Managers want to know how time and costs are being spent in real time so they can increase efficiency. However, they can spend an inordinate amount of time reviewing line items costs that do not reference projects or work orders and only see the rolled up numbers at the end of the period. By this time, companies practice reactive management vs. proactive management. With WorkTech's Contractor Cost Tracking System, on-screen analyses and reports, turnaround managers know exactly what happened as soon as time is entered, and what it cost. They can make informed decisions with confidence and better manage their schedule and budget.
The Contractor Cost Tracking System allows managers to quickly review information at any level of detail regarding contractor, project, work order, labor costs, material costs, equipment and vehicle usage, and third party charges. They can view data over the latest 24 hours or the entire project.
Improve Contractor Management. Contractor Cost Tracking System also automates and streamlines the collection, processing, and payment of contractor and all internal labor and work-related costs. By having all charges in one place - from labor costs to equipment rental costs - managers can more quickly review and approve contractor expenses. CCTS customers reduce their collection costs by as much as 75 percent. Because WorkTech's Contractor Cost Tracking System integrates with all the systems that need the data, it only needs to be entered once. Information assembly, validation, faxing, manual invoicing, and information requests are other steps that are eliminated.
This improved process helps to reduce the time to enter and maintain transactions by more than 50%. Contractors do not need to spend as much time on back-office paperwork, which allows them to complete projects faster. This improved process also reduces premium payments made to contractors, gives companies the data that they need to negotiate better contracts with contractors on an on-going basis using real-time data.
Finally, contractors get paid faster, and there are fewer disputes related to invoicing.
