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It's About Time! The Journyx Blog
Tracking time is often viewed negatively. At best, it is a necessary though disliked factor of determining wages and billing. At worst, it is seen as inefficient and totalitarian. However we've seen that time tracking, when instituted properly, can have massive benefits for a company and for its individual employees.
Here's how it can expose which potentially harmful trends in your company.
1. Employee Inefficiency
Employee inefficiency is one of those factors that can seem relatively minor, yet over time can prove a serious drain of money on the company. Without tracking work an employee does, it is difficult to know just how much they contribute to the success of your company. Often, the employee has no knowledge of the fact that they are inefficient as they simply perform their tasks without evaluation or modification. Keeping track of each individual task that employees spend time on will reveal potential issues before they become a drain.
2. Employee Overwork
Similar to employee inefficiency, this is one of those problems that often reveals itself only when it is too late to do anything about it. Every company employs individuals who are talented at many things. The temptation is to give them more and more responsibilities. While the employee may initially view the added responsibility as a positive, eventually it may prove too great a strain. Over time, the employee can lose job satisfaction, and may even leave the company.
The loss of an employee who is responsible for numerous key tasks within a company can bring operations to a standstill. And so, it is necessary to allocate responsibilities fairly. With time tracking software in place, you determine which employees have both the talent and the time for specific tasks. This way you can allocate tasks more fairly and avoid overworking your star employees.
3. Projects Over Time and Budget
Let's take a look at our history for an example of this. When the governing body of New York tried to build a subway system, it eventually took so long and had so many issues that they had to resort to buying the system from a private company entirely. And here's the point of this: failing to track time on important projects can prove disastrous. If a project gets off track early on, then the problems typically compound over time. The key is being able to identify problems as they happen, which really cannot be done unless progress is tracked. Further, keeping a backlog of tracked projects allows for better estimates in the future. Corrections will become less and less necessary as more experience is gained and allocated into a cataloged knowledge base.
What are harmful trends you've seen foster in your own business? Check in next week for part two, and how these problems can really be solved.
Twelve-thousand attendees at a customer conference all of which are using one form of Dynamics or another is certainly a success in anyone’s book.
The sheer number of break-out sessions and shareable content available to the user base of Dynamics was huge and inspiring. The sense that Dynamics is a community and not simply a product was tangible at this event. First timers had to be impressed--if not overwhelmed. The collective knowledge and openness of information not only makes Convergence a great conference, but makes Microsoft Dynamics a great product to be a part of.
I understand from my contacts that almost half of the attendees were Value Added Resellers. So why would resellers, who have their own conferences to attend show up to a user conference in such massive droves? Such has been the case for many years, and it is very typical to see resellers accompany their top clients to this conference. However, there is also the sense that clients have to be protected from ISVs that sell direct and the large VAR organizations that out-right ask customers to change their VAR completely.
This practice of VARs courting clients-- although not entirely unseen before --certainly has reached a new level seen this year at Convergence. Having been kept somewhat under wraps in years prior is now out in the open and in your face. Many VARs are disappointed in Microsoft for not policing the channel with regard to this practice, yet it is a fact of life that business in the free market is competitive by nature. VARs need to focus on delivering – delivering being the operative word- so that as much value as possible is given to their clients.
Another huge trend is the practice of ISVs selling direct. In the past if you wanted to ensure that your product gained traction in the Dynamics channel you had to protect the VAR at all costs. Most ISV’s sold only through VARs and when approached by end users either called the customers’ VAR of record, or in cases where the VAR relationship was not current, placed them in touch with a VAR who had experience with the ISV product.
That worked well for many years. However, the marketplace has changed. With over 300 ISVs represented in the channel, and even more add-on products, it is simply not possible for a VAR to represent or even be aware of all the products that may benefit their customs.
Thanks in large part to Convergence, the Partner Channel and the various user groups such as GPUG, customers are more and more aware of the available add-on modules. Therefore we see more and more end users calling ISVs directly for demos, purchases and implementations.
One overwhelming positive at Convergence was Microsoft’s commitment to Dynamics GP. The rumor mill has for many months suggested the product could be going away. Many people suggested that Microsoft was attempting to move customers away from GP toward AX. Microsoft management stepped up and clarified not only that GP is here to stay, but also that Microsoft is increasing its update releases to deliver more and more enhanced features within the product beginning later this year.
We found out key points such as the fact that GP remains the number one choice in the Dynamics Line in the United States and added over 3,000 new customers last year.
The sharing of experiences between customers that we saw, often thought to be potentially risky, has strengthened the Dynamics community. So many customers now share their stories with each other and the increased awareness of what is possible and what resources are available benefits everyone.
Our team met with many end users and many VAR’s alike. Some were aware of our solutions and other learned for the first time how we could help them. The Expo was well attended and people had a very positive outlook about business in general, the economy and the Dynamics community specifically.
I believe that every customer should attend this conference at least once. And ALL ISVs should be represented in the Dynamics space as well.
We learned a lot at Convergence this year, how about you? Tell us about your favorite parts in the comments section below!
