Accounting
Cash and Accrual
What are the two types of accounting?
Inaccurate estimates, scope creep, poor resource planning and project delays
What are common reason for project overages?
Operating, Capital, Finance, Master, Project
What are types of budgets?
Everyday
When should time be entered in CORE?
Direct vs. Indirect
What are the types of time entries?
Interest, Bad debts, Lobby Costs, Alcohol
What are unallowable expenses?
A document to increase the contract price for our services on a project
What is an Amendment?
Gathering Data, setting goals, creating budget and monitoring and adjusting
What are the steps in Budgeting?
Weekly
When Time should be submitted?
Time charged to a project.
What is direct time?
Costs that have been invoiced and sent to the client for payment
What is accounts receivable?
Manage team members, manage activity codes, project notes, Core reports
What are ways to monitor a project?
Uncertainty, Resource Allocation, Changing Requirements
What are challenges in budgeting?
The process of the project manager looking over time charged to his project to make sure all time is charged appropriately.
What is the Approval Process?
Sum of hours worked, plus PTO and Holiday hours.
What are total hours?
Time that has been spent on a project but has not been billed
What is work in Progress?
Employee classification, education, overhead and profit Margin, project complexity and risk
What are things that need to be considered when setting billing rates?
Revenue, Expense, Profit Margin
What are the components of a financial budget?
Non-billable, direct time
What is time spent on a project that is over budget?
Account for non-billable time such as training, project estimated and breaks.
What are optimal utilization rates?
Meetings, office work, proposals, training, travel and marketing.
What is overhead or indirect time?
Pay when Paid
When should we pay our contract labor bills?
What are ways to control project costs?
BQE Core
What software is used to track time?
Percentage of billable hours compared to total number of hours
What is utilization?