Truly real-time with EFF Factor.
Ascertaining profit of your firm can really be a complex and time-consuming exercise. Monthly or yearly profit is known only after a few months/ weeks after the end of the period.
By then it is too late for any corrective action.
Eff factor software shows profit of your firm on real-time basis i.e. at any time on any day.
Let’s see how EFF Factor manages to do this.
In case of a professional firm or any service sector enterprise, the major item of income is Fees / charges for services and major item of expenditure is cost of Human Resources or direct costs. Other items of expenses can be conveniently classified as overheads or indirect expenditure.
EFF Factor, a project management software (we call it profit management software) focuses on precise recording of direct costs – cost of people working on different projects/ assignments and the fees (accrued, as well as billed) for giving precise figure of gross margin on real time basis.
You can provide estimate of indirect expenses (which can be modified from time to time) for net profit on real time basis.
EFF Factor captures financial impact of non-billable time and non-reported time on the firm’s profit.
EFF Factor allows capturing of time being spent on work simply by clicking on the timer for the tasks. This means there is no delay in capturing the costs being incurred on projects.
Time to say Goodbye to monthly or weekly timesheets
Thus, if a firm uses timer feature extensively, profit or loss at any time during the day can be found out. The information is constantly updated and available on Profitability monitor.
It not only gives a figure of net profit but also comprehensive analysis of deviations from net profit target. That too on real time basis for real-time response.
You can check this information on mobile and brag about it to your friends.
Think EFF Factor for wisdom ahead of time.