The era of manufacturing and agriculture is giving way to one of knowledge-powered work. This is old news in the U.S. but these changes are rapidly affecting the rest of the world. In the near future, it's likely that nearly everyone will become a necessary piece to new business of the Information Age.
The term “knowledge worker” was coined in 1959 by Peter Drucker. It refers to one who works primarily with information or one who develops and uses knowledge in the workplace.
Companies like Wal-Mart and Dell demonstrate that the intricacies of materials management are already well understood. Knowledge, process and project management, however, are still relatively nascent fields.
Out of our sprawling 30-millennia history, only in the last 50 years have we seen a significant rise in the cost of knowledge workers. In Texas in 2003, 48% of the workforce fell into the "knowledge worker" category. These numbers are growing and will, in our lifetime, encompass the majority of workers globally. Think about what your parents and grandparents did for a living. Chances are they were farmers or factory workers for at least a portion of their careers, not knowledge workers.
According to "All Your Money Won't Another Minute Buy" by Curt Finch, demand for project and portfolio management solutions, which often incorporate some project accounting abilities, is growing at 11% annually. Why all this interest in project and portfolio management, time tracking and project accounting solutions? Our hunter/gatherer ancestors implicitly knew the costs of doing business. Materials-oriented businesses, like manufacturing and farming, have had adequate accounting systems for thousands of years.
The knowledge worker-dependent businesses of today, though, are relatively new and for the first time since accounting was invented by Babylonian farmers thousands of years ago, nobody knows their costs. If you don’t know your costs, you don’t know where you’re profitable. And if you don’t know where you’re profitable, you can’t steer your company to success.
So as we move away from a man-powered economy and into a more brain-powered one, the importance of project accounting and time tracking will only continue to foster and grow.
Congratulations to Chaparral on being chosen as Journyx Customer of the Month for March!
“Prior to Journyx, the field hands would fill out a Time and Equipment sheet, record hours worked, equipment used and expenses incurred,” said Mike Pearman, Business Systems Analyst at Chaparral Energy, “What Journyx offers is a means of organizing field operations data in a manner that allows us to feed data to other systems. Having the information organized in a database also makes it much easier to report on usage versus just dollars which is what is usually available out of an accounting system. Better information means better decisions by management on how to best deploy our field assets, resulting in cost savings and a better return on our investments.”
A Journyx customer since 2014, Chaparral Energy is a leading mid-continent Oil and Gas organization focused primarily in exploration and production operations. Family-owned and in operation since 1988, Chaparral is growing rapidly with an estimated enterprise value of $3.5 billion. Chaparral’s long-term vision is to empower its customers with “energy”. Learn more about Chaparral Energy here.
In today's competitive environment, every dollar counts and organizations cannot afford to remain ignorant about true project costs. Fortunately, there are a few formulas that help you track and analyze project costs and to estimate projects with increasing accuracy in the future.
Creating An Effective KPI
Key performance indicators (KPIs) measure progress toward a strategic goal. It is important to narrow your focus, so unless your company has 100 strategic goals, you should not have 100 KPIs. Ten KPIs can be effective, five KPIs are even better, and one KPI is optimal. The KPI you choose must also be measurable. "Make clients more successful" is useless as a KPI without some way to measure their success. KPIs are often tied to strategy through techniques such as the ‘Balanced Scorecard,’ but they don’t have to be as complicated as that to be useful and effective. As with most things, simplicity increases efficacy.
A KPI is a ‘SMART’ goal, which means it must be Specific, Measurable, Achievable, Relevant and Time-Based. Let's say that you set the following goal for your team: "Increase average revenue per sale to $10,000 by December." It’s a SMART goal because it references a specific, time-sensitive goal that directly affects the health of the company. In this case, 'average revenue per sale’ is the KPI that you would measure in order to determine success or failure.
Here are some popular and effectively KPIs that your company may want to consider:
Billability or utilization rate refers to the percentage of time in a given period during which an employee or set of employees are working in a revenue-producing capacity. Utilization rate can be found by the formula B/T, where B = billable hours for the employee or group in the period and T = all hours worked by the employee or group in the period. Most organizations try to keep utilization rates above 70 percent or so. The higher the rate, the better the results.
Knowing not only how many hours are being spent on a particular project but also what percentage of that time is billable to the client is one key way to understand complete project cost. The more work that employees spend time on that is not billable, the more the project will cost. If you use this KPI consistently, you will be able to identify unproductive work and find ways to minimize it successfully.
Adherence to Estimate
Accurate project estimation is another component that is crucial in keeping costs down and stakeholders happy. The KPI here is defined by the formula [(E-A)/E], where E = estimated hours to complete project and A = actual hours used to complete project. If you can keep this number as close to zero as possible, you know that you are doing a good job in estimating projects. If not, it is important that you realize it now and take steps to address it.
