WorkTech Time Contractor Cost Tracking System™

Reduce Costs and Improve Decision Making

Companies that use outsourced, contract labor and equipment suppliers, whether on an ongoing basis or for short-term projects such as turnarounds, know the importance and difficulties of the data collection, invoicing, review, and payment processes. Costs need to be assigned and tracked against purchase orders, work orders, and projects. These transactions can be complex and error prone with hundreds of workers, job orders, transactions, and pay rates. The information is required by multiple systems and, unfortunately, is often entered multiple times.

WorkTech Contractor Cost Tracking System (CCTS) is a single system for cost management for use by both owner and contractor. It supports the complex requirements of large outsourcing contracts. Best of all, it provides rapid payback by delivering accurate streamlined processes and consolidates multiple points of entry.

CCTS delivers critical cost transparency to those on the front lines who are accountable for managing contractor costs. WorkTech's CCTS provides complete and timely review of charges within the context of work order, purchase order, and project, and allows confident, proactive management.

Know Today What Happened Yesterday

As costs are reported, contractors can review today's resource usage and the budget holder can review every cost that was charged against the project yesterday,during the previous shift, or during any other time frame. Information on costs is available at any summary level, down to the finest level of detail.

Turnaround Reporting and Management

Managers want to know how time and costs are being spent in real time so they can increase workplace efficiency. However, they spend an inordinate amount of time reviewing cost line items that do not reflect the project or work order and then when end of period reports appear, they see the rolled up numbers for the first time.

With CCTS on-screen analyses and reports in hand, turnaround managers know exactly what happened yesterday and what it cost. They can make informed decisions with confidence and better manage their schedule and budget.

Full Functionality and Flexibility

Developed to meet the needs of the most demanding process manufacturing environments, CCTS has extensive functionality plus the flexibility to be configured to meet your needs. High level functions include:

Reports

CCTS on-screen analyses and reports allow budget holders 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 over the entire duration of the project.

Improve Process

WorkTech's Contractor Cost Tracking System (CCTS) automates and streamlines the collection, processing, and payment of all contractor and all internal labor and work-related costs. CCTS customers experience a drop in collection costs by as much as 75 percent. Because CCTS 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.

Cost Savings Throughout

The cost savings start with accuracy when all entries are validated against negotiated rates for labor, materials, and equipment; the data is correct and complete from the time it is entered. As a result, error rates, and all the time spent correcting them, plummet.

Direct cost savings include:

• Virtually eliminate error avoidance and correction processes.
• Reduce audit time.
• Consolidate multiple points of entry into one.

Efficiencies Support Owner and Contractors

• Reduce premium payments to contractors.
• Improve ability to negotiate contracts based upon most current and accurate data.
• Reduce time to enter transactions by a minimum of 50 percent.
• Streamline approval.
• Maintain a single system for owner and contractor.
• Access data more easily.
• Speed reporting.
• Reduce contractor payment delays.

Increase Contractor Satisfaction

Contractors are frustrated with the problems and delays associated with invoicing and receiving payment from their customer. Although they enter and reenter the same information in multiple places, they have limited visibility into the approval and payment pipeline.

CCTS becomes a business tool for contractors and the basis for better client relationships. Contractors can reduce administrative and accounting efforts spent putting labor, equipment, and materials charges into multiple different formats in multiple reports. One entry screen can be used, even by the workers themselves, to enter the data once for use by all downstream systems. Review and approval are managed on-screen and, once approved, invoicing is automatic.

One System for All Costs

All costs associated with operations and maintenance work can be managed by CCTS:

• Labor
• Materials and consumables
• Rental tools and equipment
• Vehicles
• Ad-hoc reimbursable charges
• Third party charges

CCTS specializes in complex cost reporting because it can manage the extensive and intricate rules that typify union environments. It defines crafts, rates, and schedules by craft. It associates contractor craft designation with CCTS owner designation. Contractors themselves list their vehicles and chargeable line items. CCTS validates material markups.

Streamline Review and Approval

Approvers can review and approve costs directly on-screen, viewing the information in the context of project, work order, or contractor. They can review as soon as the costs are incurred. The time consuming step of checking calculations against current rates and agreements disappears because the data entered into CCTS is detailed and valid from the moment it is entered.

When approval is streamlined, payments happen more quickly. Contractors are paid faster and with less effort. Some WorkTech customers have eliminated late payment penalties and negotiated lower contractor rates based on CCTS implementation. And when data collection is timely, cost centers are not hit with out-of-period costs.

Integration With Enterprise Systems

All necessary information is captured at the same time, ensuring that CCTS has what is needed by all downstream systems. CCTS then integrates and feeds other systems that require operations and maintenance cost data.