How to track income V’s cost from your accounting software?

A lot of companies, a lot of clients, a lot of our customers come to us trying to track income V’s cost and maybe come up to us from an accounting software where they’re getting the income perspective, but the cost is quite limited. The most popular accounting software that we see companies come to us with would be Xero, Sage Products and QuickBooks. And once LiveCosts has an integration to those systems, it means we can do some really interesting things about linking the revenue, the sales from those systems against very detailed project costs.

For example, when we set up a project now in LiveCosts, we can track the details that the accounting software just can’t get to, right? In terms of cost codes, in terms of breaking down phases, in terms of getting right into what we call the nitty gritty of projects, the bits of the accounting software just can’t solve for us, in terms of tracking line item extraction, running material data reports across the whole system, analysing spend. It’s just a far greater detail. But when we want to now track the income, we can leverage the good stuff that the accounting software does, the stuff that it was actually designed to do.

So, we can create a link between the accounting software and we can pull the sales revenue directly now against the project. What that’s going to do for us is, it’s going to give us a clear understanding of what the contract value was set at the start of the project. How much I’ve been billed and unpaid against that project.

How much have I been billed and paid for, which is cash in the bank now that we’re getting a direct feed from the account software and linking that up against what the budget was, breaking that budget down by phase, breaking that budget down by cost type. So, we can clearly understand exactly where we are on any project at any given time. If you’d like to see how we can set up and track income V’s costs, pulling data from your accounts package, please visit LiveCosts.com. Feel free to take a free trial or a product tour.