Improving this number can be difficult for some companies until they understand that similar projects often have a strikingly accurate ratio of early phase cost to overall project cost. In other words, the early phases of a project, commonly referred to as ‘requirements,’ ‘design,’ or ‘specification’ phase, can often give you a clue as to the length of the entire project. Let’s say that after carefully tracking time on a batch of similar projects you find that the first two phases take approximately 10% of the project time. You can then use that data to predict the length of future projects.
Percentage of projects profitable
Why do we track project costs in the first place? The answer is simple—to guarantee that every project undertaken and executed is bringing in a profitable ROI for the organization. This KPI, “percentage of projects profitable,” can really jumpstart your business and ensure that you are taking on the right projects. Unfortunately, most companies have projects going on at any given time that actually lose money for the company. Due to an inadequate understanding of costs, many of these go unnoticed. Yet all you need is direct and indirect per-project cost data along with revenue data to gauge per-project profitability, allowing you to make every effort to maximize this particular KPI. The formula is:
# of profitable projects / # of projects
Understanding true project cost should be an integral part of every organization's project management methodology, but many companies do not even know where to begin. With the right data and a few powerful KPI formulas in hand, cost engineers can enlighten the organization and empower them to be selective in the projects they choose.
A shift is happening in the software industry. Instead of having customers install software at their physical locations, software companies are increasingly renting web-based software over the internet on a monthly basis. But while this popular trend is token amongst most young startups and entrepreneurs, is it safe and reputable enough for all vendors to hop on board and use?
Most software companies get their revenue from “shelfware” (software that is rarely used and ends up on the proverbial shelf). Popular programs - from Quicken to SAP - for which customers pay the total cost up front - can be complicated, making them difficult to use and achieve maximum benefit from. However, once a customer has paid for these programs, there is little incentive for the company to follow up and ensure that it is fully updated to latest standards and working properly for the customer.
But things may be looking up in the realm of new software - in the stores and online. Companies like Journyx, KaleidaCare (foster care automation) and Affiniscape (association management) are quite successful in renting software over the web to their customers.
How will rented and cloud-based software help the customer? If customers sign up for a monthly service from one of these companies and the solution doesn’t work, customers will likely stop using the software after a month. This gives the software provider an incentive to pay attention to customer usage, understand whether or not the technology is providing business value, and strive to increase its value. Not only that, but the customers opinion will become the first priority, and help keep the product as up to date as possible for years to come.
When interests are aligned on both parties, everyone wins. Not only this, but going cloud makes it that much easier to have the latest and most up-to-date software available on the market. Your product will be continually improving as your company continues growing- making both the vendor and the client a match made in heaven.
And for small businesses, there are some additional benefits to renting software. The lower upfront costs of renting make it an easier investment for businesses tight on money. Paying for the rental over a period of time can make it easier for small businesses to charge their clients for software access by including it in the project estimate.
The future of the software industry is renting. And that's good news for everyone.
You have the right to demand that any vendor prove their solution will solve your company’s specific business problem. Canned demos are designed to deceive.
Questions to Ask Vendors:
- Can you prove to me that you will solve my business problem, using my employees, departments, projects, etc.?
- Can you provide references of clients that have successfully integrated your product with my accounting system, my project management system and my payroll service provider?
Keep in mind that the speed with which a vendor can configure the software during a demo can usually accurately predict the functionality of the system after it is installed at your company.
SaaS Offers Flexibility
If the software is 100 percent Web-based (and it should be to avoid obsolete technology and installation problems), you can run it from any server on earth. Software companies can deliver technology via two different models: installed at your location or rented by you and running on the vendor’s site. The latter approach is called software-as-a-service (SaaS). There is no reason a provider can’t offer both options.
SaaS allows early rollouts, server protection and easier upgrades. In early rollout, the vendor lets you temporarily use the SaaS site while your IT shop deploys the machine purchased for your local installation. Server protection is the process of sending a backup to the vendor in case your local installation fails. SaaS allows easier upgrades because you’re provided a test site during the upgrade process that requires no hardware purchases on your part.
Questions to Ask Vendors:
- What sort of backup generator do you have in case of a power outage at your SaaS site?
- Where is it hosted?
- How many connections to the Internet does your SaaS site have?
- How much does server protection cost?
- Can I roll-out on your SaaS servers and later transfer the data to my own servers?
- Where are SaaS backup tapes stored?
- What kinds of security and fire suppression capabilities exist at the hosting site?
Look Outside the HR Department
When payroll executives implement time and attendance systems to automate payroll, they often miss the chance to facilitate greater profitability throughout the entire company.
The time data they collect, if collected appropriately, can also be used to automate project management, project costing, project tracking, and project estimation improvement. Additionally, the data can be used for internal, external and reverse billing automation.
Think back to that requirements gathering portion of the timesheet software selection process. Bring in R&D managers, marketing folks, and A/P people. Have an entire selection team. Yes, it may be harder, but it will unleash profitability that you didn’t know you had available.
Don't let the generic stock demo pull you into a hackneyed deal; by following these tips, you can be a software-purchasing hero for your company.
