Software helps users to maintain tight financial control
22 January 2021
IN THE cleaning industry, protecting your margin is paramount no matter how much you turnover. Timely and accurate management information is critical to help you weed out underperformance and identify opportunities to boost your net profit.
Coming off the rollercoaster of 2020, your need for tight financial control over your business has never been more important to help you meet head-on the unique challenges of running a labour-intensive, site-based, multi-contract service business in 2021. That’s where contract management software designed for cleaning and facilities management companies can give you the edge.
Control wage-related costs effectively
The reality of running a business in the cleaning industry is tough when it comes to managing wage-related costs. You have staff at multiple pay rates, across multiple sites, and staff structures that are specific to client contracts. Contract management software integrated with payroll and accounts can help alleviate these challenges. By providing your field management with real-time access to rosters and timesheets, along with notice of planned absence and holiday cover, changes within a pay period -- like variations, terminations or general pay rate and budget changes – are immediately visible to your teams for better management and cost control. This also sets up timely and accurate payroll.
Never miss an invoice opportunity
Daily contracted work is just one part of your income. Specialist work, scheduled periodic work, maintenance and washroom supplies often attract the highest margin but can slip though the billing net. Fully integrated contract management software helps you ensure efficient, prompt and accurate invoicing for all work completed and products delivered by integrating all contract, recharge consumables and one-off work billing requirements into one or more consolidated billing runs. You can also clearly define customer billing information requirements to invoice according to customer preference. Manage future changes to customer charges in advance and retrieve updated invoice values automatically when they are due.
Analyse profitability down to the site level
To manage your profitability, you must be able to measure it in the first place. That means you need the ability to budget every cost and revenue stream at any level of your business, from individual sites to the company level, so you can analyse profitability from contract tasks upward. Contract management software is designed around that concept. You can maintain tighter control by tracking key budgets in real-time with full variance analysis and graphical performance data. When budget changes are instantly reflected in financial reporting every time a new contract is added, or an existing contact is changed or terminated, that alleviates the risk of overspending due to lack of budget visibility and eliminates the time-consuming need to update spreadsheets.
TEAM Software recently acquired TemplaCMS, a contract management software with integrated accounts and payroll, designed specifically for cleaning and facilities management companies.
To learn more about TemplaCMS and TEAM’s global workforce management solution, Timegate, visit teamsoftware.com