolutely for free. Just call us or fill out the form.