Oftentimes we find our biggest source of inspiration for what to write about in our Journyx blog actually stems from some of our biggest FAQ's here. But even that isn't enough. When searching for your time tracking system, here's our list of top checklist items to consider before making your big purchase.
Have a Buying Process
Timesheet software will touch everyone in your company. Nobody likes to track their time, so it must be simple to use, have a friendly interface and encourage accurate data collection. The system should serve as a real accounting system with double entry methodologies and approval processes, and have automatic reminders for the busy executive (you know who you are).
First, you need a requirements list. This will enable you to eliminate many of the vendors that pop up when you Google "timesheet." To assemble your requirements list, ask all the pertinent departments in the company for their input.
Here are a few potential requirements:
- Do you need to verify invoices sent to you by contractors, and test the timesheet system on them first?
- Do you need a system that prevents people from tracking time against projects they shouldn’t have access to?
- Do you need to send payroll data to ADP or Paychex?
- Do you need to send billing data or payroll data to QuickBooks (or Dynamics or SAP or Oracle)?
- Do you need to get the system rolled out now with no time to wait for IT?
- Do you need to split-bill project costs to other internal departments?
- Do you need to fix your estimation process?
- Do you need Defense Contract Audit Agency (DCAA) compliance or very accurate IT capitalization data for the Sarbanes-Oxley Act (SOX)?
- Do you need to understand your R&D costs on a per-product basis?
- Do you need a tightly controlled purchasing process where everyone gets a company credit card?
- Do you need to reimburse for mileage?
- Do you need a low monthly fee rather than a giant one-time fee?
There is No Magic Fix
Some vendors claim that they can “implement in 2-3 days”. However you can’t roll out your time tracking system in two days unless your problem is simple enough to only include one of the above requirements. If they really are that simple, don’t spend your money on software; stick with Microsoft Excel.
The technology is powerful and it can help your company become more profitable in a number of ways. It can lower your payroll processing cost while increasing accuracy. It can also speed up your billing and convert more A/R to cash; automate travel expense reimbursement; and most importantly, it can tell you which projects are broken before you would ever have known it before.
Vendors that claim two-day rollout times are just plain lying. Don’t let them fool you. This process requires time and energy to accomplish it correctly.
Congratulations to Fulcrum Vets on being chosen as Journyx Customer of the Month for February 2014!
We’re pleased to announce that Fulcrum Vets is the Journyx February Customer of the Month. Fulcrum Vets is both an outstanding customer as well as a great business partner.
"As a Service-Disabled Veteran-Owned Small Business, it is important to us that we build a foundation to grow our business and meet the demands of both commercial and government markets,” says Gene Walker, President of Fulcrum Vets, LLC., “Fulcrum Vets selected Journyx not only because of their mobile access to a user-friendly time-keeping product, but also for their ability to help ensure Fulcrum Vets is able to meet DCAA requirements as well as the scalability required for a growing company”.
A Journyx customer since 2012, Fulcrum Vets is a lead Systems Integration and Information Technology consulting business partner, and has been in full operation since 2009. Recently recognized by Lockheed Martin for outstanding support and winning contracts to provide IT Services to the Centers for Disease Control, Fulcrum Vets is making waves in federal and civil government agencies with superior IT and technology services. Learn more about Fulcrum Vets here.
It gives you visibility into the profitability of individual customers and projects; it's essential in helping you determine which projects to move forward on in the future. But the biggest impediment to successful time tracking is employee resistance. Why do people hate tracking their time so much?
Reason #1 Reporting time can threaten status.
For salaried people, especially if they have been employed earlier in their life in an hourly “time clock” environment, reporting time can make them feel demoted. Conventional wisdom (that this author disagrees with) is that salaried workers are more trustworthy and less in need of supervision than hourly workers.
Reason #2 “What if I find out that I don’t work as much as I like to think?”
Some people -- often the most productive people -- garner self-esteem from the large number of hours they work. But sometimes they’re not sure if they believe their own braggadocio and the thought of finding out the truth is scary.
Reason #3 Time is a bad metric for effort or productivity.
Knowledge workers know that managers often forget the aggregated metrics of real productivity in favor of some simple numbers that are tangible, like time records. Managers may take the easy path of rewarding based on time spent rather than develop more subtle and appropriate metrics of real productivity (hint: don’t do this).
Reason #4 “I’m too busy”
The most responsible, busy employees - the productive ones whose time is in highest demand – will have have to stop doing the primary mission of the company to fill out a timesheet. The star employees tend to procrastinate this task, subordinate it or even refuse to do it. Or worse, they’ll create flawed records. On the other hand, the less productive workers will often create perfect time records and never submit them late. This fact of life creates an impression in the minds of both that the whole exercise is worthless.
So what can you do to combat employee resistance? Here at Journyx, we have several tested solutions:
1. Education and Buy-In
The most effective way to get people to do anything is to make sure they understand what’s in it for them. It’s easy for payroll workers because timesheets are what ensure they get paid. Time tracking for project accounting has less tangible benefits for employees. However, bad project accounting leads to unnecessary overtime, stressful blown schedules, bad estimates and canceled projects. Citing specific examples from your company’s history where accurate time collection could have made things easier for your employees will help to get them on board.
