Project Financial Management and Pandle Mobile

6th Sep 2019
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One of the key parts of managing a project, is keeping an eye on its financial element. It stands to reason that overspending a project’s budget tends to lead to awkward conversations with the client or boss.

It can leave a business out of pocket if a client refuses to pay the extra, and that’s before reputational damage. The chances of repeat custom or word-of-mouth recommendations can take quite a hit.

As an accountant, you may have at least one client on your list who operates entirely on a project basis. A wedding planner, for example, treats each client as a separate project, for whom there is a separate budget.

Obviously responsibility for a project’s financial management lies with the project manager (the wedding planner, or landscaper, or builder). That is, ultimately, a big part of the job they undertake for their customers.

For an accountant tasked with reporting on the financial health of a business and how best to improve it though, such a set-up can create additional challenges. It’s difficult to identify areas of overspending that are common to every project, without knowing which transaction belongs to which project.

If the client can cope with it, a cost centre approach might help. This does come with its own risks and can put a bit of a damper on seeing a project’s financial status in real-time.

It’s a problem that we set out to resolve when we launched Projects on our web-based Pandle app.

Following its success, we’re now pleased to confirm that Projects is rolling out on to Pandle Mobile, too!

Accessible project financial management, with Pandle Mobile

Projects is a powerful tool for managing the financial aspect of one or multiple projects. The intuitive interface allows users of any ability to view financial reports on each project they undertake. By extending Projects to Pandle Mobile, users can access real-time financial data about every project, even whilst on the move.

We’ve also enhanced the Invoicing and Quotation functions on Pandle Mobile, enabling users to replicate invoices and quotes which have already been issued. Not having to re-enter information each time is a real time-saver and reduces the risk of data entry errors, too.

Easy transaction tagging for managing project finances

Setting up a new Project is straightforward using either Pandle Mobile or through the Pandle web platform. With the Project setup, users can then tag transactions with the project they relate to.

The tags feed into beautifully colour coded reports, giving users stunning clarity of a project’s financial performance. Just like a cost centre report, and in real-time.

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Projects allows users to understand if they are making a profit or loss on a particular job, before drilling down on the details. Plus, it makes it much more straightforward to take care of the essentials, like paying supplier invoices and keeping an eye on customer invoices. Credit control isn’t going out of fashion any time soon.

Just think. Wedding planners and building contractors alike can set up a Project for each client. By doing this, they can then report on the income, expenses, profitability and cash flow for each wedding and house. It will offer valuable insights too, which might inform a different decision-making process with their next client.

Having Projects available on Pandle Mobile enables users to carry a project’s financials around in their pocket.

Even better, like all of Pandle’s features, it’s included in our white-label service, Brandle. Perfect for providing our refreshingly simple bookkeeping software to your clients, all under your own logo and branding.

It’s like we’re living in the future! One where projects have a better chance of a successful outcome, thanks to robust financial oversight.

Learn more about Projects for Pandle and Pandle Mobile>

Copying quotes and invoices now available on Pandle Mobile

Pandle Mobile is packed with tools which make bookkeeping as simple as possible, whilst helping to reduce errors. When we realised that some users send repeat Invoices or Quotations on a regular basis, we knew there was a way to make this easier for them, even whilst on-the-go.

Introducing, the Copy Invoice and Copy Quotation functions! Users can use the mobile app to replicate previously issued quotes, and invoices complete with the current date. It speeds things up and helps to minimise the risk of those pesky data entry errors, too.

Whether you’re a Projects pro or learning about it for the first time, we’d love your feedback! Simply email [email protected] or send us a quick message using our Live Chat.