2. Adoption Dashboard
Journyx Timesheet software includes graphs that make it clear to managers which departments and people are entering their time consistently and completely and which are not. This helps managers understand early who they need to push on (to the degree a top-down approach works in the company’s culture).
Tying bonuses or other benefits to complete data collection is often used in customer relationship management (CRM) tools to adjust sales commissions. The same can be done for other forms of data collection. Journyx has a patent – we call it the ‘frequent flyer patent’ – for rewarding employees (on your behalf) for reporting time in a timely manner.
4. Phased rollout
Adopting a multiphase rollout approach that leads to per-person per-project profitability allows you to affect the culture in more manageable steps.
5. Email Reminders
Getting an automated reminder when your time has not yet been recorded produces results -- usually.
Are you going to Microsoft Convergence? For more tips like these, make sure you stop by our booth 2812 at this years Convergence in Atlanta. We'll meet you there!
Estimation can be one of the most difficult parts of a project. How long will the project take? How many resources will it consume? What is the appropriate amount for your consultants to bid on this project? Overbidding on a consulting job means that you won't get the work in the first place, because the potential customer will give it to your competitor at a cheaper price. Underbidding, however, means you will win the deal and lose money.
The good news is that there are fairly simple ways to estimate your project accurately, giving you the most profit possible.
For estimating projects, use formula [(E-A)/E], where:
E = estimated hours to complete the project
A = actual hours spent to complete the project
The more accurate your bidding is, the smaller this value will be; the ultimate goal is for the figure to be as close as zero as possible. Just tracking this number is a great first step towards better bidding, and you can get the necessary data to calculate it from any timesheet system, including a paper one. Automated timesheet systems, however, are generally even more effective in this area because they often have reports to calculate this figure for you.
The Requirements/Specification Phase
The requirement/specification phase is the first phase in any project. In his book Practical Software Metrics for Project Management and Process Improvement, Robert B. Grady says that 6-8% of every software project is usually eaten up in this initial phase. You can use this fact to estimate total project size. In other words, if it took 60 hours to do the specification, that's probably 6% of the job and the job will be 1000 hours.
Since the specification always comes first in any project, you can get some pretty reliable estimates from this method alone. In fact, in my experience as both a programmer and the CEO of a software company, I have found it to be incredibly accurate and useful.
Your company’s magic number may not be 6-8% like Grady’s, but once you determine your own ratio for specification to total project length, you can use it again and again. An example of this is illustrated in the following diagram.
Another way to estimate project cost is to select an appropriate metric for estimation. For example, one could use line of code counts or function points in estimating the length and scope of software projects. For architecture projects, you might use number of pages in the drawings or square feet planned as similar analogies. Every project has some gross measure of its size that is available at the outset and can be used to plan the overall project.
It may take some time to figure out the best way to estimate your company’s projects. But as long as you track your data and adapt your methods according to insights from past projects, you will start producing laser sharp estimates before you know it!
What is far and away the the fastest means to fail at a major project and spend more money than you would have if you had a little help by your side? Try installing and deploying and ERP solution on your own.
The cost of ERP solutions has gone from a six-figure average to as low as five-thousand dollars for the core accounting, distribution, human resources and payroll modules for three concurrent users. The standard formula that you should be spending a one-to-one ratio multiplied by the cost of software on your ERP deployment no longer holds true. The fact is that ERP systems have continued to deliver more and more features and thusly have become more technically complicated crossing over many previously separate deliverables. These facts push implementation hours beyond what they used to be.
Where single ERP specialists could deliver in the past, now multiple experts are required in the areas of financials, IT, e-Commerce, distribution, supply chain, computer languages such as VBA, and integrators who can connect all the parts. There are also specialists for reporting and dashboards as well as integrated mobile applications. Software publishers have helped customers by lowering their sales price and making install and deployment simpler for the solution providers. This allows the solution providers to deliver more content and value for your implementation dollar.
The bottom line is that whatever your core business is, that is where your core expertise is. Solution providers only do one thing – and they do that far better for far less than you can.
Why 'Checking Out a Book' Is Not an Option
The install is generally simple, but even here there are key decisions - such as account length and number of segments - that if done incorrectly will effect performance and can cost a good deal of money. Your solution provider knows these key decisions and has them in mind well before the first piece of code is loaded. SQL server settings can be key, also. If you have a SQL expert on staff, ask yourself how many installs of the ERP software you've purchased have they done in previous months? If the solution provider’s technical resources can address all these tasks in an one hour, and your team does the research in four to six hours then decides on what selections to make, how is that saving you money?
One of the key values a solution provider delivers is their experiences. They're experts with far more companies on ERP projects and they can share these experiences - without sharing any proprietary secrets - to help you make informed choices on things like inventory valuation, General Ledger format and how this will help deliver the reporting results you need. In the ERP world, so many things are inter-connected that it is critical the setup of the company defaults and individual module processing is well-considered. No one who has not done this many times can anticipate the pitfalls that your solution provider is already well aware of.
If you hire a firm as your professional expert to document your needs on something you both signed off on and it's not delivered, you then have recourse. You can withhold payment, ask for the report to be corrected, or in worst-case situation hire a new expert. You have more choices than you think and your risk is moved from you to them.
Risk is what implementations are all about. Your goal is to eliminate as much risk as you can within a reasonable budget. The more risk you push to the solution provider, generally the higher the cost.
The real challenge to any implementation is the hidden factors that only an ERP solution provider is aware of and experienced at dealing with. Change is a huge part of any ERP deployment and the ability to ensure that team members are shown how to deal with change and embrace it rather than push back rests squarely on the shoulders of the ERP solution provider. There are many ways to fail at an implementation and ERP solution providers have dealt with them soundly time and time again. Most firms simply are not equipped to deal with these issues effectively. By attempting to "Do It Yourself", you will not be saving any time or money in dealing with the inundating issues.
The Clear Choice
It should be fairly easy to understand why DIY is not a choice for ERP. That does not mean you should not be as involved as possible; the more you share with your solution provider the better. Always bear in mind that the initial implementation is simply the beginning. Once your ERP system is live you can and should continually review and expand the system to provide greater and deeper benefits to your firm, your team members and your customers. Until then, leave the implementation to the experts.
The end of the year tallying and budgeting has already come to a close. The verdict is in and your company needs to cut costs, but how? It can be difficult to figure out what and how much to cut; You don’t want to cut people and major projects without being sure they aren’t absolutely vital to the health and future growth of your company. So where do we begin?
First ask yourself these questions: Which of your past projects were successful? How many employees worked on them? How much time and resources were spent on them? Do you know which of your clients are profitable and which ones you lose money on? This information is crucial for planning future projects and budgets. If you don’t know the cost of past projects on a per-project, per-customer basis, then you have no way to execute logically thought-through future investments.
Track Employee Time
Here's where we begin. The very first thing you need to do is track your employees’ time on a per-project basis. With time sheets now being considered Web 1.0 material, make sure to emphasize the importance of tracking their time via web-based and mobile tools; account for your employees time-well-spent via a project-by-project basis. This data will alert you in real-time when projects are in trouble so that you can manage the situation before it becomes a crisis.
Add Labor Rates and Expenses
Adding labor rates to the data is a must-have. It's in this way that you can determine which employees’ time costs the company too much money and how their time can be better spent. Factor in all expenses, such as those in the travel and trade show budget, to get a more robust view of the cost of each project. Next you need to factor in indirect expenses. General company-wide overhead costs such as rent should be applied equally across all projects. Customer-specific expenses should be applied to just those departments that deal directly with customers, so as to not fault the other departments that don't operate directly with your customer base.
Be aware. Having asked all of the aforementioned questions, you now know and understand the profitability of each of your projects and customers. You can easily isolate the unprofitable work and make cuts where needed without threatening the longevity of your business. Knowing where you are profitable and where you're equally not thriving will allow you to flourish in 2014 and beyond.
With all you need to get done in a day, it can be hard to find the time to exercise. But exercising is essential for your health and well-being. It lowers stress, improves weight and blood pressure, and boosts energy. And exercising will actually help you stay sharp at work! The Harvard Business Review found that “regular exercise releases brain chemicals key for memory, concentration, and mental sharpness.”
The American Heart Association recommends 30 minutes of moderate aerobic activity five days a week. Where can you find that sort of time? That’s where Journyx’s Time Tricks come in!
Run to Work
Do you have to commute to work? Instead of spending that time in the car, get your daily exercise in by running the distance. Or, if running isn’t your activity of choice, bike or walk. Most offices have showers where you can rinse off before starting your workday.
Sleep in Your Workout Clothes
It can be difficult to find the motivation to workout first thing in the morning. Waking up in your workout clothing can help get you into the right mindset and save you a few extra minutes of prep time.
Break Up Your Workout
If you are having a hard time finding a solid chunk of time to exercise each day, consider breaking up your workout. You can park ten minutes away from your office and jog or walk the distance. Then you can take laps around your office throughout the day, and jog back to your car after work.
Exercise at Your Desk
If you are having a particularly busy day at work and can’t get away from your desk, just exercise where you are. Instead of sitting on a chair, sit on a stability ball as you work. This will strengthen your abdominal muscles. And you can keep dumbbells by your desk and workout your arms throughout the day. For more at-work exercises, check out this Forbes article.
Lunch Break Work Out
Do you get 30 minutes or an hour for lunch everyday? Instead of spending that whole time eating, put aside some time for a quick workout. Experts say that incorporating exercise into your lunch break is one of the best ways for busy professionals to stay in shape. Check out this article on the best ways to workout on your lunch break.
As a busy professional, it can be difficult to find the time to keep track of your finances, not to mention . Fortunately, there's an app for that.
Voted the number the #1 Finance App by the App Store and one of the "Best iOS Apps of 2013" by TechCrunch, BillGuard goes beyond similar apps by scanning all of your financial transactions and alerting you of any suspicious activity. Through crowdsourcing technology, BillGuard collects billing complaints from millions of consumers and uses this information to spot even the most cryptic charges.
In addition to combating fraudulent and grey charges, BillGaurd tracks your spending and lets you view your spending by category over time on its sleek analytics interface. You can also add your credit and debit cards for easy access to your latest charges. The free version lets you add two cards but with the $9.99 upgrade you can add up to 10. The app also supports checking and savings accounts.
One of the app’s neatest offerings is its coupon feature. The app uses its knowledge of your spending habits to search online for coupons you will actually use. This way you can save money without having to sort through unwanted offers.
Billguard isn't the only one we're fawning over, either. Tom's Guide has this to say about its favorite budgeting apps. Available in both smartphone and tablet form, apps with cutesy names like Spendee, Budgt and (the free) Toshl Finance are making their rounds with the hyper-organized and hard-core multitaskers alike.
Don't give up hope on your New Years resolutions just yet. Stay tuned for more time management tips and keep your resolutions going strong.
"Acquired in early 2013 by Fortune 500 company, FIS, [the company] wanted to know if we had a system that provided segregation of duties, approval routing, and audit evidence. Our answer was of course yes, since Journyx provided us with all of the above. Our acquirer was assured that we had a good system and process in place to provide the support required for SOX compliance," says PJ Alfrejd, Controller at mFoundry, "Since the system is SaaS, it also allowed us to share information in real time with FIS by allowing them a login and specific access rights, rather than burdening us with supplying reports with every request. Journyx enables us to be compliant and efficient... the ultimate mix required of a Controller."
Boasting over 800 customers including some top U.S. Banks, mFoundry offers Mobile and Smart Phone Banking Services providing persistent data connectivity in financial institutions around the globe. A Journyx customer since 2008, mFoundry is unparalleled in mobile banking, delivering "revenue-bearing services" to a tailored community of service providers. Learn more about mFoundry here.
The New Year is almost here, and the predictions are in for the hottest new tech trends in 2014. Many analysts have their bets on wearable fitness devices that keep track of your daily exercise, whether it be going on a twenty-mile run or just taking a lap around your office.
Predicts tech analyst Tim Bajarin, “These types of wearables…will see serious consumer interest and [be] exciting products next year.”
So what are these wearable fitness devices? One popular choice is the Nike FuelBand. The band snaps onto your wrist like a bracelet, tracks the amount and intensity level of your daily exercise, and even lets your compare your daily activity to the activity of those in your social circle. It comes in three colors and three sizes: small, medium, and x-large.
Although originally released in 2012, an updated version of the FuelBand came out in November 2013. The new version, the FuelBand SE, has an improved battery life, which can last up to a week without needing to be charged, depending on your level of activity. The FuelBand SE also adjusts its screen brightness for best viewing at all times.
Other exciting features include the NikeFuel metric, which awards you points based on your physical activity. You can activate hourly reminders to keep you exercising throughout the day, and you can archive past days’ activities for comparison. And for those with a competitive streak, the band can now sync with Facebook, so you can pit your fitness metrics against those of your friends and family.
The band is $150 and includes BlueTooth 4.0 to connect with iPhone 4S and above and iPod Touch 5th generation and above. It is also web optimized for Mac IOS v10.6 and above and Windows XP, Vista 7 and 8.
So, if one of your New Year’s resolutions is to be more active, the Nike FuelBand can help you achieve it.
The holidays are fast-approaching, and chances are you aren’t quite ready for them. But don’t worry – you don’t have to do everything yourself. Take a page from the majority of American companies and outsource the work you don’t want to do.
Going to the tree nursery and selecting a tree can be a great holiday tradition. But it might also be a huge hassle when you don’t have the time for it. So instead, have your tree delivered right to your door! There are several companies that ship nationally, including Egan Acres Tree Farm and Home Depot (which also ships holiday wreaths). Many smaller, local companies will also ship in their area so check what is available where you live.
Gift-wrapping is one of the most time intensive parts of the holidays. So when purchasing your gifts, be sure to ask if the store offers gift-wrapping services. While some major department stores have discontinued their services, others like Barnes and Noble are happy to wrap your gifts for free. And Kalamazoo Gift offers the complete package: they’ll find all the gifts on your list, gift wrap them, and send them right to your door.
Cooking the big holiday meal is an exhausting and time-consuming process that often leaves you (or whoever is the cook in the family) with little time to actually enjoy the holidays. So, do yourself a favor this year and enlist a local restaurant to cook it for you. You can also look into catering companies. Many offer everything from just a few prepared dishes to a full service serving and cleaning crew.
Remember: the holidays are meant to be enjoyed. So, instead of struggling through your to-do list, outsource it!
Not that long ago, marketing was one aspect of a business that required the attention of so-called experts. The owners of companies small and large had little choice but to pay big bucks to public relations firms and advertising agencies that apparently were the only people capable of unlocking the secret to attracting potential customers.
That, of course, no longer is the case. In today's quickly-evolving world of technology, small business owners have at their disposal an array of marketing tools they can use to encourage potential customers to pay them a visit – in person or online.
A Huge Audience
Here are a few of the avenues businesses can use to get their message out to at least some of the billions of people who spend time online. You'll have to decide which are the best options for you. It's probably better to do a great job on one or two platforms than to spread yourself too thin and be average – or worse – on all of them.
Facebook - According to Statistic Brain, Facebook has more than 1.4 billion members worldwide. That's a huge potential audience for your products and services. Your Facebook page should be about establishing a relationship with potential customers rather than immediately selling something to people who pay you a visit.
Twitter - If you have breaking news you need to get out to your potential customers and you're hoping for an immediate reply, Twitter might be a good option. Though more than five times as many people use Facebook than Twitter, according to Statistic Brain, Twitter is gaining in popularity, especially among young adults.
Pinterest - This option allows you to share photos, videos and other images with your potential clients and customers. Pinterest works well for companies that can use images to make an impression – travel services, interior decorators and restaurants, for example.
LinkedIn - It's all about networking, connecting with people and businesses so when you need specific products or services, you have a wide range of possibilities from which to choose. With LinkedIn, you also can discuss issues that affect your industry, ask and answer questions and post links to articles that might interest others in your network.
YouTube - Some people use YouTube to publicize outrageous or silly things they do or say. You should use it to introduce your products and services to the ever-growing number of people worldwide who spend time using their computers, tablets and smartphones.
Here are some other ways to reach potential customers without paying a lot of money to a PR firm.
Pay-per-click - You can buy specific keywords and keyword phrases from a search engine such as Google, Bing, Yahoo or Dogpile. Your charges are based on how many people click on the link to your ad.
Blog - Blogging will drive traffic to your website, and you'll be able to help keep your customers and prospects informed about things that are going on in your industry. You should blog at least a few times a week.
E-newsletter - Another way to inform your customers and potential customers and drive traffic to your website is to publish an e-newsletter using a service such as Constant Contact or MailChimp. Your newsletter should provide content that will interest people, including special discounts for subscribers, instead of presenting a blatant sales pitch.
Google AdWords - Paying for your Internet advertising can be a good way to drive people to your website until your search engine rankings improve. You are charged per click, but you have the option to establish a maximum monthly budget. You also can pay for advertising on social media platforms such as Facebook, Twitter and YouTube.
Online marketing tools are vital to the success of your business, but you can enhance your efforts to reach potential customers without using the Internet and without spending a whole lot of money.
Network - You should try and get to know as many people as possible. You never know when a friend or acquaintance will be able to help you in the business world. Attend as many networking events as you can.
Sponsor a charity event - This will give you great publicity in the local community, and more importantly, it will make you feel pretty good about helping those who need help.
Seminars and other events - Attending a seminar is a good way to meet people; hosting a seminar is a better way to meet others and develop lasting relationships.
Public speaking - Making presentations to local groups is an excellent way to demonstrate your experience and expertise and make new business contacts.
Finally, since you're going to the trouble to drive traffic to your website, make sure you site looks professional and that the copy is interesting and grammatically correct. If you aren't confident that you or your employees can handle these tasks, you might think about hiring a professional website designer and a copywriter, while still maintaining control of your marketing outreach.
Today's post is from Myrna Vaca, Head of Marketing and Communications at Lyoness America, where she is responsible for marketing, communication and business development efforts. Lyoness is an international shopping community and loyalty rewards program, where businesses and consumers benefit with free membership and money back with every purchase. Check out Lyoness on Facebook.
It’s December and that means that the holidays and elaborate dinners are on the horizon. If this leaves you feeling stressed, there's an app for that. The iPhone app How to Cook Everything has built-in holiday menus to help you prepare for this holiday season.
How to Cook Everything was originally a bestselling and award-winning book by Mark Bittman, whom you might recognize from his column The Minimalist in the New York Times. This app features the entirety of the book plus several interactive features to help you cook your meal from start to finish. Even better, the app is almost half of the cost of a hardcover version.
Home to 2,000 recipes, the app can be browsed by category, key ingredient, flavor and technique. There are also recipe collections such as popular recipes and quick dinners. You can easily add a recipe to your favorite list to try later, and you can brush up on your kitchen skills on the “kitchen basics” tab.
Once you’ve selected your recipe, you can add it to the grocery list. The app will pull up a list of every ingredient you’ll need – making your shopping trip fast and easy. When you are ready to cook, just follow the app’s step-by-step how-to. Most of these instructions are illustrated, making the process clear and simple every step of the way.
Not to leave out the Android users, The Daily Meal has these top 15 apps for both iPhone and Android. Among the top of the rankings - along with How to Cook Everything - you'll find helpful apps like Fast Paleo and Perfect Produce to be the perfect kitchen aid.
Stay safe, stay warm and stay pleasantly full this holiday season.